US: Challenger Job Cuts drop to 30,603 in March from 34,531 in February
- US Challenger Job Cuts continued to decline in March.
- US Dollar Index extends its sideways grind above 93.00.
Planned job cuts in the US-based employers dropped to 30,603 in March from 34,531 in February, Challenger Gray & Christmas announced in its latest Job Cut Report on Thursday. This reading represented an 86% decline from the 222,288 job cuts announced in the same month last year when businesses were forced to shut down due to COVID-19.
Commenting on the report, "we have now marked one year since the first wave of layoffs occurred due to the pandemic and subsequent lockdowns," said Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc. "It appears we have entered a recovery phase where job eliminations are slowing and companies are able to predict and assess where growth will occur."
Market reaction
This report doesn't seem to be having a significant impact on the USD's performance against its rivals. As of writing, the US Dollar Index was posting small daily losses at 93.20.
Author
Eren Sengezer
FXStreet
As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.
