The S&P 500 (SPX) opened Thursday’s trading session higher following encouraging labor market data from outplacement firm Challenger, Gray & Christmas.
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Planned job cuts fell by 37% month-over-month to 54,064 in September, although the year-to-date total of 946,426 is still the highest since 2020.
With the government entering day two of a shutdown, data from federal agencies have been put on hold. That places even more emphasis on private-label data.
Hiring Plans Hit 16-Year Low
At the same time, hiring plans remain subdued as the labor market continues a sluggish fire-and-hire trend. Through September, employers had plans to add 204,839 jobs, down by 58% year-over-year and marking the lowest level since 2009.
“With rate cuts on the way, we may see some stabilizing in the job market in the fourth quarter, but other factors could keep employers planning layoffs or holding off hiring,” said Challenger, Gray & Christmas senior vice president Andy Challenger. Challenger added that Department of Government Efficiency (DOGE) plans have been the main factor behind 2025’s planned job cuts.
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