Challenger report: September job cuts spike 126%

Discussion in 'Wall St. News' started by THE-BEAKER, Oct 5, 2011.

  1. NEW YORK (CNNMoney) -- As the U.S. economy struggles to recover, job losses keep coming for thousands of Americans, according to a report released Wednesday.

    The number of layoffs announced rose 126% in September to 115,730 from August's 51,114, according to outplacement consulting firm Challenger, Gray & Christmas. That's the highest number of planned job cuts since April 2009, when 132,590 were announced.

    Government workers face the biggest hit, the report said, accounting for 54,182 of the announced reductions. The majority of those are military cutbacks and part of the U.S. Army's troop reduction plan.

    Bank also accounted for a large portion of losses with 31,167 financial job cuts announced in September. Bank of America (BAC, Fortune 500) took the biggest hit, with 30,000 layoffs, as part of a plan to save $5 billion.

    Employers have now announced a total of 479,064 planned job cuts so far this year -- up 16.5% from 411,272 cuts at the same time in 2010.
  2. Butterball


    Market won't buy into the reality of a US recession unless claims start to come in north of 450/455k.