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Job cuts in U.S. dip by 16 percent but may rise after summer
By siliconindia
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Friday, 05 June 2009, 16:19 IST
Bangalore: Job cuts announced by U.S. employers fell for the fourth consecutive month in May to over 1.1 lakh, recording a 16 percent dip from layoffs announced in April. But a report by a consultancy firm says that the decline could be short-lived as downsizing may pick up pace after the summer months. The findings are based on a study conducted by Challenger, Gray & Christmas.
Since reaching a peak of 241,749 in January, job-cut totals have fallen by an average of 17.5 percent per month. But the firm predicted that job cuts may pick up pace again by the third quarter of this year and the decline in job cuts could be short-lived. "The second quarter is typically the lowest quarter of the year when it comes to job cuts. Corporate downsizing may continue to remain slow during the summer months, but if the past is any indication, we could see the pace accelerate again in the latter half of the third quarter through the end of the year," said John Challenger Chief Executive, Challenger, Gray & Christmas.
U.S. employers announced 111,182 planned job cuts in May as compared to 132,590 layoffs in April. So far this year, employers have announced 8,22,282 job cuts, more than double (109 percent) the 3,94,193 announced through this point last year.