97,373 American jobs axed in July 2009: Report

Posted By: Staff
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Chicago, Aug 6: Global outplacement consultancy Challenger, Gray and Christmas Inc on Thursday, Aug 6 released a report that revealed that the job cuts in United States surged by 31 per cent in July.

Accounting for the first increase in the number of job cuts since Jan 2009, the US employers are all set to slash 97,373 in Jul 2009.

"After June's surprisingly low job-cut total, a July rebound was not entirely unexpected. While there are signs that the economy is stabilising and the pace of layoffs slowing, we are still a long way from a full recovery. In fact, monthly job cuts are likely to return to levels in excess of 100,000 by the fourth quarter," Challenger, Gray & Christmas CEO John Challenger said.

The job cuts had gone down by 33 per cent in Jun 2009, which was was 6 per cent lower than the same month a year ago. This year's job cuts stands at a high 9,94,048 which is 72 per cent more than 5,79,260 layoffs through the first seven months of 2008.

The surge in the number of job cuts was led by the firms in the transportation industry (5,587) and telecommunications sector (17,601). However, automobile industry showed a decline in the job cuts which could be indicative of a turn around.

Other sectors that indulged in high jobs cuts this July were industrial goods (6,548), financial (5,030), voluntary severance (15,070), retail (14,200) and aerospace/defence (1,160).

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