Survey: July planned layoffs rise 26 pct vs. June

[babylonsister]

July planned layoffs rise 26 pct vs. June: survey
Mon Aug 4, 2008 7:41am EDT


NEW YORK (Reuters) - Planned layoffs at U.S. companies jumped 26 percent in July from June, depicting further deterioration in the labor market, a report showed on Monday.

Planned layoffs at U.S. companies totaled 103,312 in July, compared with June's 81,755, employment consulting firm Challenger, Gray & Christmas Inc said.

Announced job cuts at U.S. companies last month were the second highest total so far in 2008, more than double the 42,897 a year earlier, the report said.

The transportation industry hurt by sky-high fuel costs accounted for the most planned cuts in July with 17,051. The financial sector battered by the credit crisis followed with 15,517 cuts. Retailers facing a pullback in consumer spending came next with 12,160 layoffs.

Airlines have been responsible for the bulk of the planned layoffs in transportation sector, which has been squeezed by expensive fuel, according to John Challenger, chief executive officer of Challenger, Gray & Christmas.

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http://www.reuters.com/article/topNews/idUSNAT00425220080804?feedType=RSS&feedName=topNews&sp=true