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Report: Layoffs surge in May

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U.S. layoffs surged by 47% in May compared with the same month a year earlier, according to data from outplacement firm Challenger, Gray & Christmas.

There were nearly 100,000 job cuts announced in May, according to the report.

Year to date, there have been nearly 700,000 job cuts announced. That's an 80% increase from the same period last year.

Read more from Quartz.

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