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U.S.-based employers announced in May the fewest layoffs in five months as job cutting fell significantly across several sectors, according to a private survey released Thursday.
Planned payroll reductions totaled 30,157 last month, marking a 27 percent decline from the year ago period and the lowest total since December, according to outplacement firm Challenger, Gray & Christmas.
"May could be the start of a summer slowdown in the pace of job cutting as companies take a pause following the period of heavy downsizing that started the year," CEO John A. Challenger said in a statement.
Companies typically reduce the pace of layoffs in the summer as managers assess strategies initiated in the first quarter, and as they go on vacation, Challenger noted.