posted on 07 July 2016
from Challenger Gray and Christmas
Employers announced plans to cut payrolls by 38,536 jobs in June, an increase from May, but still well below the 12-month average and indicative of a positive employment environment.
The June job-cut total is 28 percent higher than May, when planned layoffs fell to a five-month low of 30,157. Said John A. Challenger, chief executive officer of Challenger, Gray & Christmas:
June job cuts were down 14 percent from the 44,842 planned job cuts reported by employers in June 2015.
Through the first half of the year, employers announced 313,754 planned job cuts, which is up 9 percent from the 287,672 job cuts announced in the first six months of 2015.
However, pace of job cutting has slowed significantly since the beginning of the year. Job cuts in the second quarter totaled 132,834, down 27 percent from the 180,920 first-quarter cuts and 10 percent lower than the 147,458 job cuts announced in the second quarter of 2015. Challenger added:
In the first quarter, firms in the energy and industrial goods sectors blamed oil prices for 50,053 announced job cuts. In the second quarter, oil-related job cuts declined 48 percent to 26,022.
In the energy sector alone, job cuts declined 42 percent from 48,901 in the first quarter to 28,310 in the second quarter.
Sectors linked to oil were not the only ones to see a drop in job cuts. After announcing 31,832 job cuts in the first three months of 2016, retailers announced 48 percent fewer layoffs in the second quarter (10,263). Job cuts in the health care fell by 65 percent from 7,935 in Q1 to 2,798 in Q2. Challenger concluded:
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