June job cuts highest since January 2004
U.S. companies planned the highest number of layoffs in June since January 2004, according to a report released today by the employment consulting firm Challenger, Gray & Christmas.
Employers announced 110,996 job cuts in June, up from 82,283 cuts in May. Led by automotive and retail industry cuts, the June 2005 numbers were 73 percent higher than June 2004.
Commenting on the report, John A. Challenger, the firm's CEO, said, "The cuts are not necessarily an indication of economic weakness, but rather the byproduct of numerous trends, including changing consumer demand, outsourcing, mergers and acquisitions, automation, and consolidation.
"We also are starting to see job cuts resulting from higher health care costs as well as higher oil and natural gas prices."The report showed that despite other data showing economic growth and job gains, job cuts have been rising in 2005.
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