The pace of downsizing fell to the lowest level of the year in July, as U.S.-based employers announced plans to cut 27,122 workers from payrolls during the month, according to a report released Thursday by global outplacement and executive coaching firm Challenger, Gray & Christmas, Inc.
July’s total fell 27.1 percent from the 37,202 cuts announced in June and 4.2 percent from the same time last year, when 28,307 cuts were announced.
Last month’s total was the lowest of the year, falling below the previous low of 31,517 recorded in May. July’s cuts were the lowest since November 2016, when employers announced 26,936 cuts.
“The economy is at near-full employment. Nearly 90 percent of companies recently polled by Challenger are either actively hiring or in retention mode. Companies are not letting go of their workforces right now,” said John Challenger, Chief Executive Officer of Challenger, Gray & Christmas, Inc.