U.S. planned layoffs fall to lowest in 8 months

Planned layoffs at U.S. firms fell for a fourth consecutive month in May, reaching the lowest level in eight months and offering another sign that the United States may be pulling out of a steep economic tailspin.

Planned job cuts announced by U.S. employers totaled 111,182 in May, down 16 percent from the 132,590 layoffs recorded the previous month, according to a report released on Wednesday by global outplacement consultancy Challenger, Gray & Christmas, Inc.

May marked the lowest monthly total since 95,094 job cuts announced last September. Since reaching a peak in January, job-cut totals have fallen by an average of 17.5 percent per month, according to the report.

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- Posted: 2009-06-03 09:21:02

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