Layoff notices up 43%>>
July US Job Cuts Up 43% From June
DOW JONES NEWSWIRES
NEW YORK -- The deterioration in the labor market continued in July, but a recovery in capital spending may eventually spur job growth, outplacement firm Challenger, Gray and Christmas reported Tuesday.
The firm counted 85,117 planned job cuts in July, 43% higher than the 59,715 cuts reported in June.
Job cuts announced by U.S. corporations from the start of the year through July totaled 715,649, down 12% from the 814,493 reported during the same seven-month period last year.
"If there is significant capital spending to compel to start hiring again" the job market could turn around by the end of the year, said John Challenger, CEO of the firm. "Employers have all the cards," he said.
The consumer-products sector posted the highest number of job-cut announcements in July, with 15,665, followed by transportation, with 9,820, and government and non-profits, with 9,369.
The report is an anecdotal, non-statistical tally of job-cut announcements that are reported in major media outlets. The report focuses only on job-cut announcements, not actual layoffs , and it doesn't take into account new hires or internal transfers at companies that have announced layoffs .
Challenger, Gray & Christmas, an outplacement firm, tracks layoff announcements and releases its Challenger Employment report monthly.
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