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 04 August 2016

July 2016 Job Cuts Up For the Second Consecutive Month

from Challenger Gray and Christmas

The pace of layoffs ticked up in July, as employers announced plans to shed 45,346 workers from their payrolls. That represents a 19 percent increase from 38,536 job cuts in June.

It was the second consecutive increase in monthly job cuts, as the June total was up 28 percent from May, when planned layoffs fell to a five-month low of 30,157. While the July total was up from the previous month, it was 57 percent lower than same period a year ago, when job cuts surged to a 4-year high of 105,696. The increase was due to heavy cuts in the military, where 57,000 troops and civilian personnel were discharged in budget-cutting initiatives.

To date, employers have announced 359,100 job cuts in 2016. That is down 8.7 percent from the 393,368 job cuts announced from January through July 2015.

Said John A. Challenger, chief executive officer of Challenger, Gray & Christmas:

While job cuts were up last month, compared to June, the total was still lower the July average recorded since the end of the recession. We did see a resurgence in energy-sector job cuts. This was somewhat unexpected in light of recent projections of increased oil prices and possible labor shortages in the industry.

Job cuts in the energy sector totaled 17,725 in July, a 796 percent increase from the previous month (1,979) and the largest job-cut tally for the industry since April, when these firms announced 18,759 job cuts.

So far in 2016, energy firms have announced 94,936 job cuts. That is 37 percent more than at this point a year ago, when energy cuts totaled 69,550.

Of the 94,936 job cuts in the energy sector announced this year, 83,412 have been blamed on oil prices. In all, low oil prices have claimed 195,415 jobs since mid-2014, mostly in the energy and industrial goods sectors.

Challenger stated:

Even as some oil-industry firms continued to reduce their headcounts in July, a report appearing in industry publicationOilPrice.com noted that the number of oil rigs rebounded in May and predicted that firms will have a difficult time ramping up operations if and when oil and gas prices go up.

Not only have laid off workers relocated to other areas for new jobs but, just as in many other industries, a large portion of the workforce is reaching retirement age.

Indeed, a report released earlier this year by the American Petroleum Institute indicated that petrochemical companies will need to hire about 30,000 new workers each year over the next two decades to replace retiring employees.

After the energy sector, the computer industry has seen the next highest number of job cut announcements this year. To date, these firms have reported 49,464 job cuts, including 9,875 in July. The year-to-date total is 94 percent higher than the seven-month total from 2015 (25,542).

z%20challenger_jobcuts.png


>>>>> 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
Is Free Trade Harming the Economy?
Bank of England Endorses Post-Keynesian Endogenous Money Theory
News Blog
Wife Of Soldier Kisses His Flag-Draped Coffin: It Was Heartbreaking
The Age Of The Employee-less Employer
Projected Costs Of U.S. Nuclear Forces, 2017 To 2026
63.4% Homeownership Rate In 2016 Was Lowest Since 1966
The Homeownership Gap Is Finally Closing - Part Four Of Five
Infographic Of The Day: The Best And Worst Financial Decisions People Make
Early Headlines: Asia Stocks Mixed, Oil Mixed, Dollar Up, Gold Down, Microsoft Growth, US Cities' Homicides Up, Battery Age, Higher-Priced Carbon, Sweden Crime Data, Russia Passes Saudi Arabia And More
February 20, 2017 Weather and Climate Report - Transition to Spring can be Cruel
More Buck For The Chuck
More About What's Going On In Retail
Your Dog Has A Better Memory Than A Chimpanzee
Where Shadow Economies Are Well Established
What We Read Today 20 February 2017
Investing Blog
Market And Sector Analysis 19 February 2017
Dollar Looks To Head Higher
Opinion Blog
Fascism Defined And Described By Oswald Mosley
Charity Is Not How We Solve Poverty
Precious Metals Blog
Deflation And Gold: A Contrarian View
Live Markets
21Feb2017 Market Close: New Record Highs, Crude Slips Off Session Highs, US Dollar Settles Near 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





























 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 - 2017 Econintersect LLC - all rights reserved