|
CNBC'S MOST SHARED
- Investing in Tech Now
- Apartment Vacancy Rate Hits 22-Year High
- What You'll See On My NASCAR Documentary Tonight
- Warren Buffett Tells CNBC Consumer Sales Remain "Very, Very Soft"
- Warren Buffett: Economy Needs Another Dose of Viagra
- Software Giants Rush to Cash In on Carbon-Trading
- Warren Buffett's Complete Sun Valley CNBC Interview - Transcript and Video
- Preparing for Retirement
- Cramer?s Outrage
- Video Game Makers Finding Gold in Old Titles
- Assets Are Less Toxic, but Banks Have Other Troubles
- AIG Prepares to Pay More Bonuses: Report
- Chevron Says Q2 Hit by US Refining, Weak Dollar
- Stimulus Critics Put Obama, Democrats on Defensive
- Warren Buffett: Consumer Sales Remain 'Very, Very Soft'
- Japan Deflation Deepens as Wholesale Prices Tumble
- Australian PM Says Caution Needed on China Spy Case
- Google CEO Sees Chrome Netbook News Later This Year
- Don’t Get Burned By Hot Emerging Markets
- Warren Buffett's Complete Sun Valley CNBC Interview - Transcript and Video
- Warren Buffett Tells CNBC Consumer Sales Remain "Very, Very Soft"
- July 10th in Market History
- Microsoft Plays a Game of Bing Pong
- Options Smell 'Blood' on Infosys
- Christmas in July: Consumers To Out-Scrooge Scrooge
- GM's Second Chance
- Art Cashin: Traders Weigh Obama Policy Changes
- Warren Buffett: Economy Needs Another Dose of Viagra
.ll_medium.jpg)
Text Size 
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.
 |
AP |
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.
Airlines have been responsible for the bulk of the planned layoffs in transportation sector, which has been squeezed by expensive fuel, according to John Challenger, chief executive officer of Challenger, Gray & Christmas.
"At the same time, many cash-strapped Americans are increasingly frustrated by higher ticket prices, baggage fees, airport delays and canceled flights that they are simply forgoing vacations that require air travel and staying closer to home," Challenger said in a statement.
From January to July, planned layoffs totaled 579,260, up 33 percent from the same period a year ago.
Financial companies, in particular mortgage lenders, have been slashing their payrolls, prompted by billions of losses and write-downs tied to soured investments on housing and mortgages.
So far this year, planned layoffs in the mortgage and subprime sector has reached 92,547, already surpassing the 2007 tally of 86,126.
With no end in sight, job hemorrhage in the financial sector could surpass the last year's record total of 153,105 by the end of October, Challenger predicted.
If the economy continues to grow below-trend for several quarters or even years, "it will seem like we are in a recession, particularly for job seekers," he said.
Print
Email
Data is a real-time snapshot *Data is delayed at least 15 minutes