Announced U.S. Job Cuts Jumped 59% in July, Challenger Says

Aug. 3 (Bloomberg) -- Employers in the U.S. announced the largest number of job cuts in July in 16 months, signaling a labor market that's struggling to improve.

Planned firings climbed 59 percent from July 2010 to 66,414, according to figures released today by Chicago-based Challenger, Gray & Christmas Inc. Job-cut announcements were led by the pharmaceutical industry, which included drugmaker Merck & Co.'s plans to eliminate as many as 13,000 jobs.

The figures follow other data showing consumers retrenching, manufacturing cooling and confidence waning. Employers in July probably boosted payrolls at a pace that failed to reduce the jobless rate, according to a Bloomberg News survey before a report in two days.

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Lori Montgomery 03 Aug, 2011

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