The pace of U.S. job losses has significantly slowed, according to a report released Wednesday.
Outplacement firm Challenger, Gray & Christmas Inc. reported that the number of job cuts announced in June fell for the fifth straight month, after reaching a seven-year high in January.
Challenger said job cut announcements by U.S. employers totaled 74,393 in June, a 33% decline from May. It was the lowest total since March 2008 and 9% lower than the number of job cuts announced in the same month a year ago, according to Challenger.
"This recent drop-off may be indicative of an overall downward trend in layoff activity," said John Challenger, chief executive officer of Challenger, Gray & Christmas said in a statement.
Here's the chart:
This is a chart that first caught my eye about two months ago. It indicates the worst of the initial unemployment claims is probably behind us for now.
