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Challenger: Sept Layoffs Highest Since 2009

From an unfazed Reuters:

September layoffs biggest over 2 years: Challenger

October 5, 2011

NEW YORK (Reuters) – The number of planned layoffs at U.S. firms in September jumped to its highest in more than two years due to heavy cutbacks by the military and Bank of America, a private report on Wednesday showed.

Employers announced 115,730 planned job cuts last month, more than double August’s total of 51,114, according to the report from consultants Challenger, Gray & Christmas, Inc.

The figure was the highest since April 2009 when 132,590 layoffs were announced.

September’s job cuts were also much higher than the same time a year ago, tripling from the 37,151 job cuts announced in September 2010. For 2011 so far, employers have announced 479,064 cuts, up 16.5 percent from the first nine months of 2010.

"It is important to keep in mind that 80,000 cuts, or nearly 70 percent of last month’s total, came from just two organizations: Bank of America and the United States Army," John A. Challenger, chief executive officer of Challenger, Gray & Christmas, said in a statement. "Neither of these cuts is directly related to recent softness in the economy."

Perhaps not. (Though the Bank Of America might argue with that assessment.) But they are both due to government action.

The ex-military have Obama’s massive cuts to the Pentagon’s budget to thank. And the former Bank Of America employees can probably thank Congress, and specifically Dodd-Frank — and Durbin, for the loss of their jobs.

These military personnel might face tough times finding jobs with companies.

"Perhaps the biggest challenge is taking the often specialized skills and experience gained in the military and translating it to the private sector," Challenger said.

Actually, ex-military probably have far more job skills than most of the current US workforce.

But in any case, they have nothing to worry about. Obama’s jobs new jobs bill practically guarantees them employment.  (This is bitter sarcasm.)

On the hiring front, employers announced plans to add 76,551 workers in September, down from 123,076 a year ago, the firm said.

It’s clear that these reactionary employers need to punished with more taxes.

This article was posted by Steve on Wednesday, October 5th, 2011. Comments are currently closed.

3 Responses to “Challenger: Sept Layoffs Highest Since 2009”

  1. Petronius says:

    In September the regime proposed a $500 billion “jobs bill”* while it simultaneously RIFed 50,000 personnel from the US Army.

    Query : How does the Liberal* reconcile these two actions?

    A) He appoints a blue ribbon government commission and ignores their recommendations.
    B) He creates a conflicts czar in the White House.
    C) He looks under a rock in Texas.
    D) He blames Bush.
    E) He relies on the media to cover-up the scam and demonize anybody who mentions it.

    * See Petronius’ Political Thesaurus :

    jobs bill = an instrument for class warfare and confiscation-and-redistribution of wealth as well as a cynical partisan ploy to paint Republicans as obstructionists.

    Liberal = (a) an open Marxist, or (b) a secret and undeclared adherent to Marxist ideology.

  2. proreason says:

    Coming soon….a redefinition of “unemployment”.

    There are many ways they could do it:
    – remove people who are receiving unemployment compensation
    – defined the workforce as people between 25 and 60
    – exclude people who have only been unemployed for 6 months or less
    – count people under 25 who are employed, but not people under 25 who are unemployed
    – similarly, count employed people over 60, but don’t count them if they are unemployed
    – use a moving average instead of current month actuals
    – add in employment in a presumed underground economy
    – etc., etc.

    This will be done in the spirit of accuracy.

  3. kennyg7 says:

    Bush really did it this time ! The only good that we can get from this is,this generation gets to see what the democrats will do . We can rely on the history books or the MSM. so we have to go through this every 20 years.

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