Jobs
More Than 11,000 Automotive Jobs Cut In November—Potential Tariffs, EV Subsidy Threats Blamed In New Report
Topline
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.
Ford Motor Company’s electric F-150 Lightning on the production line in Dearborn, Michigan on Sept. … [+]
Key Facts
Job cuts for November were up more than 26% from the same month last year, when 45,510 jobs were lost, and the automotive sector was responsible for 14,373 of the eliminated positions, more than any other single industry.
A total of 722,566 jobs were cut between January and November this year, the highest year-to-date total since 2009 with the exception of 2020, the first year of the COVID-19 pandemic.
The technology sector has been responsible for the most year-to-date cuts so far (130,701), followed by healthcare (47,249) and automotive (45,820).
A majority of companies who have cut jobs this year cited cost-cutting as the reason, with market/economic conditions the second-most-cited reason and company closures coming in third.
U.S. employers have announced plans to hire 761,954 people so far this year, down 2% from plans recorded through November last year and the lowest year-to-date total since 2015.
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Big Number
11. Of the 30 industries tracked by Challenger, Gray & Christmas, that’s how many have seen a decrease in job cuts this year. All other industries have cut more positions this year than in 2023, with government jobs seeing the highest increase (2,030%).
Tangent
The unemployment rate is expected to rise to 4.2% when the government releases its monthly jobs report Friday, up from 4.1% in October and September. The labor market weakened significantly in October with only 12,000 net new jobs added during the month, and an ADP report released Wednesday showed that private payrolls grew less than expected in November.
Key Background
President-elect Donald Trump has suggested eliminating a federal tax credit awarded to those who buy electric vehicles and his proposal to impose a 25% tariff on Canadian and Mexican imports could affect the prices and availability of vehicles on U.S. soil. Economics professors warned in a study last month that the repeal of the EV tax credits could decrease sales of electric vehicles by up to 27% and leases could shrink by more than half. If the tariffs come to fruition—Trump said he’d back off if Mexico and Canada worked to decrease the flow of drugs and undocumented immigrants to the U.S.—they could raise vehicle prices in the U.S. by thousands of dollars. Several major U.S. automakers, including Ford and General Motors, have invested billions in Canadian manufacturing plants.
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