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 06 October 2016

September 2016 Job Cuts Increase 38 Percent

from Challenger Gray and Christmas

Monthly job cuts increased to close out the third quarter, as employers announced plans to shed 44,324 workers from the payrolls in September.

Last month's total was 38 percent higher than August, when announcements fell to 32,188, the second lowest total of the year behind May's 30,157.

While September job cuts were up from the previous month, they were 25 percent lower than the 58,877 planned layoffs announced in September 2015.

Despite the September increase, the third quarter saw an overall decline in the third quarter. Employers announced 121,858 job cuts during the three-month period ending September 30. That was down 8 percent from the second quarter (132,834) and 41 percent lower than the 205,759 job cuts announced in the third quarter of 2015.

So far this year, employers have announced a total of 435,612 planned job cuts, which is 12 percent fewer than the 493,431 job cuts reported through nine months of 2015. Said John Challenger, chief executive officer of Challenger, Gray & Christmas.

Heavy job cutting in the energy sector defined the first half of the year. But, each quarter has seen the number of overall job cuts decline, as this sector stabilized and the economy continued to improve.

It is not unusual to see a decreased job-cut activity in the third quarter, as many employers postpone major workforce decisions during the summer months. We could see a resurgence in cuts to close out the year. The fourth quarter is typically when companies make strategic moves to prepare for the coming year.

This year could be particularly volatile in the fourth quarter, with employers holding off on significant moves until they see election results. It's not simply who wins the White House, but there are Senate races and countless ballot initiatives on issues like minimum wages that will influence business strategies going forward.

The September increase was led by the education sector, where job cuts increased by 363 percent to 8,671. The bulk of the job cuts came from the collapse of for-profit college ITT Technical Institute, which led to 8,000 job losses.

The computer industry continued to see heavy job cutting in September, announcing another 4,152 job cuts during the month. That brings the annual job-cut total for the sector to 59,719, which is second only to the energy sector, which has announced 98,733 job cuts, to date.

Meanwhile, the retail sector, which announced 7,296 job cuts in September, ranks third in year-to-date job cuts with 51,939 planned layoffs through three quarters. However, those losses will be more than offset by seasonal hiring that has already seen nearly 230,000 new jobs announced. Challenger concluded:

Retailers aren't the only ones boosting their hiring. Transportation and warehouses are adding workers, as more holiday shopping is completed online. Job seekers can also find opportunities at restaurants, caterers, and entertainment venues.

The vast majority of these jobs are temporary in nature. However, many seasonal workers will be able to turn them into full-time positions. For those hoping to work beyond December 31st, it is critical to make a positive impression during the holidays.

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
Proud to Be a Nihilist: Bill Mitchell on Econometrics and Numerical Prediction
Fixing Obamacare - Why It Won’t Be Easy
News Blog
Why Your Phone Battery Gets Worse With Time
25 November 2016: ECRI's WLI Growth Index Improves
November 2016 BLS Jobs Growth Continues To Be OK, Just Not Great
Rail Week Ending 26 November 2016: Another Positive Week
It Will Take More Than A Wall To Solve Border Crime
Infographic Of The Day: How The Power Grid Actually Works
Early Headlines: Asia Stocks Down, Oil Eases, More Trump Noms, May Rebuked At Polls, Italy's 5 Star Movmt, Assad's Treachery, India's Currency Mess, Canada's Housing Bubble Popping? And More
30 Years Of American - German Trade Relations
How To Measure Audience Engagement Online
Chinese Smartphones On The Rise
Why Journalistic 'Balance' Is Failing The Public
75,000 Children In Nigeria At Risk Of Starving To Death
What We Read Today 01 December 2016
Investing Blog
Anticipating The Trend Change Makes For The Lowest Risk
It's Early Winter - Watch Out For Thin Ice
Opinion Blog
What Would It Take For Inflation To Surge - Or Even Just Emerge?
How Can China's Renminbi Deal With The Rising Dollar Risk?
Precious Metals Blog
Silver Prices Rebounded Today: Where They Are Headed
Live Markets
02Dec2016 Pre-Market Commentary: US Stock Futures Flat, Crude Prices Slipping, US Dollar Falls Below 101, Gold Steady, Trump Rally Set To Fizzle
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