Don’t Look Now, But The Wheels Just Fell Off The Recovery Wagon (With Charts!)

Posted: August 5th, 2011 | Author: | Filed under: Economy | Tags: , , | No Comments »

According to the most recent report from consultants Challenger, Gray & Christmas, Inc., the numbers of planned layoffs being announced by employers last month surged.

planned layoffs July 2011 Dont Look Now, But The Wheels Just Fell Off The Recovery Wagon (With Charts!)

Planned layoffs: June vs. July, 2011

That’s 59.4% higher than the same time last year:

planned layoffs previous year Dont Look Now, But The Wheels Just Fell Off The Recovery Wagon (With Charts!)

Planned layoffs July, 2010 vs. July, 2011

Job cuts at Merck, Borders, Cisco Systems, Lockheed Martin and Boston Scientific accounted for 57% of the July total. July marks the first month in the last seven when the private sector shed more jobs than the government sector did.

Planned layoffs by sector Dont Look Now, But The Wheels Just Fell Off The Recovery Wagon (With Charts!)

Pharma and retail make up the largest sectors.

What makes this latest report so ominous is that the majority of these cuts come from industries that have experienced low levels of layoffs compared to other industries.

 

All of this leads Challanger to quip:

“A casual observer certainly might conclude that the wheels just fell off the recovery wagon.”

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