US: Challenger Job Cuts jump to record high of 671,129 in April

• Challenger Job Cuts surge to an all-time high above 671K in April.
• US Dollar Index continues to move sideways above 100 after the data.

Planned job cuts in the US-based employers increased by 202% from 222,288 in March to a record high of 671,129 in April, Challenger Gray & Christmas announced in its latest Job Cut Report.

"Last month’s total was primarily due to the COVID-19 pandemic, which was cited as the reason for 633,082 job cuts," the publication read. "So far this year, 1,017,812 job cuts have been announced, 342% higher than the 230,433 announced in the first four months of 2019."

Market reaction

The US Dollar Index largely ignored this data and was last seen posting small daily gains at 100.21.