U.S. job cuts soared to a nearly four-year high in July as the military announced plans to reduce troop and civilian workforce payrolls, according to outplacement consultancy Challenger, Gray & Christmas.
Employers based in the United States announced 105,696 layoffs last month, the first time monthly reductions exceeded 100,000 since September 2011. A year ago, U.S. companies announced plans to cut 46,887 jobs.
The Challenger report comes a day before the Labor Department's crucial July jobs report. A weak report would make it less likely for the Federal Reserve to announce its first interest rate increase in nine years at its September meeting.
July's reductions bring the year-to-date total to 393,368 cuts, a 34 percent increase from the period last year.