Job Cuts Hit 8-Month Low in July

Employers announced plans to cut 28,307 jobs in July, according to a report issued by Challenger, Gray & Christmas, the lowest monthly total since November 2016. July’s announced cuts were 9% lower than June’s. The month’s figure was 37.6% lower than July 2016.

The retail sector continues to lead the way in job cuts, with 63,989 so far this year. This is 46.7% higher than the same period last year. However, the energy sector continued to hold strong, announcing 1,614 cuts in July, which brings the total to 8,635 in 2017. This is an 89.1% decrease from this point last year when the energy sector had shed 94,936 jobs.

“While retailers are cutting the most jobs this year, those companies are also announcing the most hiring. These jobs are not the typical retail job, as consumers increasingly turn to online shopping. New retail jobs could be going to places like fulfillment and distribution centers, which increasingly need talent, as well as to workers with the tech skills necessary to interact with and manage the automation that’s revolutionizing the industry,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas.

Telecommunications companies have reported 11,569 job cuts through July this year, 57.5% more than the 7,344 cuts through this point last year.

The service industry shed 2,607 jobs last month, totaling 18,022 through July this year. This is a 131.1% increase from July 2016.

Read the Challenger, Gray & Christmas release.