US: Challenger Job Cuts rise by 2.6% to 118,804 in September

Challenger Job Cuts in the US rose modestly in September.
S&P 500 futures are clinging to strong gains after the data.

Eren Sengezer FXStreet

Planned job cuts in the US-based employers increased by 2.6% from 115,762 in August to 118,762 in September, Challenger Gray & Christmas announced in its latest Job Cut Report on Thursday.

Commenting on the report, “The employment landscape is dealing with a host of burdens that reach beyond job cuts. COVID-19 and the recession continues to cause volatile conditions in many industries,” said Andrew Challenger, senior vice president at Challenger, Gray. “Both companies and workers are grappling with increasing uncertainty due to stalled economic relief, the approaching election, and child care and education concerns."

Market reaction

This report doesn't seem to be having a significant impact on market sentiment. As of writing, the S&P 500 futures were up 0.95% on a daily basis.

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.

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