By Brai Odion-Esene
WASHINGTON (MNI) – There were 41,676 layoff intentions announced in
July, up 6% from the 39,358 in June, but down sharply from the 97,373
job cuts announced in July 2009, job placement firm Challenger, Gray and
Christmas, Inc. said in a report released Wednesday. The data are not
seasonally adjusted.
Layoffs in July were led by the government sector, which reported
7,193 job reductions in the month.
“It is true that job cuts have increased in each of the past three
months,” said John Challenger, chief executive officer of Challenger,
Gray & Christmas. “However, the increases are so slight and the monthly
totals so low when compared to recent years, that the trend in no way
suggests a reversal of the significant slowdown in job-cut activity
witnessed over the past year.”
“This is not to say that job cuts won’t experience more substantial
increases in the months to come. In fact, seasonal trends indicate that
monthly job cuts tend to get heavier late in the third quarter through
the end of the year, as employers make last-minute adjustments to their
payrolls to meet annual earnings goals,” he added.
In other data released, hiring intentions fell to 8,151 in July
from 11,732 in June, but were up from 17,183 in July 2009. July hiring
plans were led by the computer sector.
** Market News International Washington Bureau: 202-371-2121 **
[TOPICS: MAUDS$,MT$$$$,M$U$$$,MAUDR$]