U.S. Layoffs Surge to 17-Month High

Market Watch ^ | 7/6/2005 | Rex Nutting

[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.

[Diplomat]

1) Seal the border
2) Re-industrialize

So basically you're saying you want ALL OF US to pay 10 times more for computers, electronics and shoes, than what we are now paying, in order to save capitalism in America, better the current 5% unemployment rate and make you feel good again? Am I missing something?

[ARCADIA]

you will have to defang the federal and state governments. They seem to bite when their power is threatened. How do you do that?

That is the primary reason for closing the border. give the environmental movement a real cost; as in keep the regulation and go without or commit to change and have aplenty, and the population will make the right choice every time.

[BlackbirdSST]

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.

I normally avoid these threads because of posters just like you. I have been searching for an IT position for coming up on one year now. I have traveled across this land from East to West and have applied for over 400 positions along the way. Turns out, most of these posted jobs have been bogus from the start, a little game the corps are playing right now, you know the one, to build a position that near any IT guy could fill but with one or two requirements that few can fill. I have had one response for an interview w/IBM, and it's part time at less than 1/3 of my previous salary. I have lost my home, have run through damn near every penny I have saved over the years towards my retirement, IRA's, 401K's etc...The amount of monies I have lost through cashing that in for my Family's survival are enormous. My qualifications are vast with over 20 years in IT, and another 10 years in Electronics and Communications. I have spent (my own money) in excess of $100K in keeping myself trained over the years with the Cert of the week. I can plaster a wall with Cert's. In short there's little I can't do in this field. Here's hoping condescending people like you choke on it! Cry baby this! Blackbird.

[Black Tooth]

Nightmare story.

You won't be hearing that "suck up" term from me. I've been close to where you are, and not much better now. I made more money 5 years ago, than I do now.

Good luck.

[janetgreen]

the illegals are filling plenty of slots. Besides, all these jobs are jobs Americans don't want to do

Tell that to the American construction workers, the gardeners, the nannies, the warehouse workers, the restaurant workers, the tile guys, the auto body shop guys, etc. etc. etc.

The reason the illegals are filling these slots is that they undercut wages for everyone else, and the greedy employers don't have to pay taxes or medical. (WE get to pay for that)

[L98Fiero]

"That was #5 of post #10."

And it has served me well. It's a sad state of affairs when people consider work ethic, versatility and creativeness negatives, things they should not have to deal with. The people on this board whining because nobody is delivering high-paying jobs to their doors is EXACTLY what is wrong with the American worker. Barely willing to lift a finger to make things happen, sitting back and waiting for the government to do something, and bitching about every change that comes along. If those kinds of people were the first to land on these shores, The U.S. would not even exist.

Funny how I was first guessed to be a trust fund kid or government worker. It was not even fathomable to some that there are people who actually believe in working hard to overcome adversity instead of complaining constantly. Complaining is a waste of breath and time. I've never had anything come easily to me that was worth a crap and I don't expect things to change in that respect.

[ARCADIA]

Am I missing something?

Yes, you are; your money is a piece of paper it has no intrinsic value, nor do prices mean anything in and of themselves. The value is set by the market in the context of the system. If inflation increases the cost of goods by 1000% then the economic activity generated by the production of those goods would increase opportunities and wages by the same amount. Unless your money is stuffed into your mattress your salary and your investments will rise to match the rise in price of goods. So you are not going to feel the change irrespective of whether the price goes up or down. The real gain comes from a better regultory environment, a broader tax base, politically secure supply lines, and a more stable less dependent community.

[Blue Jays]

Hi BlackbirdSST-

You can say that again about the phony positions that are advertised purely to gauge the response of jobseekers. It is just a ghost of an opportunity. It's even better when you go for two interviews at a firm and never hear from the company again, despite calls and e-mails for feedback.

Interviewed for a great technology position which required a whole bunch of certifications that I had earned over the years. The final question from the interviewer was:

"Do you also have a law degree? We prefer our technical staff to also have a firm understanding of legal exposure when doing business, so a J.D. is also required."

It was the most unbelievable statement I ever heard uttered in an interview.

~ Blue Jays ~

[iconoclast]

The U.S. automotive and retail sectors slashed tens of thousands of jobs in June

U.S. jobs?

How provincial!

Shouldn't we be developing a global perspective? (/sarc)

[BlackbirdSST]

Good luck.

Thanks. Everyone has their own set of problems to deal with, another reason I avoid these threads, not wanting to hoist mine on other's. Here's to better times! Thanks again. Blackbird.

[Sam the Sham]

I know to ignore characters like listenhillary. Thanks, anyway.

But what if it is an act.

China has a propaganda arm dedicated to turning up on boards and touting pro-Chinese policies. So it stands to reason that some of the "free trade at all costs" types who are singing hosannas to UNOCC are actually Chinese agents. So remember that the next time you see some free trader on this board doing a John Galt impersonation.

[BlackbirdSST]

It was the most unbelievable statement I ever heard uttered in an interview.

I can believe that. In my local rag, I have seen over the last 3-4 weeks ad's for Accountant's, listing all of the requirement's, then to close they want an Accountant with an extensive IT Background. I see where this is going? It ties into those ever increasing productivity number's. Blackbird.

[KevinDavis]

Most of the assembly line jobs is being replaced by machines.

[FR_addict]

Good post.

Now the Free Traitors won't have to brother posting.

[L98Fiero]

First, I am sorry to hear about your troubles. I truly am but that's about where it ends.

That said, what does your post have to do with any of my posts, particularly the one about me being unemployed for the majority of this year.

Again, I am sorry for your troubles but how someone can burn through a lifetime of investment, savings and a house in less than a year is truly beyond me. My 401K is nothing to brag about but cashing it in would pay my house note for over a year.

[lewislynn]

You are asking the state to protect jobs. I propose that there is nothing in the constitution that gives the federal government the power to do this.

So you have no problem with Communist China buying UNOCAL?

[Dat]

YOu guys are just xenophobes. All of your answers are "don't trade with those other coloured people or let them in the country either". The left are international socialists, and you guys are the national socialists.

[ran15]

Hi Blackbird,

Accountants are a great example of increasing productivity which is the true driver of growing wealth for a society. An accountant who is good with accounting software can simply do more then an accountant working with pen and paper. In addition that information can be sent to anyone who needs it, electronically.

[ARCADIA]

Rather a nationalist under our constitution then a global opportunist you can only earn a dime by trading with communist.

[Clintonfatigued]

If the corporate executives and their free-trade minions have their way, America will be a nation of hamburger flippers, security guards, and tour guides.