Layoffs soared in August, hitting their highest total for the month in 15 years, while year-to-date hiring reached a historic low, outplacement firm Challenger, Gray & Christmas reported Thursday.
Announced job cuts totaled 75,891 for the month, lurching 193% higher than July.
"August's surge in job cuts reflects growing economic uncertainty and shifting market dynamics," said Andrew Challenger, the firm's senior vice president.
To be sure, the Challenger layoffs data is somewhat out of sync with government reports, which show that initial claims for unemployment benefits have been slightly elevated in recent weeks but not reflective of a major escalation.
Companies announcing job cuts most often cited cost-cutting and economic conditions as the reasons, though artificial intelligence also was listed for the first time since April.
Persons:
Andrew Challenger
Organizations:
Challenger, Companies
Locations:
U.S