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.
Thanks
It makes absolutely no sense to me how outsourcing manufacturing is good for the country. Is this the same economic new math that gave us the massively fraudulent internet get rich-quick insanity?
Capitalism without capital, like immaculate conception, is far more often claimed then evident.
....so , when are we supposed to get all those new jobs that were promised when they were trying to get all the free trade bills passed? Trading with china was supposed to generate 10 million new jobs, NAFTA was supposed to generate a few million more new jobs, etc.
"Said like a true blue shielded public employee, or a guy who inherited his position from his daddy."
Or a guy who believes America was founded by people who adapted and overcame adversity, not whiners. My Mother was a waitress and a bartender. I didn't have a Dad. I watched her work her butt off in the most crappy jobs to provide for my brother and I. I paid my own way through school and my brother got a baseball scholarship. My Mom eventually went to college as well, same time as my younger brother. I learned from her to roll with it, suck it up and go to work, to make things happen because complaining will NOT get you anything in life.
KMA
None of which addresses the problem of screwing people over after they have invested of themselves in an industry. But, that is ok with you, for as long as you are spared.
It must be getting close to review time for the big execs. They probably want to implement their cost saving measures to ensure they get a megabuck bonus.
It is not good for the country. It is not good for american job seekers. It is not good for american consumers( Nike shoes still cost a lot).
It is good for those who own these companies, because they make more profit.
Exactly what is "Made in USA" today?
We must create 50,000 new jobs each and every week, just to keep up with immigration. 50,000 jobs are taken each week by immigrants, so we need more that created in order to get americans back to work. I dont believe the unemployment numbers - and I was never ever surveyed by the unemployment surveryors - who here has been?
J'Accuse! I believe that you and Willie Green are one in the same!
Look, I got laid off in January. This month will be my first full month of real employment since then. Yes, I felt crappy when it happened but that's about it. I did not blame my employer for having to make cost-cutting business decisions that affected me negatively. It happens. That is part of the risk of living in a free, capitalistic society. You want loyalty, buy a dog.
No, I didn't like it when my contract wasn't renewed but I moved on and continued looking for other things to do. I made a lot more money than I lived on so my options were a little greater than some.
And where EXACTLY is the "Made in USA" label made today?
Nano-technology bump!
Only the msm, the dems and the sky is falling crowd could turn 4.4% gdp growth last year, and a 5.1% unemployment rate as 'the worst economy since Hoover'.
All the "positive mental attitude" and "can do spirit" in the world is no substitute for just plain being on the wrong side of history. And the American worker, thanks to outsourcing and free trade, is on the wrong side of history.
One aspect of the McDonalds complaint that annoys me, is they talk about McDonalds as a no skill job.. Ok fine.. but these same people then hold screwing in bolts on an assembly line as our ultimate high skill value added job. And cry bloody murder if we lose an assembly line job.
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