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U.s. Planned Layoffs Rise 31 Percent In July Compared To June

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Jobs Cuts Jump 31% in July: Challenger Survey

Published: Wednesday, 5 Aug 2009 | 7:30 AM ET Text Size By: CNBC.com

Planned layoffs rose 31 percent in July from the month before, bringing the total number of expected job cuts close to 1 million for the year, outplacement company Challenger, Gray & Christmas, said Wednesday.

Expected job cuts hit a 15-month low in June, but rebounded sharply in July, the first monthly increase since January, Challenger said. The 103,312 planned layoffs for July are 6 percent lower than in they year-ago period.

Total planned layoffs now stands at 994,048 for 2009, 72 percent higher than in the first seventh month of 2008.

"After June’s surprisingly low job-cut total, a July rebound was not entirely unexpected," John A. Challenger, CEO of Challenger, Gray & Christmas, said in a press release. "While there are signs that the economy is stabilizing and the pace of layoffs slowing, we are still a long way from a full recovery. In fact, monthly job cuts are likely to return to levels in excess of 100,000 by the fourth quarter."

Transportation saw the most job cuts last month, while layoffs in the telecommunications sector were also high. But layoffs are declining in the auto sector.

http://www.cnbc.com/id/32295270

Why the big jump in July? :huh:

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More declines;

Aug. 5 (Bloomberg) -- U.S. stocks fell for the first time in five days after companies cut more jobs than economists estimated last month and the valuation of the Standard & Poor’s 500 Index reached the most expensive level in more than a year.

Data from ADP Employer Services showed companies cut 371,000 workers from payrolls in July, more than the average estimate of 350,000 in a Bloomberg survey of economists. The figures from the world’s largest payroll processor have shown declines in employment since February 2008.

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