Major employers in the U.S. announced plans to cut 66,414 positions from their payrolls during July. This is a 60% surge from June, and hits the highest level since March 20l0.
July marks the 3rd. consecutive increase in monthly job cuts. Some believe this is evidence that the recovery has stalled. July was also the first time in 7 months that the government did not represent the biggest portion of the job cuts.
July layoff announcements from companies such as pharmaceutical giant Merck & Co., bankrupt bookseller Borders Group Inc., networking giant Cisco Systems Inc., Lockheed Martin Corp. and medical-device maker Boston Scientific Corp. really hurt.
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