Challenger: Planned Layoffs Fall 9 Percent as Hiring Increases

The number of planned layoffs at U.S. companies dropped in July to its lowest since November while job-opening announcements notched up, a sign that businesses are confident that the economy will continue to expand, a report released Thursday showed.

U.S. companies announced 28,307 planned job cuts in July, a 9 percent decline from 31,105 in June and the lowest since November, according to outplacement consultancy Challenger, Gray & Christmas Inc.

Overall, July’s job cuts were down 37.6 percent from 45,346 a year earlier.

Meanwhile, employers made plans to hire 88,000 workers, the highest July total on record and the third-highest total of the year, according to the report.

“Maybe some of these hiring announcements are just some of the exuberance that comes late in an expansion,” Challenger, Gray & Christmas Chief Executive Officer John Challenger said in an interview. “But it may also be that some of the decision makers

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