US Private Sector Job Cuts Slow in May

According to the latest Job Cut Announcement Report from Challenger, Gray & Christmas, Inc. (CG&C), US-based employers announced 93,816 job cuts in May, a 12% decrease from the 105,441 cuts announced in April. However, that total is still 47% higher than the 63,816 job cuts announced in May 2024.

So far this year, employers have announced 696,309 job cuts—a sharp 80% increase from the 385,859 announced during the same period in 2024. The current total is just 65,049 cuts short of matching the full-year total for 2024.

Job cuts in May were widespread, with significant reductions reported across the services, retail, technology, non-profit, and media/news sectors.

CG&C also reported an increase in hiring plans compared to last year. Through May, US employers have announced 79,741 planned hires, up 57% from 50,833 at this point in 2024. While hiring plans have improved, they remain historically low compared to pre-pandemic and early-pandemic levels.

“The current 2025 hiring pace is more aligned with 2012 (50,194 YTD) and 2013 (180,012 YTD) than with the rebound years of 2021–22, suggesting that, while companies are adding workers, they are doing so cautiously,” said Challenger.