DENVER — As we come out of the longest federal government shutdown in U.S. history, so much focus has been on federal workers. Rightfully so, but now new jobs data from outplacement firm Challenger is showing workers could be laid off at an alarming rate across the country.
Announced jobs cuts for October ballooned 183% from September, according to Challenger.
It was the highest number of announced layoffs for any October in the last 22 years, and it makes this year the worst for layoffs nationwide since 2009.
What is perhaps most interesting is Colorado seems to be faring much better.
Denver7 reached out to the Colorado Department of Labor and Employment (CDLE) to see how our state’s job market has been doing. CDLE Information Director Tim Wonhof said, last month, announced job cuts across Colorado were 6,982. That number is half of what it was at this time last year at 13,826.
“[The economy] like a giant ship at sea,” Colorado financial adviser Bruce Allen. “It takes a while for that to turn around. And while the steps are already starting to happen- we’re seeing lower interest rates from the fall of last year until now- it takes a while for those steps to gain traction.”
The federal government has tried changing the labor market’s direction for months.
President Donald Trump fired the head of the U.S. Bureau of Labor Statistics over the summer because of low jobs numbers, and the Federal Reserve lowered interest rates in September for the first time all year because of the same data.
