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US job cuts index hits record in 2020

3 Sep 2020 04:10 PM

The US lost 56% fewer jobs in August than it did in July, according to a report by recruitment firm Challenger Gray and Christmas. There were 115,762 dismissals in July, a 116% increase on July 2019.

Meanwhile, new data indicated that the of 1,963,458 job cuts announced so far this year in the US surpassed the previous record set in 2001.

"The transportation sector was the leading sector for job cuts last month, as airlines started making hiring decisions in the wake of the travel decline and uncertain federal intervention," said Andrew Challenger, Senior Vice President. "An increasing number of companies that initially had temporary job or furloughs are now making them permanent," he added.

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