UNITED STATES: Companies in the United States have announced shocking job cuts in May this year, beating the record of last year, according to executive coaching firm Challenger, Gray & Christmas Inc.
Employers in the US declared 80,089 job cutbacks in May, a staggering 287% increase from the 20,712 layoffs made in the same month last year. In April of this year, US businesses let off 66,995 workers. According to the research, 3,900 of the more than 80,000 US workers who lost their jobs last month—all in the tech sector—did so as a result of AI. Companies have revealed plans to eliminate 417,000 positions so far this year, a 315% rise from the 100,694 job layoffs disclosed during the same period last year.
The number of job postings is flattening and consumer confidence has reached a six-month low. Companies seem to be slowing down recruiting in preparation for a slowdown.
Which industries saw the largest employment losses?: The IT industry declared the most layoffs in May, with 22,887, totaling 136,831 this year, up 2,939% from the 4,503 reductions disclosed in the same period last year, according to the Challenger, Grey & Christmas study.
Since 2001, when 168,395 job cuts were announced for the full year, the tech sector has now declared the most layoffs.
With 9,053 cutbacks, retailers announced the second-most reductions in May. Compared to the 4,335 cuts scheduled through May 2022, retail has declared 45,168 cuts so far this year, an increase of 942 percent.
In comparison to the 5,380 job cuts revealed during the same period last year, the automotive sector eliminated 8,308 jobs last month for a total of 18,017 this year.
Which industries saw the largest employment losses?: The IT industry declared the most layoffs in May, with 22,887, totaling 136,831 this year, up 2,939% from the 4,503 reductions disclosed in the same period last year, according to the Challenger, Grey & Christmas study.
Since 2001, when 168,395 job cuts were announced for the full year, the tech sector has now declared the most layoffs.
With 9,053 cutbacks, retailers announced the second-most reductions in May. Compared to the 4,335 cuts scheduled through May 2022, retail has declared 45,168 cuts so far this year, an increase of 942 percent.
In comparison to the 5,380 job cuts revealed during the same period last year, the automotive sector eliminated 8,308 jobs last month for a total of 18,017 this year.
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