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Mix-Ansicht- Job cuts surge in July, Outplacement firm sees record - marsch, 06.08.2001, 23:07
- Re: Job cuts surge in July, Outplacement firm sees record - apoll, 07.08.2001, 10:13
Job cuts surge in July, Outplacement firm sees record
Job cuts surge in July
Outplacement firm sees record
205,975 cuts, triple year-earlier figure
August 6, 2001: 10:08 a.m. ET
NEW YORK (CNNfn) - Companies slashed 205,975 jobs in July, more than triple the figure a
year earlier and the most in eight years of tracking such data, an outplacement firm reported
Monday.
The July figures pushed the total job cuts up to 983,337 so far for 2001, the Challenger, Gray &
Christmas Inc. report said.
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The figure contrasts with the
governmen t's unemployment report for
July released Friday, which indicated
the rate held steady, although
manufacturing, the hardest hit sector
during this latest economic slowdown,
shed 49,000 jobs.
The Challenger report also indicated
that manufacturing was hardest hit,
with the biggest cuts coming in
telecommunications, computers,
electronics and industrial goods. About
45,000 telecom jobs were cut in July
along with 26,321 computer jobs and
22,800 electronics jobs. The industrial
goods sector shed 20,381 jobs,
according to the report.
"Companies are looking at their
staffing needs for the balance of 2001 and the numbers do not present a very positive picture,"
said John Challenger, CEO of Challenger, Gray & Christmas."The most worrisome aspect of
the job-cut numbers, in terms of serving as an economic barometer, is the fact that job cutting
has been heaviest in both manufacturing and technology."
During the slowdown, which began last year, manufacturers have eliminated jobs in an effort to
cut costs and streamline inventory to adjust for decreased demand from wholesalers and
consumers.
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