The number of summer job cut anouncements reached its highest level since 2002, according to a report released Wednesday.
From May through August, employers said they would cut 377,325 jobs, according to employment consultancy Challenger, Gray & Christmas, Inc. That's nearly 30% more than during the first four months of the year.
The number of job cut announcements usually dips during those particular months as business slows down over the summer, Jim Pedderson, a Challenger spokesman, said.
During the summer of 2002, in the wake of the 2001 recession, companies said they would cut 378,777 positions, according to the report.
Businesses tried to cut jobs this summer as they were hit by "the double whammy of limited access to credit and the high price of oil," said chief executive John Challenger.
