U.S. layoff announcements leaped 45% in September
It seems like I can't open the news these days without finding a story about job losses. If you need a reason to build an online business and have at least one plan B, here it is.
I've read that almost all of America is 2-6 paychecks from poverty or being homeless. I don't plan on being in that majority and I'd rather no one else was either. So if you want to own your own business and aren't afraid to work hard, then take a look at this site.
U.S. layoff announcements leaped 45% in September
Layoff plans leap 45% in September
By Rex Nutting, CBS.MarketWatch.com
Last Update: 10:00 AM ET Oct. 5, 2004
WASHINGTON (CBS.MW) -- Layoff announcements by U.S. companies surged 45 percent in September to nearly 108,000, the highest number of planned job cuts since January, outplacement firm Challenger Grey & Christmas said Tuesday.
Job reduction announcements are up 41 percent from September 2003, while year-to-date job cuts are down 17 percent from 2003's pace, Challenger said. The total of 107,863 announced layoffs for the month was not seasonally adjusted, the firm said.
"The return to six-figure job-cut levels paints a grim picture for ongoing economic growth, as such activity is generally considered a measure of how companies view future business conditions," John Challenger, chairman of the firm, said in a written statement.
"Historically, the period from Sept. 1 through Dec. 31 is when we see the heaviest downsizing, and this year appears to be on track to repeat that trend," Challenger said.
The largest cuts in September were in industries focused on computers, transportation, telecommunications and consumer products.
For the third quarter, job cuts were up 20 percent to 251,585 vs. the second-quarter's 209,895 and are up 4 percent from the third quarter of 2003.
The 12-month moving average, which smoothes out monthly distortions in the data, increased by 3 percent to 90,722.
Challenger also said corporations announced 16,166 job openings in September, the lowest since Challenger began tracking hiring announcements in May.
Challenger tracks announcements by corporations about hiring and firing, not actual job reductions or additions, which can take months to be accomplished.
The figures come just days before the Labor Department reports on September nonfarm payrolls and the monthly unemployment rate. Economists are expecting a tepid gain of about 140,000 nonfarm jobs in September, in part because powerful hurricanes rocked the South.
The unemployment rate is expected to remain at 5.4 percent when the data are released on Friday morning.
I've read that almost all of America is 2-6 paychecks from poverty or being homeless. I don't plan on being in that majority and I'd rather no one else was either. So if you want to own your own business and aren't afraid to work hard, then take a look at this site.
U.S. layoff announcements leaped 45% in September
Layoff plans leap 45% in September
By Rex Nutting, CBS.MarketWatch.com
Last Update: 10:00 AM ET Oct. 5, 2004
WASHINGTON (CBS.MW) -- Layoff announcements by U.S. companies surged 45 percent in September to nearly 108,000, the highest number of planned job cuts since January, outplacement firm Challenger Grey & Christmas said Tuesday.
Job reduction announcements are up 41 percent from September 2003, while year-to-date job cuts are down 17 percent from 2003's pace, Challenger said. The total of 107,863 announced layoffs for the month was not seasonally adjusted, the firm said.
"The return to six-figure job-cut levels paints a grim picture for ongoing economic growth, as such activity is generally considered a measure of how companies view future business conditions," John Challenger, chairman of the firm, said in a written statement.
"Historically, the period from Sept. 1 through Dec. 31 is when we see the heaviest downsizing, and this year appears to be on track to repeat that trend," Challenger said.
The largest cuts in September were in industries focused on computers, transportation, telecommunications and consumer products.
For the third quarter, job cuts were up 20 percent to 251,585 vs. the second-quarter's 209,895 and are up 4 percent from the third quarter of 2003.
The 12-month moving average, which smoothes out monthly distortions in the data, increased by 3 percent to 90,722.
Challenger also said corporations announced 16,166 job openings in September, the lowest since Challenger began tracking hiring announcements in May.
Challenger tracks announcements by corporations about hiring and firing, not actual job reductions or additions, which can take months to be accomplished.
The figures come just days before the Labor Department reports on September nonfarm payrolls and the monthly unemployment rate. Economists are expecting a tepid gain of about 140,000 nonfarm jobs in September, in part because powerful hurricanes rocked the South.
The unemployment rate is expected to remain at 5.4 percent when the data are released on Friday morning.
posted by Brian | 7:30 PM
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