Planned Layoffs Rise In July

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.

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Read more job cuts news at the Huffington Post:

::Jobless rate rises to 4-year high of 5.7 percent
::Comeuppance For 16,500 Jobs Lost

Comments

[dadw5boys]

Word is 150,000 more layoffs in September and about the same in October!!!!!!!!!

Unempoloyment could bet 19 % by January!!!!!!!

[MajorKong]

I'm sure one of our resident Ayn Rand libertarians will be along shortly to tell us how these are now "free to pursue other opportunities".

[Chavez08]

These Libertarians are true geniuses! I never knew that all the answers came from Ayn Rand and the bible! They helped me to realize that history is illusion and that "neo-classic" economics have never been tried before.

I let hundreds of various authors, experiences and my own critical thought get in the way of true enlightenment. For that, I was foolish!

[Boboday555]

And some in this country still think they should be able to sit down and have a beer with our President!
That the President of the most powerful country on earth should be a down home idiot just like them.
Well idiots, you have what you always wanted a hayseed from a slow state who knows his way 'round a keg and who has systematically destroyed both this nation's economy and her good name!
BRAVO Bushies...BRAVO!

From now on can we stick to electing grown ups to lead and not NASCAR children from the pre-school states?

[Fremon]

Amen. And a little child (read children) shall lead us. Grow up people and vote Democratic. Haven't we all had enough of conservative/neo con ideology?

[thegreatgiginthesky]

Is the department of truth going to come out and tell us that the unemployment rate is at 5.7%?

[WorkingClass]

Its amazing how people can be laid off by the hundreds of thousands, while the unemployment rate stays the same. I guess these things are just to complicated for us stupid workers to understand. Its lucky for us our wise rulers love us and are looking out for us.

[thegreatgiginthesky]

It will change in a hurry when corporations start losing money hand over fist. Until the rich start suffering no one will really care.

[einherjar]

Yeah, funny how no one seems to pick up on this.

Since Bush took office there have been hundred's of thousands, if not over a million jobs lost in the U.S., yet the unemployment rate, as reported by the "Ministry of Truth" has remained steady.

Talk about your fuzzy math.

Corporations are going to quickly realize when people have no job, they have no money to spend on anything but the basic necessities. Profits will shrink and result in even more layoffs.

We are facing scary times. We are only beginning to see the tip of the iceberg. The rest of it lurking below the surface has yet to reveal itself and when it does, this country will struggle to exist.