U.S. job cuts soared to a nearly four-year high in July as the military announced plans to reduce troop and civilian workforce payrolls, according to outplacement consultancy Challenger, Gray & Christmas.
Employers based in the United States announced 105,696 layoffs last month, the first time monthly reductions exceeded 100,000 since September 2011. A year ago, U.S. companies announced plans to cut 46,887 jobs.
The Challenger report comes a day before the Labor Department’s crucial July jobs report. A weak report would make it less likely for the Federal Reserve to announce its first interest rate increase in nine years at its September meeting.
via CNBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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