Corporate Job Cuts in June Rose 56% From May: Challenger Survey
After a brief lull in job cuts, workers were once again handed more pink slips in June, according to data from outplacement firm Challenger Gray & Christmas.
Challenger said the number of layoffs announced by U.S. companies rose 56% in June to 124,852 from 80,140 in May, bringing the six-month total to more than 770,000. Last month's total contrasts sharply with the 17,241 job cuts in June 2000, which marked a three-year low.
In the second quarter, job cuts fell 9% to 370,556 from 406,806 in the first quarter, but rose from the year-ago period when terminations came to 81,568, the Challenger report indicated. The beleaguered telecom sector, which includes companies like Nortel (NT Quote) and Lucent (LU Quote), led all industries in cutting jobs, with 130,442 this year and 27,446 in June. Auto companies laid off 87,613 workers and computer companies handed out 74,723 notices. ...
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