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(AP Photo/Paul Sakuma)
Challenger Gray & Christmas reported that planned job cuts increased from 74,393 in June to 97,373 last month, the first increase since January.
The numbers are not adjusted for seasonality and are not actual cuts, just announced layoffs. And the increase should not be seen as a worrisome signal that a nascent economic recovery may be faltering.
Moreover, announced cutbacks are down 6% from one year ago.
John Challenger, the CEO of Challenger Gray & Christmas, said in an interview on CNBC today that the economy is slowly getting better, but from an employment standpoint, "we have a long way to go."
For the month of July, Challenger said automotive and finance reductions have diminished. But transportation saw over 27,000 job cuts, as consumers reduced spending, followed by telecom.
| For another look at the economy, please see Tomorrow's Economy Today. |
Comments
Bad news on layoffs. It's tough out there. That we have a long way to go is very true.
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