U.S.-based employers plan to cut 140,577 jobs in the second quarter (Q2) 2019, down 26% from the 190,410 cuts in Q1, according to the Challenger Job-Cut Report. The month of June — down to 41,977 from 58,577 in May — could signal an uptick in labor demand.
|Indicator||Prior (May)||Result (June)|
“The second quarter is historically the slowest period for job cut plans. Companies typically have not determined staffing decisions by this point, either because they are in the middle of or are only approaching their fiscal year’s end by June,” said Andrew Challenger, Vice President of Challenger, Gray & Christmas, Inc.
Q2 2019 cuts are still 34% higher than the 104,800 job cuts announced in Q2 2018. The total is the highest Q2 since 2015, when 147,458 cuts were announced.
“Job cuts are trending higher overall. In addition to Retail, we’ve seen significant cuts in the Industrial Manufacturing and Automotive sectors in recent months,” said Challenger.