An­nounced job cuts rise in Au­gust

Financial Mirror (Cyprus) - - FRONT PAGE -

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

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