US Layoffs Rose in September

The number of announced layoffs by U.S.-based companies rose in September to the highest level in two months, global outplacement consultancy Challenger, Gray & Christmas reported Thursday.

Employers announced plans to cut 44,324 jobs last month, a 38 percent increase from August, when total job cuts of 32,2188 fell to lowest total since May.

September’s was the highest monthly total since July, when 45,346 layoffs were announced, Challenger said. Despite the monthly rise, September’s total was 25 percent below the announced job cuts a year ago.

The biggest job cutter last month was the education sector, rising by 363 percent to 8,671. Fueling the cuts was the collapse of for-profit college ITT Technical Institute, which sustained 8,000 job losses.
Cuts in the computer industry in September totaled 4,152 jobs. The sector’s year-to-date layoffs were second only to the energy sector, which announced 98,733 cuts for the nine-month period.

“This year could be particularly volatile in the fourth quarter, with employers holding off on significant moves until they see election results. It’s not simply who wins the White House, but there are Senate races and countless ballot initiatives on issues like minimum wages that will influence business strategies going forward,” said John Challenger, chief executive officer of Challenger, Gray & Christmas.

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