While Job Cuts Fell in April, YTD Cuts Up 31%
U.S.-based employers announced plans to cut 40,023 jobs from their payrolls in April, down 34% from the 60,587 cuts announced in March. This is the lowest monthly total since last August, when 38,472 cuts were announced, according to a report released Thursday from global outplacement and business and executive coaching firm Challenger, Gray & Christmas, Inc.
Despite the monthly drop, April cuts are up 11% from the same month last year, when 36,081 cuts were announced. So far this year, employers have announced 230,433 job cuts, 31% higher than the 176,280 announced in the first four months of last year.
“The second quarter averages the fewest cuts of the year, according to our historical tracking. With the favorable jobs report from the Bureau of Labor Statistics in March, this could signify companies are slowing down plans to cut workers for the spring and summer months,” said Andrew Challenger, Vice President of Challenger, Gray & Christmas, Inc.