Job Layoffs Skyrocket - Worst Quarter in 6 years
Oct 31, 2015 9:03:18 GMT -6
jeffolie and danreller like this
Post by unlawflcombatnt on Oct 31, 2015 9:03:18 GMT -6
www.cnbc.com/2015/10/01/us-layoffs-surge-43-in-sept-to-58877-challenger.html
Job Layoffs Skyrocket -
Worst Quarter in 6 years
Oct 1, 2015
"The number of announced layoffs by U.S.-based companies surged in September from the previous month, and Hewlett-Packard's outsized cuts raise a red flag, John Challenger, CEO of Challenger, Gray & Christmas, told CNBC's "Squawk Box" on Thursday.
"It's interesting that we are beginning to see some big layoff announcements this year," he said. "One of the things you start to see as you get near the end of a period of expansion, but before it really turns, is you start to see major layoffs occurring, big mega-layoffs like we're seeing now."
U.S.-headquartered companies put 58,877 jobs on the chopping block last month, up 43% from just more than 41,000 in August and the third highest monthly total this year, Challenger's global outplacement firm reported.
Challenger said the computer sector led all other industries in layoffs in September. Hewlett-Packard accounted for nearly all of the 32,500 reductions.
Last month, Hewlett-Packard announced it would cut 25,000 to 30,000 positions as part of its restructuring, which will split the company into one firm focused on enterprise services and one dedicated to its legacy hardware business....
The 1st day of October saw further cuts from big companies.
Reuters reported that Wal-Mart is planning to lay off hundreds of people at its headquarters in Arkansas as part of the retail giant's efforts to pare costs....
ConAgra announced it is cutting about 1,500 jobs, or approximately 30% of its global, office-based workforce, and moving its headquarters to Chicago from Omaha, Nebraska....
On Tuesday, Chesapeake Energy, the nation's second largest producer of natural gas, announced it would lay off about 15% of its workforce after it reported a $4 billion quarterly loss in August.
The energy industry remained the biggest job-cutting sector for the year, with 72,708 cuts announced since January, Challenger said....
The September reductions in the Challenger report pushed the layoff count in the 3rd quarter to 205,759, making it the worst quarter for job cuts in 6 years.
Year to date, employers have announced plans to hand out 493,431 pink slips,
more than the full-year total of 483,171 in 2014."
Art Cashin, director of NYSE floor operations for UBS, said the layoffs are part of the financial engineering market watchers have seen U.S. corporations engage in.
"You buy back your own shares, you take a look around, you can't get revenues up, and you start to pare back some of the help," he told CNBC's "Squawk on the Street." "It's unfortunate, but we've been seeing it despite the quote, unquote recovery that we're in."
(The attachment below is a pdf list of planned layoffs.)
10-31-15artJobLayoffs.pdf (284.45 KB)
Job Layoffs Skyrocket -
Worst Quarter in 6 years
Oct 1, 2015
"The number of announced layoffs by U.S.-based companies surged in September from the previous month, and Hewlett-Packard's outsized cuts raise a red flag, John Challenger, CEO of Challenger, Gray & Christmas, told CNBC's "Squawk Box" on Thursday.
"It's interesting that we are beginning to see some big layoff announcements this year," he said. "One of the things you start to see as you get near the end of a period of expansion, but before it really turns, is you start to see major layoffs occurring, big mega-layoffs like we're seeing now."
U.S.-headquartered companies put 58,877 jobs on the chopping block last month, up 43% from just more than 41,000 in August and the third highest monthly total this year, Challenger's global outplacement firm reported.
Challenger said the computer sector led all other industries in layoffs in September. Hewlett-Packard accounted for nearly all of the 32,500 reductions.
Last month, Hewlett-Packard announced it would cut 25,000 to 30,000 positions as part of its restructuring, which will split the company into one firm focused on enterprise services and one dedicated to its legacy hardware business....
The 1st day of October saw further cuts from big companies.
Reuters reported that Wal-Mart is planning to lay off hundreds of people at its headquarters in Arkansas as part of the retail giant's efforts to pare costs....
ConAgra announced it is cutting about 1,500 jobs, or approximately 30% of its global, office-based workforce, and moving its headquarters to Chicago from Omaha, Nebraska....
On Tuesday, Chesapeake Energy, the nation's second largest producer of natural gas, announced it would lay off about 15% of its workforce after it reported a $4 billion quarterly loss in August.
The energy industry remained the biggest job-cutting sector for the year, with 72,708 cuts announced since January, Challenger said....
The September reductions in the Challenger report pushed the layoff count in the 3rd quarter to 205,759, making it the worst quarter for job cuts in 6 years.
Year to date, employers have announced plans to hand out 493,431 pink slips,
more than the full-year total of 483,171 in 2014."
Art Cashin, director of NYSE floor operations for UBS, said the layoffs are part of the financial engineering market watchers have seen U.S. corporations engage in.
"You buy back your own shares, you take a look around, you can't get revenues up, and you start to pare back some of the help," he told CNBC's "Squawk on the Street." "It's unfortunate, but we've been seeing it despite the quote, unquote recovery that we're in."
(The attachment below is a pdf list of planned layoffs.)
10-31-15artJobLayoffs.pdf (284.45 KB)