Challenger Reports Employers Announced 41,000 Layoffs In May

Announced layoffs fell to about 41,000 in May, pulling back from a surge in April, when planned cuts hit a three-year high, according to data released Thursday by outplacement consultancy Challenger, Gray & Christmas. Led by layoffs in the financial sector, with J.P. Morgan Chase planning to cut more than 5,000 spots, May's total announced layoffs were down 33% from April, which saw a large number of cuts related to low oil prices. Government also had a high number of layoff announcements in May, with Massachusetts planning to contract its payroll to balance its budget. Total layoff announcements in May were down 23% from a year earlier. Employers have announced about 243,000 cuts this year, up 13% from the same period in 2014.