Category: Business News
US employers are cutting jobs at the fastest pace since 2009, according to outplacement firm Challenger, Gray & Christmas.
Since the beginning of the year, employers have cut more than 250,000 jobs, up 24 percent from the same period last year.
The rate of downsizing sped up in April, with companies announcing 65,141 layoffs. That’s a 35 percent jump from March and 5 percent increase from the same period last year.
Many of the recent job losses are related to the low price of oil. The energy industry continues to be responsible for the highest number of cuts, with 72,660 year-to-date. In the same period last year, the industry slashed 57,556 jobs.
The retail industry, struggling to lure shoppers, accounted for the second highest number of layoffs, with 36,977 so far this year. Computers, industrial goods and entertainment and leisure rounded out the top five industries cutting employees. These industries are downsizing primarily because of volatility created by changing consumer trends.
The five companies who have let most employees go in 2016:
Source: The Fiscal Times