The number of job cuts planned by employers saw a minor surge in September from their 10-year low figures reported in August.
Employers axed 37,151 jobs in September, which was a 7% increase from the 34,768 planned jobs sliced in August, according to data released by outplacement firm Challenger, Gray & Christmas, Inc.
The job cuts are still lower than the prevalent expectations and conclude a quarter that saw the lowest number of job cuts since 2000. The maximum number of laid offs were witnessed in the pharmaceutical industry where up to 6,069 people lost their jobs in September. The combined total of government and non-profit sector layoffs are estimated at around 11,091.
John Challenger, Chief Executive Officer of the placement
firm that undertook the survey, said the job cuts were extensive and included
almost every sector and there were no indications that the cuts were offset by an increased number of
hiring. The number of jobs opening in the economy is not large enough
to offset the negative impacts of layoffs and the lack of government hiring is
making things worse, according to the report.
The total number of jobs lost in the government and non-profit sector this month has risen to 123,469, which, when compared to the overall job losses is more than double of any other sector.
The main factor that sparked the layoffs was cost-cutting and restructuring, a reason employers said was responsible for up to 58.3% of total layoffs during the month of September.
The government will release an unemployment report on Friday.
