Job Cuts Rose 41.8% in August

Chicago, IL, September 6, 2018-The pace of downsizing in August rose to the third-highest total for the year, as U.S.-based employers announced plans to cut 38,472 jobs, according to a report released by global outplacement and executive coaching firm Challenger, Gray & Christmas, Inc.

August’s job cut plans are the highest since March, when 60,357 cuts were recorded, and the third highest behind January’s total of 44,653. It is the third time this year that job cuts were higher than the corresponding month last year.

Last month’s total rose 41.8% from the 27,122 cuts announced in July and 13.7% from the same month last year, when 33,824 cuts were announced.