US Layoffs Surge After Military Cuts

U.S. job cuts soared to a nearly four-year high in July as the military announced plans to reduce troop and civilian workforce payrolls, according to outplacement consultancy Challenger, Gray & Christmas.

Employers based in the United States announced 105,696 layoffs last month, the first time monthly reductions exceeded 100,000 since September 2011. A year ago, U.S. companies announced plans to cut 46,887 jobs.

The Challenger report comes a day before the Labor Department’s crucial July jobs report. A weak report would make it less likely for the Federal Reserve to announce its first interest rate increase in nine years at its September meeting.

via CNBC

Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza