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SMALL BUSINESS
New Report Shows Job Losses Slowing
By Jessica Dickler and Catherine Clifford, CNNMoney.com
NEW YORK (June 3) -- The pace of U.S. job losses may be abating, according to a report released Wednesday.
Outplacement firm Challenger, Gray & Christmas Inc. reported that the number of job cuts announced in May fell for the fourth straight month.
Job cut announcements by U.S. employers totaled 111,182 in May, an improvement of 16% from April's 132,590 cuts. It was the lowest total since last September, according to Challenger, but the May figure was still 7.4% higher than job cuts announced in the same month a year ago.
As states struggle with rising deficits, the government/non-profit sector was hit the hardest for the third month in a row, Challenger said, with 22,317 announced job cuts in May. The computer sector had the second highest tally of planned cuts, followed by the chemical and automotive industries.
While job cut totals have steadily fallen since January, growing unemployment is still a major concern.
"This decline in job cuts could be short-lived," John Challenger, chief executive officer of Challenger, Gray & Christmas said in a statement.
"The second quarter is typically the lowest quarter of the year when it comes to job cuts. Corporate downsizing may continue to remain slow during the summer months, but if the past is any indication, we could see the pace accelerate again in the latter half of the third quarter through the end of the year," he said.
Employers have announced 822,282 job cuts so far this year. That is more than double the 394,193 job cuts announced through this point of 2008, Challenger said.
The report paves the way for the government's monthly jobs report due Friday. The Labor Department report is expected to show that the economy shed 550,000 jobs in May, slightly more than the 539,000 reported for April, according to a consensus estimate of economists complied by Briefing.com. The unemployment rate is predicted to rise to 9.2% from 8.9%.
2009-06-03 07:42:53
COMMENTS ( 15 )
USPIMAIN
10:47AM Jun 3 2009
Joseph Rainier has provided free services and jobs to numerous community members during these hard times......he should be honored for his dedication to his community. .... A name of Royalty indeed...
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Pcfruitycox
10:02AM Jun 3 2009
THE MARKET WILL GO KNOWHERE IF MONEY IS NOT THERE TO BUY!!!!!!!!!
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Pcfruitycox
10:00AM Jun 3 2009
WHEN ONE EMPTYS A BUCKET LESS WATER REMAINS!!!!!! THE BUCKET HAS TO START GETTING FILLED BEFORE WE CAN CALL IT A RECOVERY!!!!!!!!!!!!!!
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Pcfruitycox
9:43AM Jun 3 2009
THE PACE OF THE PEOPLE BEING UNEMPLOYED HAS DROPED IS GOOD NEWS, BUT THE FUTURE OF JOBS HAS NOT CHANGED SO WE HAVEN'T RECOVERED ONE BIT AND AS LONG AS THIS GOVERMENT AND BUSINESS OUTSOURCES THIS NATIONS JOBS THEN WE WILL NOT RECOVER AS A NATION !!!!!! AS LONG AS THE FREE TRADE AGREEMENTS TAKE OUR JOBS AND OUR FUTURE WE HAVE NO FUTURE!!!!!!!!!
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Paulezy
9:38AM Jun 3 2009
CGINO, Whooop there it is!! But you still have to consider that mush of the asian and Indian countries were under foreign control for the last 200 years. That foreign control was in Europe namely England. If you think those wealthy aristocrats gave everything back you are dead wrong. The strings are still being pulled by the Big bankers in Europe. They want this country, as well as the rest of the world, to be subjected to their will. It is happening right now. We are all slaves to the kings and queens of old who have arisen again!
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