econintersect.com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



posted on 31 March 2016

March 2016 Job Cuts Fall But Q1 Up 31%. Heavy Layoffs in Energy and Retail.

from Challenger Gray and Christmas

Job cuts declined for the second consecutive month in March, as US-based employers announced plans to trim payrolls by 48,207 during the month.

The March total was 21.7 percent lower than the 61,599 job cuts in February. It was the lowest monthly total since December, when 23,622 were announced.

Despite last month's decline, the March figure was 31.7 percent higher than the same month a year ago (36,594), making it the fourth consecutive year-over-year increase.

Through the first quarter of 2016, employers announced 184,920 job cuts, up 31.8 percent from the 140,241 cuts tracked the first three months of 2015. The first quarter saw 75.9 percent more job cuts than in the final quarter of 2015, when 105,079 job cuts were recorded.

Of the 184,920 job cuts announced in the first quarter, 50,053, or 27 percent, were directly attributed to falling oil prices. That is slightly (5.0 percent) higher than a year ago, when oil-related job cuts totaled 47,610. While there were fewer oil-related job cuts a year ago, they represented a larger portion of total job cuts, accounting for 34 percent of first-quarter layoff announcements. Said John Challenger, chief executive officer of Challenger, Gray & Christmas:

Job cuts have slowed since surging in the first two months of the year, but the pace is still well above that of 2015. And, it is not just the energy sector that is seeing heavier job cuts. Layoff announcement have increased significantly in the retail sector and computer sector, as well. While it may be too early to sound the alarm bells, the upward trend outside of the energy sector is somewhat worrisome.

Indeed, first quarter job cuts were dominated by the energy sector, where employers announced 52,901 job cuts in the first three months of 2016. The three-month total is 39.9 percent higher compared to a year ago, when fewer than 37,811 energy cuts were reported.

However, the retail sector has also tallied significant gains in job cuts. To date, it has recorded the second highest number of job cuts, with 31,832, up 41 percent from the 22,502 announced in the first three months of 2015.

Meanwhile, the 17,002 job cuts in the computer sector are 148 percent higher than a year ago, when these firms announced 6,860 in the first quarter. Challenger concludes:

What these sectors share in common is that they are all going through transformational changes. We, as a nation, and really as a global community, are changing the way we produce and consume energy. We are also changing the way we buy goods and services. Technology is in a constant state of change, and, currently, we are shifting away from computing at our desks to computing on our phones and tablets.

These changes are necessary and inevitable, but they come with a cost in the form of job loss. However, while jobs are being lost in some areas, they are being created in others, including renewable energy, online retailing, and mobile computing.


>>>>> Scroll down to view and make comments <<<<<<




Permanent link to most recent post on this topic

Click here for Historical Releases Listing










Make a Comment

Econintersect wants your comments, data and opinion on the articles posted.  As the internet is a "war zone" of trolls, hackers and spammers - Econintersect must balance its defences against ease of commenting.  We have joined with Livefyre to manage our comment streams.

To comment, using Livefyre just click the "Sign In" button at the top-left corner of the comment box below. You can create a commenting account using your favorite social network such as Twitter, Facebook, Google+, LinkedIn or Open ID - or open a Livefyre account using your email address.



You can also comment using Facebook directly using he comment block below.







Econintersect Economic Releases


search_box

Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.


Take a look at what is going on inside of Econintersect.com
Main Home
Analysis Blog
The Expected Effects of Petitions to Improve the Monetary System
Energy and Falling Productivity
News Blog
Infographic Of The Day: See Every Single Part Inside An IPhone
Early Headlines: Asia Stocks Mixed, Europa Water Plumes, All About The Debate, Putin Reacts To Debate, Oblivious Students, India Rocket Success, China Profits Surge And More
September 26, 2016 Weather and Climate Report - Not Quite the Camino Real
The Dominant Forces In The U.S. Gun Market
69 Percent Of Americans Have Less Than One Thousand Dollars In Savings
Average Gasoline Prices for Week Ending 26 September 2016 Unchanged
Genetic Studies Reveal Diversity Of Early Human Populations - And Pin Down When We Left Africa
Earnings And Economic Reports: Week Starting 26 September 2016
TV Matches Aren't All That Important And Trump's Less Trusted
What We Read Today 26 September 2016
Why Mosquitoes Bite Some People
September 2016 Texas Manufacturing Survey Improves Further Into Expansion.
August 2016 New Home Sales Decline On Lower Median Sales Prices.
Investing Blog
Monday Morning Call 26 September
We're Back Here We Started
Opinion Blog
Housing Inflation- A Simple Case Of Supply And Demand Exacerbated By Low Rates
Heading For A Fall? With Summer Over, Europe Must Face Up To Its Mounting Crises
Precious Metals Blog
War On Cash Turns To $20, $50, And $100 Bills
Live Markets
26Sep2016 Market Close: Wall Street Remained Down Ahead Of Tonight's Presidential Debate And OPEC's Meeting Later This Week, WTI Crude Falls Back To The 45 Handle, Gold Also Falls Off Session Highs
Amazon Books & More






.... and keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government



Crowdfunding ....






























 navigate econintersect.com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2016 Econintersect LLC - all rights reserved