Business News - U.S. job cuts grew in second quarter

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U.S. job cuts grew in second quarter

CHICAGO (UPI) -- U.S. job cuts slowed in June compared with May but second-quarter cuts were the largest since the final quarter of 2005, a private research group said.

U.S. companies downsized by 275,292 jobs in the last three months, Challenger, Gray & Christmas Inc. said Wednesday.

The 81,755 job cuts in June were 47 percent more than June 2007, when U.S. companies cut 55,726 jobs, the report said.

The "job-cutting spree began in April," the report said. Since April, U.S. companies have cut an average of 91,764 jobs per month, the report said.

"Downsizing in the financial sector has remained heavy but now we are seeing increased job cuts in other non-housing-related industries, mostly due to the added burden of skyrocketing oil prices," Chief Executive Officer John Challenger said.

In the first quarter, job cuts in the computer, transportation and telecommunication industries rose 115, 118 and 191 percent, respectively. In the automotive industry, job cuts have tripled since the end of the first quarter, Challenger said in a statement.

Copyright 2008 by United Press International

This news arrived on: 07/02/2008

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