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July13

July13

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Published by: jspector on Aug 05, 2013
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10/19/2013

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-more-
CONTACTS
James K. Pedderson,
Director of Public RelationsOffice: 312-422-5078Mobile: 847-567-1463
amespedderson@challengergray.com
 
Colleen Madden,
Media Relations Manager Office: 312-422-5074
colleenmadden@challengergray.com
 
F
OR 
ELEASE AT
7:30
A
.
M
.
 
ET,
 
A
UGUST
1,
 
2013
Job Cuts Decline Slightly In July
EMPLOYERS PLAN TO CUT 37,701 FROM PAYROLLS
CHICAGO, August 1, 2013 – 
Job cuts declined slightly in July, as employers announced plansto reduce payrolls by 37,701 workers, down 4.2 percent from 39,372 planned layoffs in June,according to the latest report on monthly job cuts released Thursday by global outplacementconsultancy Challenger, Gray & Christmas, Inc.Last month’s total was 2.3 percent higher than a year ago, when 36,855 planned job cuts wererecorded. Employers have now announced 296,633 job cuts since January 1, which is 7.3 percent fewer than the 319,946 job cuts announced in the first seven months of 2012. At thecurrent pace of downsizing, which is averaging 42,376 job cuts per month, 2013 will come in below the 2012 year-end total of 523,362, which was the lowest annual total since 1997(434,350).July job cuts were somewhat offset by announced hiring plans that will add 9,728 new workersto employer payrolls in the coming weeks and months. These include at least 5,000 new workers being hired by online retail giant Amazon.com to meet increasing demand.July workforce reductions were led by the health care sector, which announced 6,843 planned jobcuts. That represents the highest number of cuts for this sector since 9,558 health care job cutswere recorded in November 2009. Health care organizations have now cut 29,794 jobs this year,59 percent more than the 18,770 planned job cuts announced by this point in 2012.
 
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- 2 -“Cuts in Medicare reimbursements brought about by sequestration and health care reform arehurting hospitals’ bottom line. Some states are also cutting Medicaid funding, which adds to thefinancial challenges. Hospitals are also reporting fewer patients as high-deductible insurance policies discourage would-be patients from seeking health services. As a result of these factors,health care providers, which had been one of the country’s best job generators in recent years,are being forced to reduce their headcounts,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas.Meanwhile, aerospace and defense saw the second largest job-cut total in July, with firms in thissector announcement plans to reduce payrolls by 4,889. That brings year-to-date job cuts for thesector to 22,750, which ranks fourth among all industries and represents a 20 percent increasefrom the 19,026 job cuts announced by these employers in all of 2012“The July figure for aerospace and defense is the highest monthly total since July 2011, whenthese firms announced 6,704 job cuts. If there is any silver lining, it is that less than 1,000 of lastmonth’s cuts were attributed to sequestration. Yet, this industry is always at high risk for restructuring due to the fact that it relies on a steady flow of government contracts. If there isever any ebb in that flow, companies are forced to adjust their workforce levels. Betweensequestration, general federal spending cuts, the conclusion of two wars and shifting strategies inthe use of our military, there are many challenges facing this industry,” noted Challenger.
# # #
 
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- 3 -
CHALLENGER, GRAY & CHRISTMAS, INC.
JOB-CUT ANNOUNCEMENT REPORT
TOP FIVE INDUSTRIESYear To Date
20132012
Financial
38,84626,352
Retail
34,69427,925
Health Care/Products
29,79418,770
Aerospace/Defense
22,75012,145
Computer
21,51735,006
MONTH BY MONTH TOTALS
20132012January
40,43053,486
February
55,35651,728
March
49,25537,880
April
38,12140,559
May
36,39861,887
June
39,37237,551
July
37,70136,855
August
32,239
September
33,816
October
47,724
November
57,081
December
32,556
TOTAL 296,633523,362
Some reductions are identified by employers as workers who will take earlyretirement offers or other special considerations to leave the company.
LAYOFF LOCATIONYear to Date
New York
59,207
California
27,527
Texas
25,749
Pennsylvania
17,101
Illinois
16,028Listings are identified by the location of the layoff or corporateheadquarters as stated in announcement.
 Copyright 2013 Challenger, Gray & Christmas, Inc.

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