U.S. employers announced an additional 170,219 job cuts in June as the recession caused by the COVID-19 depresses demand and pushes companies into ...
U.S. employers announced an additional 170,219 job cuts in June as the recession caused by the COVID-19 depresses demand and pushes companies into bankruptcy, a report showed on Wednesday.
Though the layoffs reported by global outplacement firm Challenger, Gray & Christmas were down 57per cent from May, they jumped 306per cent compared to June last year. The job cuts explain why new filings for unemployment benefits have remained extraordinary high even as businesses have reopened after closing in mid-March to slow the spread of the coronavirus.
COVID-19 was cited as the reason for 1.011 million of the 1.585 million job cuts this year. About 9,581 layoffs so far this year were due to bankruptcy.
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