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Layoff Plans Soar By 126% In September To 115,730, 212% Higher Than Year Ago, Highest Since April 2009

Tyler Durden's picture




 

Still bullish on the Friday NFP number? According to Challenger we just went through a "sea-change" event as "Employers announced plans to shed 115,730 workers from their payrolls in September, making it the worst jobcut month in over two years. Heavy reductions planned by the military accounted for a large portion of September job cuts, signaling what may lie ahead as the federal government seeks across-the-board cuts in spending. September job cuts were 126 percent higher than the 51,114 announced in August, according to the latest Challenger report. They were 212 percent higher than September 2010, when employers announced just 37,151 job cuts. Last month’s total is the highest since April 2009, when 132,590 job cuts were announced." Yet this is good news, considering that the biggest source of cuts was the bloated government and the insolvent Bank of America: "One-third of the layoffs announced this year came from government employers. It is, by far, the largest job-cutting sector, with 159,588 announced job cuts to date. This figure includes 54,182 government-sector cuts in September, 50,000 of which are the result of a five-year troop reduction plan announced by the United States Army. The second largest job-cutting sector to date is the financial sector, which announced 54,013 planned layoffs between January 1 and the end of September. That is up 177 percent from the 19,474 job cuts recorded over the first three quarters of 2010. Of the 54,013 financial job cuts this year, 31,167 occurred in September, with 30,000 resulting from Bank of America’s multi-year workforce reduction plan aimed at saving the struggling bank $5 billion per year." That said, while there is no correlation to coincident NFP data, this will be very ugly news down the line.

Some tables:

Cuts by Industry:

And reasons for termination:

And to those who say the military-industrial complex is still in charge:

While the U.S. Army is not a traditional employer, its announcement was very corporate-like in that plans to achieve the reductions “using voluntary and involuntary separations and is considering buyouts, reductions in high-year tenure limits and early retirement boards,” according to an Army Times article, which quoted Army Service Personnel Chief Lt. Gen. Thomas P. Bostick.

 

Last month’s Army cuts represent the second such military personnel reduction announced in as many months. In August, 17,500 military personnel cuts were announced by the Army, Air Force and Navy.

 

“As officers, soldiers and even civilian personnel get displaced from the military, they face special challenges when making the transition to the traditional job market. Perhaps the biggest challenge is taking the often specialized skills and experience gained in the military and translating it to the private sector,” said Challenger.

 

“The other big obstacle is the fact that many of these individuals entered the military straight out of high school or college and the entire jobsearch process, from resume writing to interviewing strategy, is completely foreign to them. For these reasons, many former soldiers struggle to find their way in the job market.”

 

According to the latest employment data from the Bureau of Labor Statistics, 10.1 percent of military veterans 18 years and older were unemployed in August. Unemployment among veterans of the current wars in Iraq and Afghanistan stood at 16.6 percent.

“Given the opportunity, former military typically prove themselves to be ideal employees. They tend to be more loyal, more disciplined and are better at most when it comes to thinking on their feet. President Obama is definitely taking a step in the right direction by providing tax incentives to employers that open their recruiting doors a little wider for veterans,” said Challenger.

 

“Other steps that could be taken include increased education for both employers as well as job-seeking veterans on how the skills and experience gained in service translate to the non-military workforce. It may also be necessary to retrain those exiting military service for occupations that are in demand. Lastly, military personnel impacted by separations could be provided with some basic job-search training on such areas as preparing a resume, networking strategies, interviewing techniques, etc.,” he said.

Full report

 

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Wed, 10/05/2011 - 07:44 | 1740578 flyr1710
flyr1710's picture

but its mostly government workers, so they aren't people, right?

Wed, 10/05/2011 - 08:22 | 1740660 cossack55
cossack55's picture

Correct. They are, in fact, parasites.

Wed, 10/05/2011 - 08:58 | 1740771 tmosley
tmosley's picture

They can be both.

Government workers do much more harm than good, save perhaps for the very few "vital" workers, who do only slightly more harm than good.  It is better for society as a whole that those people be unemployed.  Of course, many of those people will actually get other, PRODUCTIVE jobs, which will make a huge net gain in the benefit to society, as they go from being busy-work creators to actual productive members of society.

Wed, 10/05/2011 - 10:16 | 1741157 trav7777
trav7777's picture

oh yeah RIGHT...you idiot.  There are MASSIVE amounts of abundant productive jobs out there in this economy.  HAHAHAHA.

That's why yields are 0%, right?

Wed, 10/05/2011 - 15:52 | 1742518 TravsMom
TravsMom's picture

You have really grown up to be an amazing daughter!

Wed, 10/05/2011 - 09:00 | 1740781 tarsubil
tarsubil's picture

As a government worker, I can attest that we are indeed people. Many of us that work within the beast also hate it. One of many funny little things about this world we've constructed.

Anywho, many of these people were bought out at the end of the fiscal year and will now be net sellers of equities. Everything is unraveling.

Wed, 10/05/2011 - 07:47 | 1740585 Ancona
Ancona's picture

Really? So what! Food is for pussies!

Wed, 10/05/2011 - 07:47 | 1740589 Mae Kadoodie
Mae Kadoodie's picture

Workers are so 20th Century.  As long as there are Robots the world will be fine.

Wed, 10/05/2011 - 07:49 | 1740593 bigwavedave
bigwavedave's picture

seems like all good news to me

Wed, 10/05/2011 - 07:49 | 1740594 eigenvalue
eigenvalue's picture

Don't worry about Friday's NFP report. We still have a birth/death adjustment line.

Wed, 10/05/2011 - 07:50 | 1740596 Cassandra Syndrome
Cassandra Syndrome's picture

Pass This Jobs Bill, Bitchez

Wed, 10/05/2011 - 07:55 | 1740607 ziggy59
ziggy59's picture

B(l)S stats are only transitory. for today its all fine until UE goes to zero...and then its full employment for everyone.

Wed, 10/05/2011 - 07:57 | 1740609 lemarche
lemarche's picture

Who s "Challenger"? Never heard of them here in Europe.

Wed, 10/05/2011 - 08:05 | 1740628 kaiserhoff
kaiserhoff's picture

Challenger, Gray, and Christmas.

Overpriced headhunters who specialize in the recently fired, and those "exploring other opportunities."

Wed, 10/05/2011 - 08:00 | 1740618 lapedochild
lapedochild's picture

With the EU bank bailout rumor still out there, this might be the best day to come out with these numbers...

Wed, 10/05/2011 - 08:03 | 1740624 Jim in MN
Jim in MN's picture

I knew there was some super-sized corporate lying going on when I saw TV ads (!) touting a few thousand US jobs from Ford...and then from AT&T saying exactly the same thing.

Wed, 10/05/2011 - 10:17 | 1741168 trav7777
trav7777's picture

and if you don't hire at least 80% minorities, Place Holder will come shut you down. 

Wed, 10/05/2011 - 08:07 | 1740633 jtmo3
jtmo3's picture

What...me worry. The bls still has an ink jar. They can "print" whatever number they deem necessary. Reality is what they tell us it is, after all.

Wed, 10/05/2011 - 08:14 | 1740644 overmedicatedun...
overmedicatedundersexed's picture

move to greece the only country that understands the game..

layoffs and austerity are reported in press then they never happen..

greece goes back to EU for more money..

EU tells them how bad they are and then gives them more..

on and on ..the greeks sit back and game the system.

gotta hand it to them. we are all greek now. wink wink nod nod.

Wed, 10/05/2011 - 08:19 | 1740652 doomandbloom
doomandbloom's picture

NFP beat then? what say?

Wed, 10/05/2011 - 08:25 | 1740665 cossack55
cossack55's picture

The total number for "education" is still way too low.  Add another comma and then we may actually see some teaching occurring.

Wed, 10/05/2011 - 08:31 | 1740680 Shizzmoney
Shizzmoney's picture

Yeah, let's put the military guys, like Marines, who know how to expertly use guns, out on the street and have it 10x's harder to get a job.  Let's give them a reason to be pissed off.

Yeah, that's really gonna work out.

Wed, 10/05/2011 - 09:14 | 1740881 Henry Chinaski
Henry Chinaski's picture

Not a problem.  Getting into the military has become pretty competitive over the past few years.  Nearly all of them have HS diplomas and are eligible for GI bill benefits.  Most have deployed to the shitholes of the world and will come back with a great appreciation for what we have here.  The hundreds of thousands of young people who have served in the military over the past decade are probably our best hope for the preservation of liberty. I think they will come home and build a better country, not unlike the greatest generation.  Active duty military overwhelmingly support Ron Paul.  He has received more donations from active duty military than all of the other republican candidates combined and more than the current POTUS. 

http://youtu.be/-t_d38_ojL8

Wed, 10/05/2011 - 10:18 | 1741169 trav7777
trav7777's picture

nah; the guys who've had to serve in combat are mostly cracked in the head now

Wed, 10/05/2011 - 15:53 | 1742523 TravsMom
TravsMom's picture

Son, I am really sorry for smoking all that crack while pregnant with you.  Please accept my apologies.

Wed, 10/05/2011 - 10:19 | 1741175 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Very true.  That is why military vets are feared by the traitors at DHS and other alphabet soup tyrannical U. S. government agencies.

Wed, 10/05/2011 - 14:20 | 1742160 Caveman93
Caveman93's picture

They know how to break stuff and kill people...perfect! But, not as efficient as the Honey Badger!

Wed, 10/05/2011 - 14:24 | 1742177 r00t61
r00t61's picture

You and I must be meeting the exact opposite kind of veterans.  The ones I meet think that invading Afghanistan and Iraq was necessary in order to "spread democracy."  They think that we should definitely invade Iran next, and one of them in particular told me, and I quote, "Beat those motherf*ckers into the motherf*cking sand." 

The few Marines I know, they've never heard of Smedley Butler before.  When I tell them he was a two-time Medal of Honor winner, their eyes go buggy.  When I tell them about War is a Racket, they start to get mad...at me.  Chesty Puller and the Tefelhunden they know, but Smedley Butler they don't.

Most of the veterans I know don't even understand the phrase "military-industrial complex."  Especially the lower-rank enlisted guys.  When I do explain it to them, they just give me incredulous looks.  They get even more bug-eyed when I tell them that the phrase, and the warning, comes from Eisenhower.

It's a good thing that most of these veterans that I know are friends of mine, otherwise they might kick my ass for being such a rabble-rouser.

I will say that the veterans I know that have retired from active duty and have gone on to civil service/contracting positions in the defense sector, conversely, do understand the MIC.  They privately acknowledge and agree with me, but they're stuck - they have mortgages and kids who need to go to college and other bills to pay.  They're not going to leave the MIC for an uncertain future in some other industry.  I guess I can't blame them. 

Wed, 10/05/2011 - 08:31 | 1740681 junkyardjack
junkyardjack's picture

Smaller government is bullish

Wed, 10/05/2011 - 09:03 | 1740806 Henry Chinaski
Henry Chinaski's picture

Now we know where the outrage protesters are coming from. 

Wed, 10/05/2011 - 09:04 | 1740821 Savvy
Savvy's picture

Friend of mine who's an aeronautical engineer at LM got layed off last week. Seems odd they're cutting back while the US has umpteen wars going on.

Wed, 10/05/2011 - 09:31 | 1740989 azzhatter
azzhatter's picture

It's all baked in. Buy buy buy- says the chimp Cramer

Wed, 10/05/2011 - 11:34 | 1741485 PJPony
PJPony's picture

I have a great idea...let's get rid of all of the government counter-leaners and employ our vets in government offices.  This would improve efficiency all around and take care of our returning military.

Anyone else tired of waiting in long lines, only to be greeted by snarky, rude workers?  I am.

Wed, 10/05/2011 - 14:19 | 1742154 Caveman93
Caveman93's picture

Cool! I've been outta work for six months now and it looks like my wife will soon lose her job too. I guess her and I will just get out the Whirlie Pop and sit on the couch while we watch Babylon crumble on TV. It will be Kabobs and boxed wine everynight for dinner while we rub our cold gold and silver bullion and coins on each others nipples. Ahhh, the NEW Amerikan Dream! Cannot hardly fucking wait!

Wed, 10/12/2011 - 11:58 | 1766018 karmete
karmete's picture

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