NEW YORK (Reuters) – The number of planned layoffs at U.S. firms declined 23 percent in August after rising for three straight months, with the government sector again leading the job cuts, a report showed on Wednesday.
“In August, the private sector once again took a backseat to the government sector, which saw job cuts surge to the second highest monthly total this year,” John Challenger, chief executive officer of Challenger, Gray & Christmas, said in a statement.
But August’s planned job cuts were up 47 percent from August 2010, when they were at 34,768. For 2011 so far, employers have announced 363,334 cuts, somewhat better than the 374,121 cuts announced in the first eight months of 2010.
“Meanwhile, the private sector is still being hampered by low consumer and business spending. While we do not see any indication of a sudden resurgence in private-sector job cuts, conditions definitely are not ideal for hiring,” said Challenger.
- Layoffs As Recovery Shows Little Sign Of Momentum
- Companies Starting to Hire Back after Mass Layoffs
- Bank of America layoffs are the latest as an industry shrinks
- Consumer Spending Rose 0.8 pct. In July After First Decline In 20 Months;
- Small Business Hiring Slows In August, Wages Dip
Category: Business/ Economy
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