May 2014 job cuts highest in 15 months, Challenger Gray and Christmas report, Plans to reduce payrolls 52961, Job cuts up 31 percent from April, Technology sector highest

May 2014 job cuts highest in 15 months, Challenger Gray and Christmas report, Plans to reduce payrolls 52961, Job cuts up 31 percent from April, Technology sector highest

“The unemployment rate for 18-to-29-year-olds was 9.1% in April, which rises to 15.5% if you include those who have given up looking for work,”
“For now, the absence of young adults from the housing market continues to put a dent in the homeownership rate,”
“For those younger than 35, the rate has fallen noticeably faster. It slipped to 36.2% in the first quarter, from 36.8% in the fourth. The home ownership rate for this group was as high as 43.6% in the second quarter of 2004.”…Market Watch May 12, 2014

 

“Nearly half of U.S. companies are reluctant to hire full-time employees because of the ACA. One in five firms indicates they are likely to hire fewer employees, and another one in 10 may lay off current employees in response to the law.

Other firms will shift toward part-time workers. More than 40 percent of CFOs say their companies will consider switching some jobs to less than 30 hours per week or targeting part-time workers for future employment.”…Duke University Fuqua School of Business December 11, 2013

“Freedom is the freedom to say that two plus two make four. If that is granted, all else follows.”…George Orwell, “1984″

 

 

From Challenger, Gray and Christmas June 5, 2014.
“2014 May Job Cuts: 52,961 Highest Monthly Total in 15 Months”

“Job cuts climbed to the highest level in more than a year, as US-based employers announced plans to reduce payrolls by 52,961 in May, according to the report Thursday from global outplacement consultancy Challenger, Gray & Christmas, Inc.

May job cuts were up 31 percent from 40,298 announced layoffs in April. It was the second consecutive increase in monthly job cuts and the largest one-month total since February 2013, when 55,356 job cuts were recorded.

Last month’s total was 46 percent higher than the 36,398 job cuts announced in May 2013.
To date, employers have announced a total of 214,600 planned job cuts in 2014, which is 2.3 percent fewer than the 219,560 job cuts tracked in the first five months of 2013.

The heaviest downsizing in May occurred in the technology sector, where computer firms announced plans to cut payrolls by 18,799. Hewlett-Packard, which has announced several large-scale workforce reductions in recent years, revealed plans to cut as many 16,000 workers in its ongoing efforts to “reengineer the workforce to be more competitive.”

The May total for the computer industry was the largest since May 2012, when cuts reached 27,754, due primarily to another large job-cut announcement from Hewlett-Packard.”

Read more:

http://www.challengergray.com/press/press-releases/2014-may-job-cuts-52961-highest-monthly-total-15-months

 






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