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Planned Job Layoffs Surge in August

According to the consulting firm Challenger, Gray & Christmas, the pace of planned layoffs last month surged to a six month high. Employers in August announced job cuts of 50, 462, which is a 38.8% rise from July.  Compared to August of last year that is an increase of 56.5% in job cuts. The industrial goods sector had the highest job cuts, which was driven by weak global demands for mining equipment according to the CEO of Challenger, Gray & Christmas. Job numbers tomorrow should be interesting.