LAYOFFS FALL TO A 16-MONTH LOW

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Layoffs fell to the lowest level since April 2011, new data out of Challenger, grey, and Christmas shows. 

U.S. companies announced planned lay offs totaling 36,855 employees this July, a two per cent drop from June’s reading and 45 per cent lower than layoffs first reported one year ago.

The figures reflect a surprisingly volatile view of the labour market this July, as delayed traditional auto plant shutdowns keep employees at work.

“While the decline in job cuts over the last two months is good news, it is not unusual to see these types of slowdowns during the summer months, when business activity of all types seems to lag as key decision makers tend to be out of the office more frequently,” Chief Executive of Challenger, John Challenger, said.

Financial services saw the biggest cuts in July, with 6,156 employees expected to be fired. Challenger noted Citi and Morgan Stanley accounted for more than 5,500 of those layoffs during the month

Year-to-date, job cuts remain in line with 2011 levels — with 319,946 employees impacted in 2012, two per cent above total layoffs announced in the first six months of 2011.

Below, key output from the report:

Challenger Layoffs

Photo: Challenger, grey, & Christmas

Challenger Layoffs

Photo: Challenger, grey, & Christmas

Challenger Layoffs

Photo: Challenger, grey, & Christmas

 

Challenger Layoffs

Photo: Challenger, grey, & Christmas

SEE ALSO: The 16 Biggest Layoffs Of The Year >

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