Challenger, Gray and Christmas show layoffs at a 16 month high in their latest layoff tracker report. They also noted this is the third monthly increase.
A sudden and unexpected burst in private-sector downsizing pushed the number of announced job cuts to a 16-month high of 66,414 in July.
The 66,414 job cuts last month were up 60 percent from the previous month, when employers announced plans to shed 41,432 workers. The July figure was 59 percent higher than the 41,676 layoffs recorded in July 2010. It was the largest monthly total since March 2010, when 67,611 job cuts were announced by the nation’s employers.
Announced hiring plans are also at extreme lows, with July having only 10,706. Cisco system is a large part of the layoffs, 6,500 announced, yet other financial sites have the layoffs over 10,000. The thing is Cisco is not just laying off people, they offshore outsource to India and China routinely.
Borders bankruptcy and resulting 10,700 jobs cuts is part of the reason for the surge, but clearly companies are doing slash and burn disposable worker mantra, as usual, the minute the economy looks weak.
The 13,493 July layoffs from the pharmaceutical industry, with Merck being 13,000 of them, is no shocker, they have been moving advanced R&D to China and India since 2006.
Last year Challenger, Gray and Christmas tallied 529,973 layoffs. 2011 is already up to 312,220.