Challenger: Job cuts in June jump 57% from May, 59% Y/Y

Jul. 07, 2022 7:33 AM ETBy: Liz Kiesche, SA News Editor3 Comments

Layoff notice after spread of Covid-19 (corona virus), Crisis of the business recession during the Covid-19 outbreak.

Tarathip Kwankeeree

  • Challenger Job-Cut Report: 32.517K from 20.712K in May.
  • This month's total marks the highest level since February 2021, when 34.5K cuts were announced. On a quarterly basis, Q2 job cuts of 77.5K were the highest since Q1 2021 when 144.7K jobs cuts were reported.
  • So far this year, employers announced plans to cut 133.2K jobs, down 37% from the 212.7K cuts announced through the first half of 2021. It's the lowest recorded January-June total since Challenger started tracking monthly job cut announcements in 1993.
  • On Wednesday, job openings fell slightly in May, but still exceeded consensus.

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