April Job Cuts in U.S. Jump 27% From Year Ago, Challenger Says

[OhioChick]

Source: Bloomberg

May 1 (Bloomberg) -- Job cuts announced by U.S. employers increased 27 percent in April from a year earlier, reflecting the crisis in financial markets, according to a report by a private placement firm.

Firing announcements rose to 90,015 last month, the most since September 2006, from 70,672 in April 2007, Chicago-based Challenger, Gray & Christmas Inc. said in a statement today.

Companies are trying to cut costs as energy and commodity prices rise and demand wanes. The Labor Department tomorrow may report that the U.S. lost jobs for the fourth straight month in April, the longest string of declines in five years.

``Employers will definitely be slow to hire in the coming months as the economy remains unbalanced,'' John A. Challenger, chief executive officer of the placement company, said in a statement.

So far this year, companies have announced 290,671 cuts, up 9 percent from the first four months of 2007.



Read more: http://www.bloomberg.com/apps/news?pid=20601103&sid=aLPeOnGkkp60&refer=news

[OhioChick]

1. Job cuts surge to 19-month high

May 1, 2008 4:46am

Planned job cuts announced by employers soared to 90,015 in April, a 68 percent increase from 53,579 in March, according to a monthly job-cut report released Thursday by outplacement firm Challenger, Gray & Christmas Inc.

It was the largest job-cut month since 100,315 cuts were announced in September 2006.

April cuts were 27 percent higher than a year ago, when 70,672 jobs were targeted for elimination.

Employers have now announced 290,671 job cuts in 2008, nine percent more than the 266,658 cuts recorded in the first four months of 2007.

April’s cuts were concentrated in the financial sector. One in every four job cuts occurred in this industry. The sector announced 23,106 cuts in April, nearly half of which came during a two-day period that saw large back-to-back announcements from Merrill Lynch and Citigroup. The sector has announced 49,825 job cuts this year, slightly lower than the same period a year ago (50,221).

http://www.centralvalleybusinesstimes.com/stories/001/?ID=8601

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The Republican House Of Cards Is Crashing Down

[OhioChick]

4. It sure is....

But unfortunately who is suffering?