Largest number of layoffs in five months (Il Sole 24 Ore Radiocor) - Washington, 05 Sep - US-based employers announced 75,891 cuts in August, a 193% increase from the 25,885 cuts announced one month prior and the largest number of layoffs in five months, outplacement firm Challenger, Gray and Christmas said.

It is up 1% from the 75,151 cuts announced in the same month in 2023, the company said in its latest workforce reduction survey as hiring fell to the lowest year-to-date since Challenger began tracking in 2005.

It said August's surge in job cuts reflected growing economic uncertainty and shifting market dynamics.

"Companies are facing a variety of pressures, from rising operational costs to concerns about a potential economic slowdown, leading them to make tough decisions about workforce management,' said Andrew Challenger, senior vice president of Challenger, Gray & Christmas, Inc.

More than half of the layoffs were in the tech sector for a total of 39,563 compared to some 6,000 in July.

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(RADIOCOR) 05-09-24 14:04:30 (0353) 5 NNNN