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Job growth stalls, layoffs surge
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| Contributor | Imperator |
| Last Edited | Imperator Aug 03, 2011 11:00am |
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| Category | Report |
| Author | Laurie Segall and Annalyn Censky |
| News Date | Wednesday, August 3, 2011 04:00:00 PM UTC0:0 |
| Description | NEW YORK (CNNMoney) -- The jobs recovery slowed for a third month in a row, according to two reports out Wednesday.
Private sector employers added 114,000 workers in July, marking a decrease from the 145,000 jobs added in June, payroll processing firm ADP reported.
That number beat economists' forecasts for 100,000 additional jobs, but it is also taken with a grain of salt by some economists, since ADP's figures have differed wildly from government data this year. In June, ADP's initial numbers topped the government figures by 100,000.
Meanwhile, a separate report showed more firms are opting to downsize, rather than add to their payrolls.
The number of planned job cuts surged to a 16-month high in July -- rising 60% in July to 66,414 from June's 41,432, according to outplacement consulting firm Challenger, Gray & Christmas.
The Challenger report characterized it as a "sudden and unexpected burst" in downsizing. |
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