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Challenger Gray: Layoffs in 2019 hit highest level in four years
Challenger Gray: Layoffs in 2019 hit highest level in four years
Julia La Roche
Reporter
Yahoo Finance January 2, 2020
Companies cut the highest number of jobs in four years during 2019, according to a new report from executive coaching firm Challenger, Gray & Christmas.
U.S. employers shed 592,556 jobs last year, which according to Challenger’s data was up 10% from a year ago and the highest level since 2015. During that year, some 598,510 positions disappeared from company payrolls, even as the labor market has remained surprisingly robust.
Retail lost the most jobs for the third consecutive year, with 77,475 cuts in 2019 — but that's down 21.4% from the 98,563 jobs shed in 2018, the report found.
More than half of retail’s nearly 49,000 job losses were due to bankruptcies that swept through a battered industry already being pressured by the growing surge of consumers buying things on the web. Layoffs also occurred amid the ongoing U.S.-China trade war that created “difficulties" that led to 11,688 cuts — and tariffs accounting for another 5,881, according to Challenger’s data.
“The sectors with the highest number of cuts this year were all dealing with trade concerns, emerging technologies, and shifts in consumer behavior. We tracked a lot of hiring activity in these industries as well as cuts,” Andrew Challenger, Vice President of Challenger, Gray & Christmas, said in a statement.
....
Julia La Roche
Reporter
Yahoo Finance January 2, 2020
Companies cut the highest number of jobs in four years during 2019, according to a new report from executive coaching firm Challenger, Gray & Christmas.
U.S. employers shed 592,556 jobs last year, which according to Challenger’s data was up 10% from a year ago and the highest level since 2015. During that year, some 598,510 positions disappeared from company payrolls, even as the labor market has remained surprisingly robust.
Retail lost the most jobs for the third consecutive year, with 77,475 cuts in 2019 — but that's down 21.4% from the 98,563 jobs shed in 2018, the report found.
More than half of retail’s nearly 49,000 job losses were due to bankruptcies that swept through a battered industry already being pressured by the growing surge of consumers buying things on the web. Layoffs also occurred amid the ongoing U.S.-China trade war that created “difficulties" that led to 11,688 cuts — and tariffs accounting for another 5,881, according to Challenger’s data.
“The sectors with the highest number of cuts this year were all dealing with trade concerns, emerging technologies, and shifts in consumer behavior. We tracked a lot of hiring activity in these industries as well as cuts,” Andrew Challenger, Vice President of Challenger, Gray & Christmas, said in a statement.
....
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