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The Economic Times
The Economic Times

Job cuts in U.S: Lay offs total over 97,000 in May, highest in six years. Check what is disrupting jobs market

Challenger Gray Christmas

Job cuts and lay offs in the U.S. totaled more than 97,000 in May. This has been the highest for month of May since 2020, according to findings by Challenger, Gray & Christmas. The survey claimed that artificial intelligence was the numero uno reason behind employees losing jobs three months in a row.

Meanwhile, the Institute for Supply Management survey on ​Wednesday noted services sector employment remained subdued, with the ISM saying companies were reporting hiring freezes or were not backfilling vacated positions.

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