(Finance) – Slightly down layoffs in the United States in the month of May 2024. According to the Challenger, Gray & Christmas report, major US companies reported cutting 63,816 jobs.
The data reveals a decrease of 1.5% compared to previous monthwhen 64,789 layoffs had been recorded and 20% compared to same period of 2023 (80,089 units).
Year to date 385,859 layoffs were recorded (-7.6% compared to the same period of 2023). This is the third-highest January-to-May total since 822,282 job cuts were recorded through May 2009. The highest January-to-May total occurred in 2020, when 1,414,828 job cuts were recorded.
“Job cuts remained stable in May while… companies evaluate performance and make plans for the third and fourth quarters – said Andrew Challenger, senior vice president of Challenger, Gray & Christmas – Meanwhile, hiring announcements are at their lowest levels in a decade. The attrition rate typical of a healthy job market appears to have stalled.”
“The cuts in technology sector dominated last year’s announcements. Even though the industry continues to make cuts, it’s not at the same pace,” she added.
In fact, the sector Tech continues to lead all sectors in job cut announcements with 55,207, including 7,771 in May. The year-to-date total represents a 60% decrease from the 136,831 tech job cuts announced during the same period last year.
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