Tasnim
01 Oct 2020, 20:06 GMT+10
TEHRAN (Tasnim) - US employers announced another 118,804 job cuts in September, with restaurants, hotels and amusement parks leading the pack amid sluggish demand several months after the COVID-19 pandemic struck the country.
- Other Media news -
The layoffs reported by global outplacement firm Challenger, Gray & Christmas on Thursday were up 2.6% from August and boosted total job cuts so far this year to a record 2.082 million. The previous all-time annual high was 1.957 million in 2001. Job cuts totaled 497,215 in the third quarter, down 59.8% from second quarter.
Companies announced 929,860 hiring intentions last month, bringing the total this year to 2.673 million. McDonald's announced it would add 260,000 jobs as it reopens restaurants.
"We are setting new records for job cuts even though things have improved since the earliest days of the pandemic," said Andrew Challenger, senior US vice president at Challenger, Gray.
The rise in layoffs comes as companies have burned through government loans to help with wages. Funding for a reduced subsidy for the unemployed is also close to running out. Economists have warned that the labor market and broader economic recovery could sputter without another rescue package.
Companies attributed the planned layoffs last month to market conditions, weak demand, restructuring and COVID-19.
There were 32,099 job cuts at restaurants, hotels and amusement parks in September, an 86% jump from August. That brought the total this year to 831,150. Walt Disney said on Tuesday it would lay off roughly 28,000 employees in its theme parks division.
The aerospace/defense announced 18,971 layoffs last month. There were 16,628 cuts in the transportation sector.
"Especially if another relief package fails to pass, employers are going to enter the fourth quarter hesitant
To invest or spend," said Challenger.
The Labor Department will publish its closely watched, and broader, monthly employment report on Friday. According to a Reuters survey of economists, nonfarm payrolls likely increased 850,000 by jobs in September after rising 1.371 million in August. That would leave nonfarm payrolls about 10.7 million below their pre-pandemic level.
Get a daily dose of Perth Herald news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Perth Herald.
More InformationGENEVA, Switzerland: A new United Nations report alleges that dozens of global corporations are profiting from and helping sustain...
LONDON/STOCKHOLM: The Persson family is ramping up its investment in the H&M fashion empire, fueling renewed speculation about a potential...
LONDON, U.K.: British oil giant Shell has denied reports that it is in talks to acquire rival oil company BP. The Wall Street Journal...
LONDON, U.K.: A little-known investment fund based in the United Arab Emirates has emerged as the most prominent public backer of U.S....
SYDNEY, Australia: Australia will not ease its strict biosecurity rules during trade talks with the United States, Prime Minister Anthony...
Washington DC [US], July 3 (ANI): American tech giant Microsoft will lay off nearly 9,000 employees, about 4 per cent of its workforce...
Nearly three months after a devastating earthquake struck Myanmar, the country remains trapped in a deepening crisis, compounded by...
MELBOURNE, Australia: A second embryo mix-up in just two months has pushed one of Australia's largest IVF providers back into the spotlight,...
SYDNEY, Australia: Australia will not ease its strict biosecurity rules during trade talks with the United States, Prime Minister Anthony...
New Delhi [India], July 4 (ANI): In one of the largest crackdowns on the illegal pharmaceutical trade, the Narcotics Control Bureau...
Washington DC [US], July 3 (ANI): External Affairs Minister S Jaishankar said that the South China Sea was discussed during the Quad...
New Delhi [India], July 3 (ANI):Union Home Minister Amit Shah has congratulated the Narcotics Control Bureau (NCB) and all agencies...