Layoffs at a 14-month low
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Manufacturing News, Source : TheManufacturer.com
Published : 20 Aug 2002 20:37
Only 81,000 jobs were cut in July, as compared with June’s 94,766 and July 2001’s 205,975. According to a report issued by Challenger, Gray, & Christmas, layoffs are at their lowest level in 14 months.
July’s figure is 15% lower than June and a stunning 61% lower than July 2001. It is the third consecutive month that job cuts fell below 100,000.
January-to-July 2002 figures for total layoffs is 17% lower than 2001, at 816,493.
Telecommunications suffered the greatest blow, accounting for 23% of all jobs cut in 2002. However, jobs cut in telecommunications for July were 34% lower than June, signifying an upward trend.
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