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Job cuts announced by US companies jump 54% in July: Report

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U.S. employers announced another 262,649 job cuts in July as the COVID-19 pandemic continued to weigh on demand, the latest indication that the ...

Waiters set up tables in front of a restaurant on a street on the first day of the phase two re-opening of businesses following the outbreak of the coronavirus disease , in the Manhattan borough of New York City, New York, U.S., June 22, 2020. REUTERS/Carlo AllegriWASHINGTON: US employers announced another 262,649 job cuts in July as the COVID-19 pandemic continued to weigh on demand, the latest indication that the labour market recovery is losing steam.

"The downturn is far from over, especially as COVID cases rise around the country," said Andrew Challenger, senior vice president at Challenger."Consumers are buying fewer goods and services, businesses are closing, and bankruptcies are rising." According to a Reuters survey of economists, non-farm payrolls likely increased by 1.6 million in July, down from the record 4.8 million jobs created in June.

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