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Employment Losses Not as Great as in 2005
Even so, the automotive, chemical and media sectors were rocked in ’06.
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The Sky May Not Be Falling: Despite seemingly weekly notices of huge layoffs, a
new research report said 2006 cutbacks were not as severe as in 2005. Chicago
consulting firm Challenger Gray & Christmas reports that overall job cuts in
2006 were 22 percent lower than in 2005, coming in at less than 1 million for
the first time since 2000. Ironically, the slowdown in job cuts coincides with
record cutbacks in the automotive industry, a bellwether of the economy.
Automakers slashed nearly 159,000 positions in 2006, with industrial goods
manufacturers the second-hardest hit (about 78,000 jobs). Other sectors that
absorbed huge hits were government, nonprofits, computing, retail, media,
chemicals and real estate. However, Challenger’s monthly research covers a small
number of those who actually lose their jobs each month.
Next Article: 7. Survey: U.S. Firms Are Best at Developing Leaders
GE ranks first, with four other U.S. multinationals rounding out the top five.
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