7/1/2020, 1:31 PM (Source: TeleTrader)
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US job cuts down 57% to 170,219 in June - Challenger

The number of job cuts in the United States in June went down by 57% compared to the previous month as the country's economy continues to reopen, Challenger, Gray & Christmas, Inc revealed in their report issued on Wednesday. The layoffs in June totaled 170,219, which marks a significant drop compared to the previous month's 397,016, but also an increase of 306% in comparison to the same period in 2019.

The cuts in the second quarter of 2020 climbed to 1,238,364, 257% more than 346,683 reported in the first quarter. The coronavirus pandemic was cited as the reason behind 1,011,387 out of the total 1,585,047 cuts made in 2020.

"Job cuts are trending down, as expected, as businesses begin the difficult task of reopening. However, with a resurgence in cases, millions of Americans out of work, and enhanced unemployment benefits coming to an end soon, we may expect more companies to make cuts as consumer and business spending slows," Senior Vice President of Challenger, Gray & Christmas, Inc president Andrew Challenger said.

Breaking the News / JR