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6/4, 1:32 PM (Source: TeleTrader)
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US job cuts drop 40.8% to 397,016 in May - Challenger

The number of job cuts in the United States decreased by 40.8% in May compared to the previous month as the country started gradual reopening of the economy, Challenger, Gray & Christmas, Inc said in a press release on Thursday.

A total of 397,016 jobs were axed during May, significantly lower compared to 671,129 layoffs recorded in April. The coronavirus pandemic caused 209,147 cuts, followed by 119,018 job cuts due to market conditions, and 50,172 layoffs due to demand downturn.

"As states and cities re-open, we can expect to see these numbers decrease as more people return to work. But many lost jobs will not return soon, if ever," Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, said in a statement.

Breaking the News / GA