Job cuts are on the rise as more companies try to keep their heads above water in a struggling economy, CNNMoney.com reported.

Announced job cuts rose 26 percent to 103,312 in July from the 81,755 that were announced in June, Challenger, Gray & Christmas, an outplacement consultancy firm, reported. That’s up 141 percent from a year ago, when employers announced planned cuts of only 42,897.

July’s prospective job cuts are the second-highest this year, coming in close to May’s record of 103,522 announced cuts.

“We have seen job cuts increase in the majority of industries that we track,” said John Challenger, CEO of Challenger, Gray & Christmas, in a statement.

The report stated that the transportation sector had the largest number of announced layoffs at 17,051 for July. This sector was mostly dominated by the major job cuts within airline industry, which has struggled with rising jet fuel costs and declining ticket sales, Challenger said.

Following close behind, the financial sector experienced the second-highest number of July layoffs at 15,517. Employers in the retail and automotive industries also ranked high on the list.