Planned Job Cuts Drop In May

Layoff announcements during May, in contrast to April, were very low, at 30,157 vs the prior month's 64,141. Telecommunications, where layoffs have been very low, has not factored in this data at all during Verizon's now-resolved strike of 35,100 workers during April and May. Energy, reflecting low oil prices, is once again at the top of the list of layoffs, at 7,572 following April's outsized 18,759 total. Industrial goods, reflecting low business investment, is second in the month at 3,650. This report in April was consistent with that month's soft employment report from the government and today's report, perhaps, hints at strength for May.