Challenger, Gray & Christmas Inc. News Release (05/07/15)
Falling oil prices contributed to a 68% surge in job cuts in April, as employers announced workforce reductions totaling 61,582 for the month, up from 36,594 in March, according to Challenger, Gray & Christmas Inc. Year to date, employers have announced 201,796 job cuts, a 25% increase from the 161,639 layoffs tracked in the first four months of 2014.
Driving the increased pace of job cutting in April and for the year is the dramatic decline in oil prices, which is forcing producers and suppliers to cut production. Of the 61,582 job cuts announced last month, 34% were directly attributed to oil prices. Of the 201,796 job cuts announced this year, 34% were attributed to oil prices.