Amid Healthcare Layoffs and UAW Strikes, MacroEdge Unveils Key Economic Insights for September 2023
SHERIDAN, WY, October 03, 2023 /24-7PressRelease/ — MacroEdge Research, a leading economic research firm, has released its findings on the job market for September 2023. The firm recorded a total of 38,969 publicly announced job cuts, offering a detailed analysis of the underlying factors.
“Driven by layoffs in healthcare, banking, and the UAW strikes, job cuts remained historically elevated but were fewer than those seen in August,” states Don Johnson, Chief Economist at MacroEdge. “The trend in job cuts accelerated towards the end of the month, and we anticipate an increase in job cuts going into Q4/Q1. Factors such as company forecasting, labor requirements, recession risks, consumer challenges, and seasonality will all play significant roles.”
Johnson emphasizes the impact of the UAW strikes, noting, “The longer the UAW strikes continue, the more they will influence claims data.” However, he also points to a potential silver lining, with seasonal winter hiring for the holidays possibly acting as an offset. This anticipated boost may, however, be subdued due to corporate concerns about a weakening consumer base.
MacroEdge’s data further reveals nuances in the employment sector. “Our MacroEdge Cyclical Leading Employment Index stood at 99.111 for August, a decline from 99.227 the previous month,” Johnson adds. “This highlights the fragility in the most rate-sensitive employment sectors of our economy. The increasing challenges present a considerable risk to further payroll growth in Q4, even though growth remained robust through Q3.”
For more details about the corrections, the full report. and other insights, interested parties can contact MacroEdge Research (info@MacroEdge.net) or visit MacroEdge.net/JobCutsTracker
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