US Job Cuts Rise to 65k in April a 7 Year High

Layoffs by U.S.-based companies accelerated in April, sending year-to-date job cuts to the highest level since 2009, a private study reported Thursday.
Domestic companies announced plans to let go 65,141 workers last month, a 35 percent increase from March, according to the report by outplacement firm Challenger, Gray & Christmas .

In the first four months of the year, employers said they would hand out 250,061 pink slips. That is the highest total for the January-to-April period since 2009.

“We continue to see large scale layoffs in the energy sector, where low oil prices are driving down profits. However, we are also seeing heavy downsizing activity in other areas, such as computers and retail, where changing consumer trends are creating a lot of volatility,” Challenger CEO John A. Challenger said in a statement.

via CNBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, he established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza