Posted on 07/06/2005 10:25:29 AM PDT by ex-Texan
The U.S. automotive and retail sectors slashed tens of thousands of jobs in June, bringing the number of planned job cuts to 110,996, the highest in 17 months, according to outplacement firm Challenger Gray & Christmas Inc.
Corporate announcements of job reductions increased by 35% from May's 82,282 and by 73% from June 2004's 64,343, Challenger said Wednesday. Cuts are up 92% since April.
So far in 2005, planned job reductions are ahead by 14%, at 538,274, Challenger's tally shows.
The automotive sector announced 45,378 job cuts in June, while the retail sector axed 24,065.
The Challenger survey is not seasonally adjusted. Typically, job cuts slow in the summer months.
"The fact that job cuts are rising in the summer is not even the most surprising trend," said John Challenger, CEO of the firm. "The surprise is that we are seeing a growing number of mass job cuts."
The Challenger report doesn't track most of the jobs lost in the economy each month. Announced cuts can take place immediately or over the course of several months, and they can be accomplished through layoffs or through voluntary terminations, such as quitting or retiring.
According to the most recent Labor Department data, there were 4.6 million separations from jobs in April, including 1.6 million layoffs, up about 250,000 from a year earlier. At the same time, 4.5 million workers were hired, flat with a year earlier.
In a separate report issued Wednesday, the Institute for Supply Management reported an unexpected jump in the nonmanufacturing sentiment index in June, indicating strong growth.
The ISM index rose to 62.2% in June from 58.5% in May, ahead of expectations that had been anticipating a decline to 58.4%. See full story.
This economy is generating a TON of new jobs - the problem is, most of these jobs are in India and assorted other third world hellholes.
Pink slip ping.
"So far in 2005, planned job reductions are ahead by 14%, at 538,274, Challenger's tally shows.
"According to the most recent Labor Department data, there were 4.6 million separations from jobs in April, including 1.6 million layoffs, up about 250,000 from a year earlier. At the same time, 4.5 million workers were hired, flat with a year earlier.
This doesn't seem to jibe. If there are 538,274 'planned' job reductions year to date, that's only 89,712 a month. But the Labour Department says there are 1.6 million layoffs per month. Or do they count all involuntary and seasonal separations? Do they include firing for cause?
In any case, if there is 4.5 million turnover per month, these 'big cuts' don't seem so big.
Howdy Tex! Or, more appropriately, Aloha.
(just returned from Maui)
They aren't 'big'. They are the biggest in 17 months, which is to say that the bottom has been found. Layoffs could continue at this low level for a long time.
Last I saw it, the unemployment rate was 5.1%.
I was just told by a poster the other day that our manufacturing base is as good today, as it was 25 or so years ago.
1. They should start their own business.
2. It's their own fault they chose the wrong career.
3. Get retrained for The Next Big Thing (just don't ask what that is).
4. Move to where the work is (like India, Indonesia, China).
5. Quit complaining and suck it up (IOW, throw away all you've worked for and be glad to take a job at Mac's).
6. Let 'em eat cake.
(/sarc)
Thanks for that. Made me laugh.
Welcome to FR!
5.1% is bad when there is a Republican in office..
You forgot the other side:
1.) Whine about every fluctuation in the job market.
2.) Blame outsourcing.
3.) Ignore every positive number out there.
4.) Blame outsourcing.
5.) Expect work to come knocking on your door.
6.) When it doesn't, blame outsourcing.
7.) Whine some more
I'm sick to death of that lame McDonald's reference. There is a hell of a lot more to do in this country that fix fast food, unless that's all you are qualified to do. If that is all you are qualified to do, whose fault is that, the government's? Freakin' crybabies.
You forgot one thing: Demand that the government do something and yet call yourself a Conservative..
Not true, the illegals are filling plenty of slots. Besides, all these jobs are jobs Americans don't want to do. I heard Space Station management is a new big thing, will be hiring hundreds of thousands.
It is, it just relocated a bit further west: to China.
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