Job Cuts Drop 23 Percent in August

September 16, 2011 – U.S.-based employers announced plans to trim 51,114 workers from the payrolls in August, a 23 percent decline from July, when the number of job cuts hit a 16-month high of 66,414, according to a report released by global outplacement consultant Challenger, Gray & Christmas, Inc. The August decline follows three consecutive increases in the monthly job-cut total that saw job cuts rise from 36,490 in April to the July peak. The August total, however, was up 47 percent from a year ago, when employers announced just 34,768 job cuts during the month. Employers have now announced 363,334 planned layoffs so far this year. “While state and local agencies saw fewer cuts in August, they are not exactly out of the woods in terms of the budget issues they face,” said John A. Challenger, CEO. “Many states are still struggling with high unemployment and falling home ownership, which are taking a huge bite out of tax revenues for states and their cities.”