Job cuts surged in July, but there's one big catch

US employers announced plans to lay off 105,696 workers in July, the highest level in nearly four years, according to staffing company Challenger, Grey & Christmas.

This brings the year-to-date total to 393,368, 34% higher than the same period a year ago.

The latest report noted that most of the job cuts were announced by the US Army, which was reducing its troop and civilian workforce.

The release noted (emphasis added), “When the military makes cuts, they tend to be deep. In fact, the last time we saw more than 100,000 job cuts in September of 2011, it was 50,000 cuts by the US Army that dominated the total. With wars in Afghanistan and Iraq winding down and pressure to cut government spending, the military has been vulnerable to reductions.”

The prior report showed that through June this year, employers announced 287,672 layoffs — the highest level midyear in five years. Most of these cuts were blamed on the oil crash, as companies downsized to cope with lower commodity prices.

In July, oil-related job cuts picked up to 8,878 from 278 in June. Year-to-date, nearly 80,000 layoffs have been announced by the oil industry, according to the report.

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