Job cuts announced by U.S. companies jump 54% in July

Job cuts announced by U.S. companies jump 54% in July
  • Clock-gray 16:14
  • calendar-gray 06 August 2020

U.S. employers announced another 262,649 job cuts in July as the COVID-19 pandemic continued to weigh on demand, the latest indication that the labor market recovery is losing steam, APA reports citing Reuters.

The layoffs reported by global outplacement firm Challenger, Gray & Christmas on Thursday were up 54% from June.

The job cuts, the third-largest monthly total since the coronavirus pandemic began, followed data this week showing a big step-down in private payrolls in July and further contraction in employment at manufacturing and services industries.

Hiring announcements totaled 246,507 in July, almost matching layoffs, Challenger, Gray reported.

 

“The downturn is far from over, especially as COVID cases rise around the country,” said Andrew Challenger, senior vice president at Challenger, Gray. “Consumers are buying fewer goods and services, businesses are closing, and bankruptcies are rising.”

apa-logo-mini

Other news