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Job Reductions Trouble Americans, 62,000 In June

Published 07/03/08 Jeff Bennett - Print Article
E-mail - editor@economyincisis.org

Job cuts continue to trouble Americans and the economy, May saw a 29-month-high job loss total of 103,522 people, while second quarter cuts – highest since 2005 – were 275,292, according to Reuters.

More companies are planning and implementing eliminations to weather this storm of a recession and stay afloat. Job reductions – from General Motors to Starbucks – are breaking the backs of Americans and decreasing their opportunity to spend. The economy desperately needs spending at this point and it may not arise if Americans do not have work.

Source Reuters:

Planned job cuts at U.S. companies totaled 81,755, compared with 103,522 in May and 55,726 in June 2007, employment consulting firm Challenger, Gray & Christmas Inc reported.

Job cuts in the second quarter totaled 275,292, the highest quarterly total since the fourth quarter of 2005.

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