Job cuts have already surpassed last year's total, according to Challenger, Gray & Christmas with the highest annual total since 2009 [5], when nearly 1.3 million layoffs were announced at the tail-end of the recession... so how does the government explain the fact that initial jobless claims have once again re-tumbled back to close to 42-year lows...
Initial claims dropped 13k this week to 263k - just shy of the lowest levels sicne 1973...
[6]
As Job cuts soar...
One of these is lying...
[7]
The third quarter ended with a surge in job cuts, as U.S.-based employers announced plans to shed 58,877 in September, a 43 percent increase from the previous month, according to a report released Thursday by global outplacement consultancy Challenger, Gray & Christmas, Inc.The September total was third largest of the year behind July (105,696) and April (61,582). It was 93 percent higher than the 30,477 planned layoffs announced the same month a year ago.In all, 205,759 job cuts were announced in the third quarter, making it the largest job-cut quarter since the third quarter of 2009, when planned layoffs totaled 240,233.
So, to sum up, Challenger says worst layoffs since 2009, as BLS says claims almost non existent.
Something changed when QE3 ended...
[8]
Charts: Bloomberg
