WASHINGTON, June 5 (Xinhua) -- U.S.-based employers announced 93,816 job cuts in May, up 47 percent from 63,816 announced in the same month last year, according to data released Thursday by executive coaching firm Challenger, Gray & Christmas.
"Tariffs, funding cuts, consumer spending, and overall economic pessimism are putting intense pressure on companies' workforces. Companies are spending less, slowing hiring, and sending layoff notices," said Andrew Challenger, senior vice president of Challenger, Gray & Christmas.
From January through May, employers announced 696,309 job cuts, an increase of 80 percent from the 385,859 announced in the first five months of last year, according to the data.
The services sector, which includes companies that service other companies such as commercial cleaning services and temporary staffing firms, announced 22,492 job cuts in May, the highest monthly total for the industry since May 2020.
Retailers followed with 11,483 job cut plans for a total of 75,802, a whopping 274 percent increase from the 20,276 retail job cuts announced in the first five months of 2024.
This occured amid U.S. President Donald Trump's sweeping tariffs. ■
