Planned Job cut announcements up 43%-jobless recovery continues

[papau]

http://money.cnn.com/2003/08/05/news/economy/layoffs/index.htm

Job cut announcements up 43%

Report: Planned reductions jump to highest level since April, as jobless recovery continues.August 5, 2003: 10:26 AM EDT
By Mark Gongloff, CNN/Money Staff Writer



NEW YORK (CNN/Money) - U.S. job-cut announcements jumped in July to their highest level in three months, an outplacement firm said Tuesday, another sign that the longest job-market slump since World War II continues. U.S. employers announced 85,117 job cuts in July, a 43-percent jump from 59,715 in June, according to Chicago-based outplacement firm Challenger, Gray & Christmas, which publishes monthly tallies of job-cut announcements. One troubling aspect of the report is that the size of the cuts ran counter to normal seasonal patterns. "Summer is always a slow job-cut time. Management is away, and vacations are going on," said Challenger spokesman Herb Rozoff

June's level of layoffs, the lowest in 31 months, had raised hopes that the labor market was near a turnaround. Other hopeful signs have included a rise in help-wanted advertising, as tracked by the Conference Board, a private research firm, and falling weekly claims for unemployment benefits, as reported by the Labor Department.

But Friday's Labor Department report that non-farm payrolls shrank in July by 44,000 jobs and that more than half a million people left the work force, many of them discouraged by a lack of jobs, was a stark reminder that -- even if a turnaround were in the cards -- it might be slow to develop.

<snip>"Employers have all the cards," said Challenger, Gray & Christmas CEO John Challenger. "Not only are they sharpening their salary pencils, but the screening of candidates is probably the toughest it's ever been."

Challenger spokesman Rozoff said another flood of job-cut announcements could come after Labor Day, when many firms get their budgets for 2004. <snip>

[Peachhead22]

1. "Jobless recovery" my ass

"Jobless recovery" is an oxymoron.

[Sinistrous]

2. No, no. You must have this wrong.

I mean, bush's welfare for the wealthy has put many billions of dollars into the hands of the obscenely rich who are now frantically producing thousands and thousands of wonderful super jobs. I mean that's what the LIBERAL MEDIA and the stalwart republican talking heads are telling us, isn't it?

I mean I LOVE big brother....yorp, gurgle, splut...