Job cuts continue, expected to extend into 2009
Published August 28, 2008 by CSBJ Staff
It is news no one wants to hear.
Heavy summer job cuts could lead to the largest post-Labor Day downsizing since 2002, according to employment industry experts.
Layoffs are expected to extend into the first three or four months of 2009 as retailers, airlines, consumer products manufacturers and other sectors of the economy absorb the impact of lower holiday spending, said John Challenger of Challenger, Gray and Christmas, Inc.
Job cuts in 2008 are already on track to surpass the 2007 total of 768,264, and if the pace recorded over the last three months continues through December, the 12-month total will exceed 1,000,000 for the first time since 2005.
Colorado has fared better than some states, adding 31,400 nonfarm jobs during the past year, the Bureau of Labor Statistics reported this week.
Filed under CSBJ Daily
I wonder if the job cuts have anything to do with the recent increase in the minimum wage… hmmmmm…..