According to the latest Job Cut Report from Challenger, Gray & Christmas (CG&C), Inc, a global outplacement and business and executive coaching firm, U.S. based employers in June announced 32,517 cuts, a 58.8% increase from the 20,476 cuts announced in June 2021. It is 57% higher than the 20,712 cuts announced in May of 2022.
June marks the highest monthly total since February 2021, when 34,531 cuts were announced. It is the second time this year that cuts were higher in 2022 than the corresponding month a year earlier.
In the second quarter, employers announced 77,515 job cuts, the highest quarterly total since the first quarter of 2021, when 144,686 cuts were recorded. It is 39% higher than the 55,696 cuts announced in the first quarter of 2022 and 14% higher than the 67,975 cuts announced in the same quarter last year.
So far this year, employers announced plans to cut 133,211 jobs, down 37% from the 212,661 cuts announced through the first half of 2021. It is the lowest recorded January-June total since Challenger began tracking monthly job cut announcements in 1993. Of the thirty industries Challenger tracks, ten have announced more cuts in 2022 than in the same period last year.
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JOB CUTS SURGE IN JUNE, UP 57% FROM MAY, 59% FROM JUNE 2021; HIGHEST QUARTERLY TOTAL SINCE Q1 2021