According to a recent analysis report on job cuts in the United States, approximately 725,000 Americans were unemployed in 2024. Most of the layoffs occurred in the technology, healthcare, automotive, industrial manufacturing, and media industries.
On December 5th, Chicago-based employment consulting firm Challenger, Gray & Christmas released its monthly report on the layoffs by US companies in the first 11 months of 2024.
The report revealed that by November, the US technology sector had announced layoffs of about 130,700 people, the healthcare industry about 47,200, and the automotive industry about 45,800. In November alone, US employers announced layoffs of around 57,700 people.
Furthermore, the consulting firm’s survey results indicated that as of November, the number of planned hirings reported by US employers was at its lowest level since 2015.
Challenger, Gray & Christmas describes itself in its official materials as a global employment consulting and business executive training company.
The company representatives did not immediately respond to requests for comment from The Epoch Times.
Senior Vice President of Challenger, Gray & Christmas, Andrew Challenger, stated, “The US automotive industry is facing several significant challenges, including tariffs that could affect US automakers’ overseas plants, increased competition from Chinese electric vehicle manufacturers, and changes in government subsidies for electric vehicles.”
Challenger also pointed out in the statement that the US healthcare industry is going through similar changes in regulations, policies, and leadership, leading to more uncertainty.
He mentioned, “Labor disputes and the emergence of new technologies are also triggering workforce restructuring.”
Challenger noted significant job losses in the industrial manufacturing sector and the media industry, including news, film, and television, in 2024. Industrial manufacturing announced layoffs of about 21,900 positions, while the media industry announced layoffs of about 14,500 positions. Particularly, the news industry lost 4,500 positions in the first 11 months of 2024, a 50% increase compared to the same period last year.
The report highlighted that “cost-cutting” was the primary reason for all layoffs in 2024, along with other reasons such as market or economic conditions.
According to data from the US Bureau of Labor Statistics, there were approximately 7.74 million job vacancies in October. The data released in November showed that the number of Americans in “permanent unemployment” reached the highest level in three years, totaling 1.893 million.
Economic observers interviewed by The Epoch Times stated that despite many changes, the overall job market in the United States remains healthy.