June Job Cuts Jump

July 5, 2001 (PLANSPONSOR.com) - Job cuts announced by US companies climbed by 56% in June, according to outplacement firm Challenger, Gray & Christmas.

For the sixth time in seven months, planned payroll cuts passed the 100,000 level with job cut announcements numbering 124,852 in June compared with the 80,140 cuts announced the previous month.

The first half of the year saw US corporations announcing plans to trim their workforces by 777,362 – triple the number for the same period a year ago.

The number of job cut announcement was highest in the technology sector, with 27,446 jobs, or 22% of the total number of jobs marked for elimination in June.

That brought the total number of layoff?s announced in the IT industry to 130,442 for the first half of 2001.