May 2016 Job Cuts Fall to Five-Month Low to 30,157
Source: Challenger, Gray
May 2016 Job Cuts Fall to Five-Month Low to 30,157
The number of job cuts announced by U.S.-based employers fell sharply in May, with a total of 30,157 planned workforce reductions recorded during the month, according to the latest report released Thursday from global outplacement consultancy Challenger, Gray & Christmas, Inc.
The May total was 53 percent lower than the 64,141 job cuts announced in April. It represents the lowest monthly total since last December, when 23,622 job cuts were recorded. ... Last month saw 27 percent fewer cuts than the same month a year ago, when employers reported plans to shed 41,034 workers from their payrolls.
To date, employers have announced 275,218* job cuts in 2016, 13 percent more than the 242,830 job cuts announced during the first five months of 2015.
Once again, monthly job cuts were led by the energy sector, though the May total was significantly lower than previous months. Firms in the sector announced another 7,572 layoffs in May, 60 percent fewer than the 18,759 cuts in April.
*The year-to-date total of 275,218 reflects a downward adjustment of 5,000 related to a correction of previously reported data for the energy sector. The correction is also reflected in the latest industry totals.
Read more: https://www.challengergray.com/press/press-releases/may-2016-job-cuts-fall-five-month-low-30157
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