A report from
employment firm Challenger, Gray & Christmas Inc. Revealed Thursday that
the U.S. businesses announced 48,786 job cuts in June, down 23.6 per cent from
the 63,816 layoffs announced in May. The June reading was the lowest
since December 2023 (34,817) but was higher than the figure for the corresponding
month one year prior (40,709).
According to
the report, the Consumer Products manufacturers announced the largest number of
job cuts last month (5,311, or 10.9 per cent of all). It was followed by Technology companies (4,647,
or 9.5 per cent of all) and Construction companies (4,613, or 9.5 per cent of
all).
In the first half of 2024, U.S.
employers announced intentions to cut 434,645 jobs, down 5.1 per cent from the 458,209
cuts announced in the first half of 2023.
From January
through June, Technology led all industries in job cut announcements with 59,854,
(or 13.6 per cent of all announced job cuts). It was followed by Government (36,995,
or 8.5 per cent of all cuts), Financial (31,533, or 7.3 per cent), and Services
(27,846, or 6.4 per cent).
Commenting on
the latest report, Andrew Challenger, senior vice president of Challenger, Gray
& Christmas Inc., noted that June is typically a low month for job cut
announcements, as most companies are midyear or at the end of their fiscal
years. “The months following fiscal year ends tend to have a spike in cuts, as
those plans are implemented,” he added.