AI, Mergers Fuel 16 Percent Jump in Layoffs Last Month

Employers announced 19,536 planned hires in May, up 92 percent from the previous month.

A "We're Hiring" sign at a grocery store in Ellicott City, Md., on March 24, 2024. Madalina Vasiliu/The Epoch Times

Planned layoffs by U.S. employers surged in May, driven by the ongoing artificial intelligence (AI) boom and mergers and acquisitions.

Companies announced 97,006 job cuts last month, representing a 16 percent increase from April’s 83,387 layoffs, according to new data from global outplacement firm Challenger, Gray and Christmas, released on June 4.