Challenger: U.S. Lost Over 100K Jobs In May

New York, NY (AHN) - For the first time since 2006, employers cut more than 100,000 jobs in May, placement firm Challenge, Gray & Christmas said Wednesday. Companies fired 103,522 people in May, a 15 percent increase from April.

The report said car manufacturers led the areas reducing employee numbers, cutting 30,011 in May. Tuesday, GM announced it would close four plants making trucks as it places more emphasis on cars. Last week, the automaker said 19,000 workers would take early retirement.

Financial firms were the second most-common companies to cut their workforce, announcing 16,206 job reductions in May. In third place, the transportation sector lost 9,705 jobs, according to Challenger.

The report found 394,193 jobs were eliminated through May, up 17 percent compared to the first five months of 2007.