Planned Layoffs Jump Higher

After easing back in April to 40,023, Challenger's layoff count jumped back higher in May to 58,577. Challenger's count had been holding in the 30,000 range before jumping to the 40,000 and 50,000 levels late last year and through most of this year. So far this year, employers have announced 289,010 job cuts, 39 percent higher than the same period last year. Yet these higher levels in announcements have not corresponded with unemployment claims, which have remained near historic lows, nor payroll growth which has been strong. Tech companies announced the most layoffs in April while retailers, which have been closing stores, have announced the most this year. Layoff announcements at industrial manufacturers and auto makers have been on the rise.