Layoffs Down in May But Up From Year Ago
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Layoffs announced by U.S. companies tumbled 52% in May to 80,140 after hitting their highest monthly count in eight years in April, according to Challenger, Gray & Christmas. However, the number of announced job cuts was up 196% from a year ago.
Challenger, which tracks corporate layoff announcements and not actual job losses, said the beleaguered technology sector suffered the most layoff activity.
Although May’s total broke a five-month streak of more than 100,000 cuts per month, the total number of layoffs announced in the last five months totaled 652,510, more than the 613,960 in all of 2000.
California has been hit “particularly hard” with layoff announcements, the report added. Companies based in California, the most populous state, have announced 106,834 job cuts this year. For all of 2000, firms based in California announced 42,366 layoffs.
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