Challenger: US tech companies announced cuts to 38,242 jobs in May, the most since August 2024, taking 2026's total so far to 123,653 cuts, up 65% YoY

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US tech companies announced 38,242 job cuts in May, the most since August 2024, bringing the 2026 total to 123,653, a 65% increase year-over-year. This marks the most job cuts in nearly two years, with companies ramping up spending on artificial intelligence.

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Challenger: US tech companies announced cuts to 38,242 jobs in May, the most since August 2024, taking 2026's total so far to 123,653 cuts, up 65%+ YoY

6/4/2026, 5:00:28 PM

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