Layoffs Hit Eight-Month High In May

Job cuts surged to an eight-month high in May, according to a report by global outplacement firm Challenger, Gray & Christmas.

 

The nation’s employers announced plans to lay off nearly 62,000 workers this month. That’s the most monthly job cuts since last September, when layoffs totaled nearly a 116,000. Texas lost nearly 2,500 jobs. Only three other states lost more.

John Challenger is CEO of Challenger, Gray & Christmas.

“The layoffs were heaviest in the computer sector, but also in transportation and finance. The computer sector was driven by the cuts at Hewlett-Packard. It was a big, mega-layoff that they announced, over 27,000 people. That’s the biggest layoff we’ve seen in some time, in fact, one of the biggest job cuts in the tech industry in history.”

HP employs roughly 9,000 workers in the Houston area as the result of its 2002 merger with Compaq. The Palo Alto, California-based company declined to comment on layoffs at any individual site.

month by month totals
chart created by Challenger, Gray & Christmas

Bio photo of Andrew Schneider

Andrew Schneider

Business Reporter

Andrew Schneider joined KUHF in January 2011, after more than a decade as a print reporter for The Kiplinger Letter...