671,129 Cuts in April; Highest Single-Month Total on Record
Job cuts announced by U.S.-based employers spiked to 671,129, the highest single-month total on record. Challenger began tracking job cut announcements in January 1993. Last month’s total was primarily due to the COVID-19 pandemic, which was cited as the reason for 633,082 job cuts, according to a monthly report released Thursday from global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc.
April’s total is 202% higher than the 222,288 job cuts announced in March and 1,577% higher than the 40,023 cuts announced in the same month last year. It is 170% higher than the previous record monthly total of 248,475 job cuts tracked in January of 2002.
— ChallengerGray (@ChallengerGray) May 7, 2020