Challenger, Gray & Christmas Inc. News Release (08/06/15)

Monthly job cuts climbed to the highest level in nearly four years, as U.S. employers announced plans to shed 105,696 workers from their payrolls in July, according to Challenger, Gray & Christmas Inc. The July total is 136% greater than the 44,842 job cuts recorded in June. It is 125% higher than the same month a year ago, when planned workforce reductions totaled 46,887.

The July surge brings the year-to-date job cut total to 393,368, which is 34% higher than the 292,921 cuts announced in the first seven months of 2014. More than half of the July job cuts were the result of massive troop and civilian workforce reductions announced by the U.S. Army. The cutbacks will eliminate 57,000 from government payrolls over the next two years.