Job Cuts Surge 59% In July, Highest Since March 2010 As Hiring Intentions Plunge

Submitted by Tyler Durden
08/03/2011 07:47 -0400


Those looking for an optimistic early look of this Friday's NFP (nobody cares about the ADP any longer) should probably avoid the Challenger lay off data just released. http://www.challengergray.com/press/Pre ... essUid=184 As Bloomberg summarizes, U.S. planned firings up 59% Y/y in July to 66,414, led by pharma, retail; largest number in 16 months. The number includes Merck’s plan to cut ~13k jobs. This 3rd consecutive increase; “seems to provide additional evidenceâ€