BREAKING: Job cut announcements by US employers jumped 47% year-over-year in May, to 93,816, the highest for any May since 2020. The services sector led the surge with 22,492 job cuts, the highest in 5 years. This was followed by retail and technology with 11,483 and 10,598 job cuts, respectively. Tariffs, funding cuts, slowing consumer spending, and overall economic pessimism were behind the layoffs. Year-to-date, there have been 696,309 job cuts, the second-highest YTD total since 2009. US layoffs are accelerating.