Job cuts suggest U.S. slowdown (layoffs up 25% in June from May)

[UpInArms]

http://www.theglobeandmail.com/servlet/story/RTGAM.20060706.wjobs0706/BNStory/Business/home

A sharp increase in the number of jobs lost in the United States suggests the economy south of the border is slowing, according to a leading consulting firm.

Outplacement consultant Challenger, Gray & Christmas Inc. said its figures show that companies planned 67,176 job cuts in June, a 25 per cent increase from 53,716 in May. This is the first time in six months that the job cut number has gone up, it said.

This could be evidence of an economic slowdown, said chief executive officer John Challenger.

”Companies' costs are soaring, not only because of high energy prices, but also because of higher costs for raw materials and labour,” he said. ”Many companies are unable to pass along higher costs in this increasingly competitive global economy. These companies have no choice but to cut costs, which often means cutting payroll, closing plants or merging with a rival to reduce competition.”

The automotive industry announced the most job cuts in June, at 12,159. The second highest number came from industrial goods makers, at 7,565. Third was the financial industry at 7,292.

The main reasons employers gave for trimming employment in June were cost cutting and business closures.

...more...

[whistle]

1. It's the economy stupid!!!

[samdogmom]

2. Um mm! Someone has a problem:

http://news.scotsman.com/latest.cfm?id=992262006

(cut) "On the economic front, Bush may have some good news to crow about, with monthly employment numbers to be released and some analysts predicting a big 368,000-job gain in the private sector in June."

Edited to attribute news quote FROM TODAY.

[Dr.Phool]

5. Payrolls only grew 121,000 in June

Updated: 5:44 p.m. ET July 7, 2006

WASHINGTON - U.S. employers added a disappointing 121,000 jobs last month, wary of bulking up payrolls with the economy slowing and energy prices rising. Wages rose sharply, fanning inflation worries.

Wall Street groaned and stocks tumbled. The Dow Jones industrials lost 134.63 points to close at 11,090.67.

The latest employment snapshot, released by the Labor Department on Friday, also showed that the nation’s civilian unemployment rate held steady at 4.6 percent.

(snip) http://www.msnbc.msn.com/id/13748814/

[samdogmom]

6. Do you think anyone will call him on his B.S.?

How did he get away with his "rosy economic" speech today???? I'm totally mystified why NO ONE IS WILLING to point out the real facts to him!

[Dr.Phool]

8. He's lived in a fact-free world his entire life.

Why start now?

He spouted so much bullshit, and straight out, verifiable lies today, and nobody called him on any of it!

I was testing my blood pressure at that very moment. The two don't mix very well. I turned the idiot off.

[The_Casual_Observer]

10. "Bush may have some good news to crow about"

I don't remember bush ever having any legitimate non-bogus news to crow about. Not a single fucking time.

[Roland99]

3. Job Growth (?) since Q3 2004

http://www.democraticunderground.com/discuss/duboard.php?az=show_mesg&forum=364&topic_id=1589783&mesg_id=1589783

[The Anti-Neo Con]

4. I thought this quote was funny.

"A sharp increase in the number of jobs lost in the United States suggests the economy south of the border is slowing, according to a leading consulting firm."

So, they're just now catching on?

[Writer]

7. U.S. slowdown? When was the U.S. speeding up?

I'm completely baffled by this: I've seen improvements, albeit marginal, in the job market. I honestly have been waiting for it to truly improve... now it's slowing down?

What??? :shrug:

I'm throwing in the towel on common sense here.

[acmavm]

9. Sheesh, the total number of jobs lost since blivet took office has got

to be way way wayyyyyyyy more than the total number of jobs created. Also, the standard of living afforded by those 'new' jobs, how's that doing? I doubt that you can support yourself in style in one of those new manufacturing jobs at Burger King or Wendy's.

[Voltaire99]

11. Track unemployment as the housing bubble collapses...

...it won't just be the housing sector.