This Chart Truly Depicts New, Terrible Trend in Jobs Mess

[marmar]

This Chart Truly Depicts New, Terrible Trend in Jobs Mess
by Wolf Richter • October 2, 2015


The jobs report today has been described as “ugly,” though it certainly didn’t, or shouldn’t have, come out of the blue: Layoffs in the energy, Big Tech, retail, and other sectors have recently mucked up our rosy scenario.

“The third quarter ended with a surge in job cuts,” is how Challenger Gray, which tracks these things, started out its report yesterday. In September, large US-based companies had announced 58,877 layoffs. In the third quarter, they announced 205,759 layoffs, the worst quarter since the 240,233 in the third quarter of 2009!

Year-to-date, we’re at nearly half a million job cut announcements (493,431 to be precise), up 36% from the same period last year. And they’re “on track to end the year as the highest annual total since 2009, when nearly 1.3 million layoffs were announced at the tail-end of the recession.”

These dogged references to crisis-year 2009!

It’s been going on all year. In the first half, it was the energy sector. But more recently, Big Tech and others jumped into the fray. ..................(more)

http://wolfstreet.com/2015/10/02/chart-depicts-new-terrible-trend-in-jobs-mess-fewer-employed/

[mucifer]

1. With decades of jobs going overseas and nothing changing much about it

How can things improve?

[Old Codger]

2. I wonder

how there can be such a steady drain of jobs and increase in unemployed people while the unemployment rate stays at 5.1%