Layoff pace in December hit lowest level since mid-2024, Challenger says

Group 1 - Announced layoffs in December fell to 35,553, marking a 50% decrease from November and an 8% decrease year-over-year, the lowest total since July 2024 [2][3] - The total number of job cuts for the full year exceeded 1.2 million, representing a 58% increase from the previous year and the highest level since 2020, despite a tame December [3] - Companies announced plans to hire 10,496 workers in December, which is an increase of nearly 16% from November and 31% from the same period last year [3] Group 2 - The labor market shows signs of stabilization, with December's lower layoffs and higher hiring plans being viewed positively after a year of significant job cuts [2] - Weekly initial jobless claims have remained stable throughout the year, although hiring has been weak, with average monthly payroll growth at just 55,000 [4] - December payroll growth is anticipated to reach 73,000, according to Dow Jones consensus, with the report set to be released soon [4]