July Announced Job Cuts Jumped 59 percent, Third consecutive increase, Consumers retrenching manufacturing cooling and confidence waning

July Announced Job Cuts Jumped 59 percent, Third consecutive increase, Consumers retrenching manufacturing cooling and confidence waning

From Bloomberg Auigust 3, 2011.

“Announced U.S. Job Cuts Jumped 59% in July”

“Employers in the U.S. announced the largest number of job cuts in July in 16 months, signaling a labor market that’s struggling to improve.

Planned firings climbed 59 percent from July 2010 to 66,414, according to figures released today by Chicago-based Challenger, Gray & Christmas Inc. Job-cut announcements were led by the pharmaceutical industry, which included drugmaker Merck & Co.’s plans to eliminate as many as 13,000 jobs.

The figures follow other data showing consumers retrenching, manufacturing cooling and confidence waning. Employers in July probably boosted payrolls at a pace that failed to reduce the jobless rate, according to a Bloomberg News survey before a report in two days.

“July marks the third consecutive increase we have seen in monthly job-cut announcements, which certainly seems to provide additional evidence that the recovery has stalled,” John A. Challenger, chief executive officer of Challenger, Gray & Christmas, said in a statement. “It has been a couple of years since we have seen this level of private-sector job cuts coming in a single month.”

Compared with June, job-cut announcements increased 60 percent. Because the figures aren’t adjusted for seasonal effects, economists prefer to focus on year-over-year changes rather than monthly numbers.

The pharmaceutical industry led the firings with 13,493 job cut announcements in July.”

Read more:

http://www.bloomberg.com/news/2011-08-03/announced-u-s-job-cuts-jumped-59-in-july.html






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