14:45:32 02-12-2021
US: Challenger Job Cuts decline to 14,875 in November, lowest since 1993
- Challenger Job cuts fell under 15K in November.
- That marked the lowest number since 1993, but FX markets were unmoved ahead of Friday's NFP report.
According to Challenger, Grey & Christmas, job cuts were down 77% YoY in November at 14,875, the lowest such number since 1993. Nearly half of the cuts were down to vaccine refusal (7227).
Market Reaction
Further evidence of a super tight US labour market at this point likely will not alter Fed thinking at this point. Chairman Jerome Powell already indicated a hawkish shift this week in response to optimism about US economic and labour market strength and worries about inflation. Hence, FX markets have not been impacted by the latest numbers. Traders are more focused on Friday's official November labour market report, which is released at 1330GMT on Friday.