U.S.-based employers cut 57,727 jobs in November, the fourth-worst November for job cuts since the 2008 financial crisis and marking a 5% rise in job cuts year-to-date from 2023, according..., according to a new report from career services firm Challenger, Gray & Christmas.
Read the full story on Forbes: https://www.forbes.com/sites/maryroeloffs/2024/12/05/more-than-11000-automotive-jobs-cut-in-november-potential-tariffs-ev-subsidy-threats-blamed-in-new-report/
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Read the full story on Forbes: https://www.forbes.com/sites/maryroeloffs/2024/12/05/more-than-11000-automotive-jobs-cut-in-november-potential-tariffs-ev-subsidy-threats-blamed-in-new-report/
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NewsTranscript
00:00U.S.-based employers cut 57,727 jobs in November, the fourth-worst November for job cuts since
00:08the 2008 financial crisis, and marking a 5 percent rise in job cuts year-to-date from
00:142023, according to a new report from career services firm Challenger Gray and Christmas.
00:21Job cuts for November were up more than 26 percent from the same month last year, when
00:26more than 45,000 jobs were lost and the automotive sector was responsible more than any other
00:31single industry.
00:35Andrew Challenger, senior vice president of the firm, cited significant challenges, including
00:40potential tariffs affecting U.S. automakers with overseas factories, intensifying competition
00:46from Chinese electric vehicle manufacturers, and shifts in government subsidies for EVs
00:51as a reason for the shrinking job numbers.
00:55Republican-elect Donald Trump has suggested eliminating a federal tax credit awarded to
00:59those who buy electric vehicles, and his proposal to impose a 25 percent tariff on Canadian
01:05and Mexican imports could affect the prices and availability of vehicles on U.S. soil.
01:13Economics professors warned in a study last month that the repeal of the EV tax credits
01:17could decrease sales of electric vehicles by up to 27 percent, and leases could shrink
01:22by more than half.
01:25Several major U.S. automakers, including Ford and General Motors, have invested billions
01:30in Canadian manufacturing plants.
01:34The technology sector has been responsible for the most year-to-date cuts so far, followed
01:39by healthcare and automotive.
01:42A majority of companies who have cut jobs this year cited cost-cutting as the reason,
01:46with market-slash-economic conditions the second most cited reason, and company closures
01:51coming in third.
01:54For more on this story, check out Mary Roloff's article in the link in the description.