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 03 August 2017

July 2017 Job Cuts - The Lowest Monthly Total Since November

from Challenger Gray and Christmas

U.S.-based employers announced plans to cut payrolls by 28,307 jobs in July, the lowest monthly total since November 2016.

Meanwhile, over 88,000 hiring announcements were recorded last month, the third-highest hiring month of the year and highest July total on record.

The July job-cut total is 9 percent lower than the 31,105 cuts recorded in June, and 37.6 percent lower than the same month last year, when 45,346 cuts were recorded. Last month's job cuts were the lowest monthly total since November 2016, when 26,936 cuts were announced.

So far this year, employers announced 255,307 planned job cuts, down 28.9 percent from the 359,100 cuts announced through the first seven months of 2016. Said John Challenger, Chief Executive Officer of Challenger, Gray & Christmas, Inc.

Job cuts have slowed significantly as we reach mid-year. This month's total was the lowest July total since 23,238 cuts were recorded in July 1995.

In fact, monthly job cut totals have fallen under 30,000 only three times in the last ten years, all of which occurred in the last three years.

While we have yet to see the large-scale layoffs of previous years, especially as oil and tech rebound, the specter of a downturn is on the horizon and could spell massive cuts as we head into the fourth quarter and into next year.

Retail continues to lead all sectors this year with 63,989 announced cuts, 3,862 in July. Retail job cuts are 46.7 percent higher this year than through the same point last year, when 43,618 retail cuts were announced.

Health care products and services announced the second-highest number of job cuts in July, with 3,634, bringing that sector's year-to-date total to 21,554. Companies in the services sector cut 2,607 jobs in July for a seven-month total of 18,022. Aerospace/defense companies announced 2,295 cuts in July, bringing that sector's total through July to 11,092. Concludes Challenger:

While retailers are cutting the most jobs this year, those companies are also announcing the most hiring. These jobs are not the typical retail job, as consumers increasingly turn to online shopping. New retail jobs could be going to places like fulfillment and distribution centers, which increasingly need talent, as well as to workers with the tech skills necessary to interact with and manage the automation that's revolutionizing the industry.

Retailers have announced 245,616 of the 556,493 new jobs that have been announced so far this year, according to Challenger tracking. The seven-month hiring total is 500 percent higher than the 92,802 new jobs announced through July 2016. Computer firms have announced the second most new jobs this year 126,121, and the technology sector - Computer, Telecommunications, and Electronics combined - has announced 157,052 new hires.

We typically see the most hiring announcements in September and October, as companies prepare for the holiday rush. It will be interesting to see whether there are such large gains again this year, or if the staffing that is currently occurring will keep those gains at bay.

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

TOP FIVE INDUSTRIES

Year To Date

2017

2016

Retail

63,989

43,618

Health Care/Products

21,554

11,182

Services

18,022

7,799

Automotive

13,521

8,861

Food

13,063

11,301

MONTH-BY-MONTH TOTALS

2017

2016

January

45,934

75,114

February

36,957

61,599

March

43,310

44,207

April

36,602

64,141

May

33,092

30,157

June

31,105

38,536

July

28,307

45,346

August

32,188

September

44,324

October

30,740

November

26,936

December

33,627

TOTAL

255,307

526,915

Some reductions are identified by employers as workers who will take early retirement offers or other special considerations to leave the company.

LAYOFF LOCATION

Year To Date

California

36,883

Texas

23,705

Ohio

22,617

Indiana

17,408

New York

17,196

JOB CUTS BY INDUSTRY

16-Jul

17-Jun

17-Jul

YTD 2016

YTD 2017

Aerospace/Defense

732

791

2,295

9,048

11,092

Apparel

352

0

Automotive

480

2,174

951

8,861

13,521

Chemical

140

156

10,422

556

Commodities

454

25

1,552

25

Computer

9,875

2,715

1,448

49,464

11,136

Construction

147

1,039

937

Consumer Products

326

1,798

1,918

5,917

6,558

Education

216

1,727

1,059

7,847

10,063

Electronics

1,941

154

640

6,109

3,398

Energy

17,725

143

1,614

94,936

10,392

Entertainment/Leisure

28

1,061

728

11,396

7,626

Financial

1,524

510

1,474

17,326

7,385

Food

1,592

3,814

1,601

11,301

13,063

Government

796

719

808

5,656

6,954

Health Care/Products

449

3,597

3,634

11,182

21,554

Industrial Goods

2,425

1,819

1,531

22,767

12,693

Insurance

144

53

2,364

5,083

Legal

17

56

148

Media

220

635

249

3,369

3,094

Non-Profit

100

29

1,651

1,159

Pharmaceutical

366

193

877

6,612

4,805

Real Estate

600

50

722

505

Retail

1,523

4,217

3,862

43,618

63,989

Services

1,623

3,070

2,607

7,799

18,022

Telecommunications

940

552

202

7,344

11,569

Transportation

951

1,034

714

10,046

8,450

Utility

176

344

1,530

TOTAL

45,346

31,105

28,307

359,100

255,307

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. 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.







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