The U.S. added 661,000 jobs in September, below expectations, the Department of Labor announced Friday, a morning roiled by news of President Trump’s positive COVID-19 test. That news sent U.…
The unemployment rate declined to 7.9 percent. The number of unemployed persons fell by 1 million to 12.6 million. Both measures have declined but are higher than in February — pre-COVID — by 4.4 percentage points and 6.
The unemployment rate declined to 7.9 percent.. The number of unemployed persons fell by 1 million to 12.6 million. Both measures have declined but are higher than in February — pre-COVID — by 4.4 percentage points and 6.8 million people, respectively. Job cuts announced by U.S.-based employers jumped to 118,804 in September, up 2.6% from August’s total of 115,762, according to a monthly report released Thursday by global outplacement and business and executive coaching firm Challenger, Gray & Christmas. Its numbers are widely quoted. The majority of cuts continue to come from entertainment and leisure companies, including bars, restaurants, hotels, and amusement parks, which announced 32,099 cuts in September, an 86% increase over the industry’s 17,271 cuts announced in August, and a 2,691% increase over the 1,150 entertainment/leisure cuts tracked in September 2019. So far this year, these companies have announced 831,150 cuts, a 7,553% increase over the 10,861 cuts announced in the sector through September 2019. The firm noted that the September’s total is 186% higher than the 41,557 job cuts announced in September of 2019. The job cuts bring the yearly total so far to 2.082 million, up 348% from the 464,869 cuts at this time last year. The current year-to-date total already surpasses the record highest annual total – 1,956,876 cuts announced in 2001 – by 125,386 cuts. Challenger began tracking job cut announcements in January 1993. “We are setting new records for job cuts even though things have improved since the earliest days of the pandemic,” said Andrew Challenger, the firm’s senior VP. “These are uncertain times for everyone, as many states are experiencing an uptick in the number of COVID-19 cases. It is clear we still have a long way to go before many industries can return to normal.”
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