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Layoff Numbers Soar, Up 45 Percent from Last Month
Announced job cuts in September, numbering 107,863, leaped by 45 percent from the August figure and hit an 8-month high, reported employment consulting firm Challenger, Gray and Christmas.
For the third quarter, layoffs totaled 251,585 – up 20 percent over the previous quarter. More than 740,000 layoffs have been reported for the year so far.
Compounding the bad news, Challenger reported a slow pace of new hiring in September, with employers announcing only 16,166 new job openings, down from 132,105 in August.
Industries hardest hit were telecommunications, transportation, computer and consumer products, the report noted.
"This is more evidence that the Bush administration's economic policies, which have resulted in a loss of some 1.7 million jobs, are a dismal failure," said CWA President Morton Bahr.
"Much of this job loss can be attributed to offshoring by companies like AT&T, Lucent, GE, IBM and many others who abandon this country for cheaper labor. Meanwhile, the administration acts like a cheerleader for offshoring and continues to provide tax breaks that encourage companies to move jobs offshore," he stated.
For the third quarter, layoffs totaled 251,585 – up 20 percent over the previous quarter. More than 740,000 layoffs have been reported for the year so far.
Compounding the bad news, Challenger reported a slow pace of new hiring in September, with employers announcing only 16,166 new job openings, down from 132,105 in August.
Industries hardest hit were telecommunications, transportation, computer and consumer products, the report noted.
"This is more evidence that the Bush administration's economic policies, which have resulted in a loss of some 1.7 million jobs, are a dismal failure," said CWA President Morton Bahr.
"Much of this job loss can be attributed to offshoring by companies like AT&T, Lucent, GE, IBM and many others who abandon this country for cheaper labor. Meanwhile, the administration acts like a cheerleader for offshoring and continues to provide tax breaks that encourage companies to move jobs offshore," he stated.