Posted on 08/03/2011 5:55:32 AM PDT by blam
"Sudden And Unexpected" Burst Of Downsizing Causes Layoffs To Explode Nearly 60% In July
Joe Weisenthal
Aug. 3, 2011, 7:32 AM
July was a HUGE month for layoffs according to a survey from Challenger.
The announcement is here:
A sudden and unexpected burst in private-sector downsizing pushed the number of announced job cuts to a 16-month high of 66,414 in July, according the latest report on downsizing activity released Wednesday by global outplacement consultancy Challenger, Gray & Christmas, Inc.
The 66,414 job cuts last month were up 60 percent from the previous month, when employers announced plans to shed 41,432 workers. The July figure was 59 percent higher than the 41,676 layoffs recorded in July 2010. It was the largest monthly total since March 2010, when 67,611 job cuts were announced by the nation’s employers.
The July job-cut surge was dominated by a flurry of large layoffs by a handful of private-sector employers, including Merck & Co., Borders, Cisco Systems, Lockheed Martin and Boston Scientific. The job cuts from these five companies alone accounted for 38,100 or 57 percent of the July total.
Here's a look at month-by-month totals:
Next up: The ADP report comes out at 8:15.
(Excerpt) Read more at businessinsider.com ...
They just want to make this President look bad.
Totally unprecedented.
Who, oh who, could POSSIBLY have seen this coming?!
Joe Weisenthal
Aug. 3, 2011, 8:17 AM
The number:
Relief!
The ADP jobs report beat expectations at 114K, which is a bit better than expected. ADP hasn't been that reliable, but just the fact that it wasn't a huge miss is a positive. Still, it's down from last month's revised 145K, which was well above where BLS was. From the release (which you can download here) note that most of the job creation came and the small & Medium end.
Original post: Jobs week continues as the ADP Employment Report comes out at 8:15 AM. Analysts expect the survey to show 100K private sector jobs vs. 157K last month. Given how bad the data has been lately (including this morning's Challenger Layoffs Report), just hitting the number would probably be a relief.
Gosh.
How’s that “free trade” thing working, America?
UNEXPECTED: The most common and over used word in the lexicon of the Left.
This is all part of the growing pains of a recovery. I’m sure. /s
When you consider Service-Providing outstrips Goods Producing (which included manufacturing) by 5-1, there’s nothing to crow about in this report. Nor has there been for some time.
“A sudden and unexpected “
The use of the word “unexpected” in financial reporting has truly become a parody of satire.
bttt
These companies made the announcement in July...so not unexpected.
There’s that word (unexpected)
*DRINK*
these companies would tell you they are “right-sizing” for a decade of projected anemic growth
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