Announced job cuts rise in August
289,132 planned job cuts, down 26.1% from the 391,288 reductions announced through the first eight months of 2016.
“Although job cuts have risen this month, they continue to be significantly lower compared to the same time last year,” said John Challenger, chief executive officer of Challenger Gray, in a statement.
The construction industry announced the highest number of job cuts in August, with 4,332. Retail, which leads all sectors this year with 67,596 announced cuts, had 3,607 in August. Retail job reductions are 51.4% higher this year than through the same point in 2016, when 44,643 retail cuts were announced.
Among other areas, companies in the financial sector slashed 3,414 jobs in August, for an eight-month total of 10,799. The services industry announced 3,039 cuts in August, bringing that