‘AI is now the leading reason companies give for cutting jobs,’ says new report—what that means for workers

Image credit: Freepik via Magnific, Article by Sophie Caldwell. CNBC – June 5, 2026. Challenger Report: May Job Cuts Rise 16% from April; Highest May Total Since 2020.

U.S. employers announced just over 97,000 job cuts in May 2026, according to a report released Thursday  by outplacement firm Challenger, Gray & Christmas. The announced cuts represent the highest May number since 2020, at the start of the Covid-19 pandemic, according to Challenger’s data. It’s also the third straight month that layoffs have risen this year, up from the 83,387 cuts reported in April, 60,620 in March and 48,307 in February. […]

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