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Job cuts announced by U.S. 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 labor market recovery is losing steam.

FILE PHOTO: People line up outside a Kentucky Career Center hoping to find assistance with their unemployment claim in Frankfort, Kentucky, U.S. June 18, 2020. REUTERS/Bryan Woolston/File Photo

The job cuts, the third-largest monthly total since the coronavirus pandemic began, followed data this week showing a big step-down in private payrolls in July and further contraction in employment at manufacturing and services industries.“The downturn is far from over, especially as COVID cases rise around the country,” said Andrew Challenger, senior vice president at Challenger, Gray. “Consumers are buying fewer goods and services, businesses are closing, and bankruptcies are rising.

The weak labor market data raises the risk of a sharper slowdown in job growth in July. The Labor Department will publish its closely watched, and broader, monthly employment report on Friday. According to a Reuters survey of economists, nonfarm payrolls likely increased by 1.6 million in July, down from the record 4.8 million jobs created in June.

 

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If we had the pandemic tampered down, then this wouldn’t be. But because we have no national testing plan, or any national plan at all, this pandemic is going to be with us and the economic consequences for a very long time.

They don't care about us.

Kudos to the DJT administration. You have just dug your hole deeper.

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Business and Personal Bankruptcy Filings in the U.S. Rose in JulyThe number of businesses seeking chapter 11 protection rose 52% in July from a year earlier as the coronavirus pandemic roiled the economy. Personal bankruptcy filings were also up. I’m surprised bankruptcies in the US only went up 52% in July. If you drive around any US cities, 99% of businesses are closed. What’s strange is the stock market doing well. Still enough bullets for the stimulus plan? Wondering how many were due to riots, violent domestic terrorism as that would be an interesting statistic, number.
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