Planned job cuts announced by U.S.-based firms declined sharply in May, falling by 33 percent to 41,034. The May decline came just one month after job cuts hit a three-year high of 61,582.
To date, employers have announced 242,830 job cuts in 2015, which is 13 percent more than the 214,600 job cuts announced in the first five months of 2014. Job cut announcements related to falling oil
prices appear to be ebbing. In May, just over 1,000 planned layoffs were attributed to the drop in oil. In contrast, April saw 20,675 job cuts blamed on oil prices. To date, 69,304 job cuts have occurred due to falling oil prices.
The report on June job cuts will be released by global outplacement consultancy Challenger, Gray & Christmas, Inc., headquartered in Chicago, on July 1.