Tags: job cuts | employment | education | labor

Job Cut Announcements Jumped 38 Percent in September as ITT Shut Down

Job Cut Announcements Jumped 38 Percent in September as ITT Shut Down

 (Dreamstime)

By    |   Thursday, 06 October 2016 11:16 AM EDT

The monthly jobs report tomorrow is forecast to show that the unemployment rate held steady at 4.9 percent and that employers added 168,000 workers in September.

Meanwhile, layoff announcements last month jumped 38 percent from the August count to 44,324, according to outplacement consulting firm Challenger, Gray & Christmas Inc., which monitors public statements of firings. The September cuts were 25 percent lower than the 58,877 planned layoffs announced a year earlier.

The education industry's job losses more than quadrupled from the prior month to 8,671. Most of the cuts followed the closure of for-profit college ITT Technical Institute, which shuttered 137 campuses in 39 states after U.S. government restricted financial aid to new students.

The computer industry last month announced 4,152 job cuts, binging the annual total to 59,719, which is second only to the energy sector, which has announced 98,733 job cuts.

“Heavy job cutting in the energy sector defined the first half of the year. But, each quarter has seen the number of overall job cuts decline, as this sector stabilized and the economy continued to improve,” John Challenger, chief executive officer of the firm, said in a statement. “It is not unusual to see a decreased job-cut activity in the third quarter, as many employers postpone major workforce decisions during the summer months.”

Retailers announced 7,296 job cuts in September, but Challenger said those losses will be more than offset by seasonal hiring with 230,000 new jobs announced. Shipping, transportation and warehouse companies will also hire more people to handle online orders, Challenger said.

“Job seekers can also find opportunities at restaurants, caterers and entertainment venues,” Challenger said. “The vast majority of these jobs are temporary in nature.”

© 2025 Newsmax Finance. All rights reserved.


StreetTalk
Meanwhile, layoff announcements last month jumped 38 percent from the August count to 44,324, with ITT Technical Institute dismissing 8,000 workers.
job cuts, employment, education, labor
283
2016-16-06
Thursday, 06 October 2016 11:16 AM
Newsmax Media, Inc.

Sign up for Newsmax’s Daily Newsletter

Receive breaking news and original analysis - sent right to your inbox.

(Optional for Local News)
Privacy: We never share your email address.
Join the Newsmax Community
Read and Post Comments
Please review Community Guidelines before posting a comment.
 
Get Newsmax Text Alerts
TOP

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved
NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved