Job cuts surge in May, Challenger report says

Job

By Lauren Thomas

Cutbacks in retail and the auto industry sent job reductions soaring to over 50,000 in May, outplacement consultancy Challenger, Gray & Christmas reported Thursday.

The total of 51,692 in May was 41 percent higher than the 36,602 job cuts announced in April and 71 percent higher than in May 2016, when U.S.-based employers said they would lay off 30,157 workers.

Nearly 40 percent of the May cuts were announced by Ford Motor, Challenger said.

“Ford’s announcement of 20,000 global layoffs to streamline and cut costs is a typical strategy of large corporations who need to pivot to stay competitive,” John A. Challenger, CEO of Challenger, said Thursday morning. ”

Read the Full Article at www.cnbc.com >>>>

It's only fair to share...Share on FacebookShare on Google+Tweet about this on TwitterShare on LinkedInShare on RedditShare on TumblrEmail this to someone

Related Posts


Comments Closed

All content herein is owned by author exclusively. Expressed opinions are not necessarily the views of VT Jobs, VT Jobs, authors, affiliates, advertisers, sponsors, partners, technicians or Veterans Today Network and its assigns. In addition, all images within this post are the full responsibility of the author and NOT Veterans Today Network. Notices

Posted by on 7:26 am, With 0 Reads, Filed under Economy, General News. You can follow any responses to this entry through the RSS 2.0. Both comments and pings are currently closed.

 

 

You must be logged in to post a comment Login


TOP 50 READ ARTICLES THIS MONTH
From Veterans Today Network