Planned Job Cuts Plunge in June

Chicago, IL, July 5, 2012 -- Planned layoffs fell to a 13-month low in June, according to outplacement consulting firm Challenger, Gray & Christmas.

The firm said the June total fell 9.4% from the 41,432 planned job cuts announced a year earlier.

U.S. employers announced 37,551 job cuts, a 39% reduction from May

"Even with recent signs that the economy is headed for another summer slump or worse, including the first contraction in manufacturing activity in three years, employers appear reluctant to shed too many workers," said John A. Challenger, chief executive of Challenger.

"While it does not take long to shrink payrolls, it can take a significant amount of time to rebuild them, particularly as reports of a growing skills gap becomes more widespread."