Job Cuts Surge 59% In July 2011, Highest Since March 2010 As Hiring Intentions Plunge

Zero Hedge ^ | 08/03/2011 | Tyler Durden

[SeekAndFind]

Those looking for an optimistic early look of this Friday's NFP (nobody cares about the ADP any longer) should probably avoid the Challenger lay off data just released. As Bloomberg summarizes, U.S. planned firings up 59% Y/y in July to 66,414, led by pharma, retail; largest number in 16 months. The number includes Merck’s plan to cut ~13k jobs. This 3rd consecutive increase; “seems to provide additional evidence” recovery has stalled, according to CEO John A. Challenger. New Jersey (where MRK is based) led states, with 13,330 cuts, followed by Michigan. Employers also announced plans to hire 10,706 after prior month’s 15,498: this is just barely better than the lowest number this year printed in May when just 10,248 businesses announced intention to hire, and well off the 72,581 highs in February. Bottom line: subzero NFP print coming?

[From The Deer Stand]

Boggles my mind why Democrats don’t understand that the economy will not improve under the Obama cloud of overtaxation, overburdening regulations, Obamacare, and general uncertainty. Businesses simply don’t know what this government is going to do to them. Until they do things won’t improve.

[central_va]

This was unexpected.

[no-to-illegals]

Stocks are headed south. The sell-off looks to be accelerating.

[VanDeKoik]

Oh they know. I can attest to many libs I know that will now admit that this guy is a flat-out joke.

The problem is that their vote for him was done under such fanatical pretenses, that they are too embarrassed (because they fancy themselves to be intellectuals) to outwardly dissent from him because they dont know if their lib friends feel the same way they do.

They fear being ostracized as “teabaggers” or “turncoats”.

[Scott from the Left Coast]

Boggles my mind why Democrats don’t understand that the economy will not improve under the Obama cloud

It's not that they don't understand.

They don't care.

[Terry Mross]

I made money when gold goes down because I don’t own any. That’s the mindset of a liberal.

[Huskrrrr]

I’m a former Pharmaceutical professional who now teaches. I’m no longer sending out resumes to Biotechs.

[Huskrrrr]

Obama victory in 2012: “I’m still not George Bush.”

[Buckeye McFrog]

Let the Demagoguery Begin!

Eeeeevil Greeedy Corporations are Hoarding Piles of Cash!
Deliberately tanking the job market because they are Racists who want to sabotage America’s First Black President.

It’s just about all they have left frankly.

[rbg81]

Unexpectedly unexpected.

[Huskrrrr]

Getting ready for Obamacare.

[EyeGuy]

“Boggles my mind why Democrats don’t understand that the economy will not improve under the Obama cloud of overtaxation, overburdening regulations, Obamacare, and general uncertainty.”

####

The RaceMarxist is certainly the most anti-productivity asswipe that has ever infested the Oval Office.

I was shocked when my ...ahem... fellow Americans voted this left wing radical to be Commander in chief.

That said, unfortunately it isn’t just the Kenyan. 90% of the American government in its current manifestation is way over the Constitutional line. That includes a myriad of anti-business institutions, laws and initiatives.

It is a palpable and measurable confirmation of the overall benevolence and durability of the system of capitalism itself, that the American economy has remained thriving for so long despite these attacks from the Left.

Being shed of Zero will certainly be huge, but beyond that, we need a sea change in the way Americans across-the-board view the role of government.

[Hodar]

I work for a company that contracts for the USAF. We have excelled in our performance, and have had several awards for how we have saved the USAF millions.

Yesterday, we took at 25% headcount reduction - becuause of funding cuts. Our job was ‘De-scoped”; and several good people are now out of a job.

America wanted a EEO President, with no accomplishments, no experience and the only qualifiation was his skin color. Now we have one - so what did America expect? It’s a shame that most conservatives are to darn lazy to vote - or this whole mess could have been avoided.

[no-to-illegals]

An uptick, in stocks taking place, though overall market still down. This is starting to look like a mirror of yesterday's market. If the market goes down again after lunch (Eastern Time) the market will have replayed yesterday. Strange or manipulated?

[_a_0_0_]

HSBC & Barclay's announce layoffs; Goldman too.

O the times, they are a-changin'.

[SeekAndFind]

RE: HSBC & Barclay’s announce layoffs; Goldman too.

---

Here are their announced layoff figures:

Goldman Sachs — 1,000

Barclay’s — 3,000

and get a load of HSBC — 30,000 ( or 10% of their workforce worldwide. Mostly in the UK and the USA ).

[SkyPilot]

The truth (which the MSM refuses to report) is that we are in the Obama Depression.

It isn't a "Recession." This is now a full scale Depression, and it is going global......fast.

Read the headlines about Europe, and here at home.

A world of %^$$^ is about to hit the fan.

[CharacterCounts]

Obama victory in 2012: “I’m still not George Bush.”

Running against Bush won't work this time around.

First Bush is nowhere to be seen.

Second, If we take any economic category, Bush's worst month is still better than Obama's best month.

This is a pretty easy theme to get across to the American public.

I can visualize a commercial with Obama's pronouncements on the economy, with the word excuses overlaid and contrasted with the Republican candidates plans, with the word solutions overlaid.

[citizen]

“Strange or manipulated?”

Neither.