Employers announced plans to cut 37,202 jobs in June, according to a report issued by Challenger, Gray & Christmas. June’s announced cuts were 18% above May’s figure and 19.6% above last June’s.
The retail sector continued to shed jobs, cutting 3,750 in June. Year-to-date cuts are 21.5% higher than this period last year when 60,127 jobs were cut. The energy sector showed a monthly decrease in cuts, announcing 575 in June. However, the sector has cut 42.0% fewer jobs so far this year compared to 2017.
“In a tight labor market, it’s no surprise employers are hanging on to their current workforces, as four months of this year have seen job cut totals under 40,000. However, in the wake of announced tariffs, we may be entering a period of increased cuts going forward,” said John Challenger, Chief Executive Officer of Challenger, Gray & Christmas, Inc.
Consumer products manufacturers, feeling the impact of a potential trade war, have reported 18,417 job cuts in so far this year, 296.9% more than the 4,640 cuts through this point last year.
The services industry shed 3,265 jobs last month. This is a 6.4% increase from the same month last year.
Read the Challenger, Gray & Christmas release.