The number of energy-related job cuts in the U.S. through the first six months of 2016 was up 27.6% from the same six-month period in 2015, according to data from outplacement consulting firm Challenger, Gray & Christmas.
Leading all industries in terms of layoffs over the first six months of the year, companies let go 77,211 employees, from 60,500 one year ago.
However, on a quarter-to-quarter comparison, the number of energy industry job cuts dropped a whopping 42%, to 28,310, from 48,901, Kallanish Energy finds.
“It is not unusual to see a slowdown in job cuts during the summer months. Other factors are definitely contributing to the decline, the biggest one being the precipitous drop off in job cuts attributed to low oil prices,” said John Challenger, CEO of Challenger, Gray & Christmas.The whole article is viewable by clicking here.
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