Seems like U.S. employers announced 82,283 job cuts in May, an increase from 57,861 jobs cut in April. The May job cuts is a 12% increase from a year ago. All this is from statistics released in a monthly report issued by Challenger, Gray & Christmas. Computer companies led the rise in job cuts in May, which was contributed mainly to a weak European economy.
Not being an economist, this sounds like a lot of jobs being lost. But the report said it is too early to have concerns about a softening U.S. economy. If job cuts do not lessen in June, July, and August, then it might be time to be concerned about the strength of the economy.
So I guess we will have to wait and see what this all means for the economic outlook in the U.S. But to me, dispite being told the U.S. economy is on the rebound, this report raises concerns. Since the Bush Administration has been so reluctant to tell the truth since January 2000, I would watch economic factors, such as job cuts, with a close eye for the truth.
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