Challenger Job Cuts Soar 45%; Most Layoffs Since Feb 2013

Tyler Durden's picture

Did it snow again in May? It seems the hopes for a pent-up demand-based bounce post the weather doldrums has once again been dashed by the hard data. Challenger, Gray, & Christmas just announced that job cuts soared by 45.5% year-over-year in May, the biggest annual rise in 9 months. However, what is perhaps even more worrisome is the actual number of layoffs, around 53,000, was the highest since February 2013. The layoffs in the South are a disaster, aside from the BP oil spill in Sept 2011, this is the most job cuts since Jan 2010. What no seasonal adjustments?

 

 

That is a 45.5% rise YoY...

 

Charts: Bloomberg