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Private Sector Jobs Cuts Hit 16 Month High

From the Atlanta Journal-Constitution:

Planned jobs cuts surge 60 percent in July

By Henry Unger
August 3, 2011

A wave of private-sector downsizing pushed the number of announced job cuts by U.S. employers to a 16-month high in July, according to a report released Wednesday.

The 66,414 announced job cuts last month were up 60 percent from the previous month, according to the report by the Challenger, Gray & Christmas outplacement firm. The July figure was 59 percent higher than the planned layoffs announced in July 2010.

July’s planned cuts represented the largest monthly total since March 2010, when 67,611 job cuts were announced by the nation’s employers, Challenger said

This is obviously a racist report.

Despite the increase in planned job cuts, the pace of downsizing in 2011 remains slower than 2010, Challenger said. So far this year, employers have announced 312,220 cuts — 8 percent fewer than in the first seven months of 2010.

But last year’s stimulus money kept a lot of public sector employees on the payrolls, which balanced out the losses in the private sector. That money is now beginning to run out.

But the trend has been getting worse recently.

“July marks the third consecutive increase we have seen in monthly job-cut announcements, which certainly seems to provide additional evidence that the recovery has stalled,” John Challenger, CEO of the firm, said in a statement. “What may be most worrisome about the July surge is that the heaviest layoffs occurred in industries that, until now, have enjoyed relatively low job-cut levels, including pharmaceuticals, computer and retail.”

Pharmaceuticals led all industries with 13,493 job cuts in July

Of course there is probably no correlation between Obama-care taking more and more of a hold and ‘Big Pharma’ cutting back.

On Friday, the government will release the nation’s jobless rate for July. Many economists are predicting it will remain unchanged at 9.2 percent.

And when have they ever been wrong before?

This article was posted by Steve on Wednesday, August 3rd, 2011. Comments are currently closed.

9 Responses to “Private Sector Jobs Cuts Hit 16 Month High”

  1. Rusty Shackleford says:

    “You can’t make an omelet without breaking a few eggs”.

    Nice explanation of what’s happening over in AT: http://www.americanthinker.com/2011/08/the_secret_of_socialism.html

    However, I think Captain Skidmark knows that socialism doesn’t really exist. He is using all the tools he has, combined with his seething hatred and anger to punish the US. He is completely unable to get past the anger. His tantrum has lasted almost three years now and there’s no letup. Stalin was little different. The obvious parallels to Hitler have been discussed. Problem is, right now, or maybe it’s a good thing, not everyone in the National Socialist party can agree on what they want to do. The ones like Hitlery just want more power. Reid, likewise. But Holder and Barry the big 0 want to stick it to whitey. And, though I’m sure I’ll get flamed for this by the loopy-lefties, I see little difference between a megalomaniac in Zimbabwe than I do with Holder and Obama. It would seem that the last century of “Angry Black Men In Africa” has opened a new chapter in this century with “Angry Black Men In America”.

    • Right of the People says:

      Don’t forget “Reverends” Al and Jesse!

      Rusty you just have to get over it and realize they be a black president now, bitch. Deal with it. (sarc off now)

  2. JohnMG says:

    ….”And when have they ever been wrong before?…..”

    Well…………..unexpectedly.

  3. untrainable says:

    economists are predicting it will remain unchanged at 9.2 percent.
    We can be certain from this “prediction” that the number will absolutely NOT remain unchanged.
    If I predict that unemployment will rise to between 9.5 and 9.8% based on my incredible grasp of the obvious, can I get a job as an economist? I hear they make pretty good cash. And along with your local weatherman it’s one of the few professions where you can be consistantly wrong and still keep your job.

    • proreason says:

      You seem to think that an ability to accurately predict the economy is one of the criteria for becoming an economist.

      Where on earth did you get that idea?

      There is only one criteria for becoming an economist. And that is the ability to spin what happens in favor of the marxist overlords. It’s the same skill that is required to enter the ephemeral world of Pravda.

    • untrainable says:

      Pro, does that mean that you have to be a lefty marxist loser to be an economist? I mean I know those are the only ones we ever hear from in the media, but is that due to a media bias or due to the fact that there simply aren’t any capitalist economists?

  4. kennyg7 says:

    I predict higher uneployment as more jobs start to sizzle when the O focuses on them.

  5. River0 says:

    Democrats have no clue about money and what real wealth is. The real wealth of nations is determined by the goods and services they produce, and what other nations are willing to pay for those products. Money is only a symbol of wealth, and usually declines in value. Which is why gold and silver – being commodities – increase in value. They are products of labor, and have intrinsic value. Since precious metal was de-coupled from the U.S. dollar in 1965, the dollar has dramatically lost value.

    Democrat/Progressives today only think of spending. They don’t like to see people acting on their own to generate new wealth. They strangle production with idiotic regulations, and discourage wealth achievement. They’re entirely clueless about the nature of wealth, and how it’s created. Here’s the proof: Whenever they identify a new type of poverty or grievance group they funnel a river of money to it, subsidizing it and inevitably inflating the price.

    In the real world, supply and demand determine price. Increasing the supply of goods and services causes their price to decline; unless the market is being manipulated by powerful people or government regulation. We suffer from market interference, which is often deliberate and malicious.

    Higher education is a perfect example. Rather than increase supply of higher education by making it easier to build new colleges, Democrat/Progressives pour money onto the problem, providing more money to “those in need”. Thus, the costs of higher education have soared far beyond the rate of inflation, and another economic bubble has been created.

    This is what happened with housing in this decade. Fannie Mae and Freddie Mac poured money into the hands of low income people. Thus, the per-square-foot cost of entry level housing soared beyond reason, equaling the per-square-foot cost of the finest housing in many areas of the country. This was entirely unsustainable. The bubble’s collapse affected lower cost housing far more than luxury housing.

    It’s just as terrible to be ignorant of basic economics as it is to be of reading and writing English.

    :

  6. Believe me, no matter how many people are unemployed, the official numbers won’t likely reach 10% before the election. Obama can’t have that hanging over him if he wants to have a snowball’s chance in hell for a second term.


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