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Layoffs Higher in September Than a Year Ago

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Many employers in the United States are planning on dropping 40,289, at a time when layoffs have been at their lowest point in three months. Nevertheless, job cuts have been 19% higher than the previous year. In Q3 2013, there have been 25% more jobs cut than in 2012. As for the industries which are having the heaviest losses, this information is slightly more useful. The medical field has lost the most jobs, because of the massive budgetary cuts for Medicare and Medicaid. The industry has dropped 41,085 jobs, which was a 13.4 percent loss over the previous year. Most of the changes are due to the Affordable Care Act, as well as the sequestration which is taking place. There were also more layoffs in the financial area, which can actually be signs of things improving significantly. Many new employees were brought in to the mortgage departments to help with things such as foreclosures, and with the reduced number of foreclosures they are being laid off. The workers no longer being needed for this purpose, they have been let go. This is actually a very good thing, signifying economic improvement. There is actually growth in smaller companies with less than 50 employees – they have added 74,000 jobs to their rosters in September. Therefore, these job cuts aren’t really a sign of a flagging economy, just one that is actually on the road to recovery.

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Layoffs Higher in September Than a Year Ago by
Authored by: Harrison Barnes