Planned Job Cuts Surge in May as Tech Shrinks
Chicago, IL, June 5, 2014 -- Planned job cuts in May climbed to the highest level in more than a year, as U.S.-based employers announced plans to reduce payrolls by 52,961, according to outplacement consultancy Challenger, Gray & Christmas, Inc.
May job cuts were up 31% from 40,298 announced layoffs in April. It was the second consecutive increase in monthly job cuts and the largest one-month total since February 2013, when 55,356 job cuts were recorded.
Last month’s total was 46% higher than the 36,398 job cuts announced in May 2013.
To date, employers have announced a total of 214,600 planned job cuts in 2014, which is 2.3% fewer than the 219,560 job cuts tracked in the first five months of 2013.
The heaviest downsizing in May occurred in the technology sector.