Announced Job Cuts Hit Eight-Month High

Chicago, IL, May 31, 2012 -- Announced job cuts in the U.S. hit an eight-month high in May, according to outplacement firm Challenger, Gray & Christmas.

Planned layoffs rose 67% from May 2011 to 61,887, Chicago-based Challenger, Gray & Christmas said. It marked the fourth year-over-year increase so far in 2012.

Employers have announced 245,540 reductions since Jan. 1, 20% more than a year earlier, the report said.

Hewlett-Packard accounted for almost half the announcements this month.

“While consumers and businesses are spending more on technology, the spending appears to favor a handful of companies,” John A. Challenger, chief executive officer of Challenger, Gray & Christmas, said in a press release.

“Those that are struggling to keep up with the rapidly changing trends and consumer tastes are shuffling workers to new projects or laying them off, altogether.”