Wave of layoffs grows in the US: 75 thousand people laid off in August

Consulting firm Challenger, Gray & Christmas, which tracks announced or confirmed layoffs, has released its report for August.

According to the report, the number of layoffs announced by US-based employers reached 75,891 in August, an increase of 193 percent compared to the previous month. Layoffs also rose by 1 percent compared to the same period last year.

In the first eight months of the year, total layoffs decreased by 3.7 percent compared to the same period last year, falling to 536,421.

The number of people US employers announced they would hire as of the end of August this year also fell by 41 percent compared to the January-August period of last year, reaching 79,697. This figure was recorded as the lowest eight-month level since 2005, when the company began tracking hiring plans.

Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, stated in his assessment of the matter that the increase in layoffs in August reflects growing economic uncertainty and changing market dynamics.

Pointing out that companies are facing various pressures ranging from rising operational costs to concerns about a potential economic slowdown, Challenger noted that this has led companies to make difficult decisions regarding workforce management.

News Source: 12punto