U.S. firms fire 700G since Jan.
By Jay Fitzgerald
Thursday, October 28, 2004
business.bostonherald.com
Subject 50782
U.S. corporations have wiped out more jobs through September than during even the bleakest full years of the recession of the late 1980s, according to a new report released yesterday.
During the first nine months of this year, U.S. companies announced about 724,320 layoffs, according to Challenger Gray & Christmas Inc.
That's an improvement from 1.2 million layoff notices last year and 1.4 million in 2003.
But considering 2004 is supposed to be a year of jobs recovery, the Challenger report said many corporations are still hacking employees from payrolls at a torrid pace, even while other companies may be hiring.
The 724,320 announced layoffs through the first nine months already exceed any full-year period prior to 2001, Challenger said.
The net effect is almost like the proverbial two steps forward, one step back, said James K. Pedderson of Challenger.
The economy has added about 1.7 million jobs in the past year, but many sectors - such as financial services and telecommunications - are still struggling, Challenger figures show.
There are still about 900,000 fewer jobs in the United States compared to peak employment in 2001. |
