Tags: Planned | Layoffs | Jobs | Firing

Planned Layoff Surge May Reflect 'Widening Cracks' in Economy

Thursday, 05 Sep 2013 09:15 AM

 

Share:
  Comment  |
   Contact Us  |
  Print  
|  A   A  
  Copy Shortlink

The number of planned layoffs at U.S. firms surged in August to their highest in half a year, with industrial goods manufacturers the hardest hit, a report on Thursday showed.

Employers announced 50,462 layoffs last month, up 33.8 percent from 37,701 in July, according to the report from consultants Challenger, Gray & Christmas, Inc.

The August job cuts were up 57 percent from the same time a year ago.

Editor’s Note: 5 Reasons Stocks Will Collapse . . .

For 2013 so far, employers have announced 347,095 job losses, close to the 352,185 that were seen in the first eight months of last year.

Industrial goods manufacturers saw the biggest layoffs, cutting 22,162 employees, the largest total for the sector since January 2009.

"Heavy job cuts in the industrial goods sector are never a good thing, as they can be indicative of widening cracks in the economy's foundation," said John A. Challenger, chief executive officer of Challenger, Gray & Christmas.

"However, the August surge in industrial goods job cuts was driven largely by falling global demand for mining equipment," he said.

The computer sector came in second, letting 4,663 workers go.

The figures come one day ahead of the key U.S. nonfarm payrolls report, which is forecast to show the economy added 180,000 jobs in August, keeping the unemployment rate flat at 7.4 percent.

Editor’s Note: 5 Reasons Stocks Will Collapse . . .

© 2014 Thomson/Reuters. All rights reserved.

Share:
  Comment  |
   Contact Us  |
  Print  
  Copy Shortlink
Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Retype Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Surprise Drop in Americans' Spending Hurts US Growth Outlook

Friday, 29 Aug 2014 17:25 PM

American consumers have become thriftier, trimming spending as bigger wage gains fail to materialize and using every opp . . .

IDC: Tablet Sales Slow as PCs Find Footing

Friday, 29 Aug 2014 17:03 PM

Tablets won't eclipse personal computers as fast as once thought, according to studies by market tracker International D . . .

HUD Says $15.8 Billion of Loan Sales Cut Losses, Foreclosures

Friday, 29 Aug 2014 15:55 PM

The sale of $15.8 billion in nonperforming loans by the U.S. Housing and Urban Development Department cut losses to its  . . .

Most Commented

Newsmax, Moneynews, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, NewsmaxWorld, NewsmaxHealth, are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved