Announced Job Cuts Rise in July, Report Says

he number of announced U.S. job cuts in July rose to almost 103,000, 48% higher than July 2004, according to an industry report issued Wednesday by job-placement firm Challenger, Gray & Christmas.

Increased cuts and higher unemployment can be bad signs for the trucking industry because they can affect industrial production and consumer spending, which provide business for truckers.

The report said July was the fifth month this year in which employers announced more reductions than in the same months last year, Bloomberg reported. Job cuts dropped 7.2% from June’s figures, without seasonal adjustments.

Consumer product makers in July announced 19,000 cuts, followed by 17,500 at computer makers and 13,000 at financial services firms, Challenger said.

Announced cuts are not the same as layoffs or firings because some employees are reassigned, other cuts never actually take place and some are done through early retirement or other means.