Layoffs hit record numbers.(Brief Article)(Statistical Data Included)
Home Textiles Today, September, 2001
A wave of corporate layoffs continues to roil the U.S. economy -- taking a major toll on consumer confidence and retail sales -- and is smashing all records for the number of people put out of work, reports Challenger, Gray & Christmas, the international outplacement firm, in its monthly tally of job losses.
During the month of July alone, 205,975 job cuts were announced, Challenger reported, creating a seven-month total of 983,337. In just seven months, the year-to-date total exceeds the tally for all of last year of 613,960 job cuts by more than 60 percent. And that year-to-date total has already broken the record one-year total for layoffs set in 1998 with its 677,795 job losses. Hardest hit so far this year is the telecommunications sector,...
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