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Job Cuts Reach Two-Year High

Unemployment data for September is due to be released at the end of this week, and is expected to show anemic net growth in the 60,000 job range.  Expect President Zero Job Growth to do the math and announce that this represents an infinite improvement over August.

One unlovely metric already reported by Reuters is a two-year record high in layoffs.  You’ll never guess which company is making some of the “heavy cutbacks”:

August private payrolls were revised down to an increase of 89,000 from the previously reported 91,000.

But the number of planned layoffs at U.S. firms in September jumped to its highest in more than two years due to heavy cutbacks by the U.S. military and Bank of America, another report on Wednesday showed.

Employers announced 115,730 planned job cuts last month, more than double August’s total of 51,114, according to the report from consultants Challenger, Gray & Christmas, Inc.

The figure was the highest since April 2009 when 132,590 layoffs were announced.

September’s job cuts were also much higher than the same time a year ago, tripling from the 37,151 job cuts announced in September 2010. For 2011 so far, employers have announced 479,064 cuts, up 16.5 percent from the first nine months of 2010.

Whoa – Bank of America?  Isn’t that the bank President Obama and Senator Dick Durbin have been urging customers to abandon, after they responded to Durbin’s legislative tampering with their income stream by announcing new debit-card fees?

Maybe businesses will start hiring again once Obama is gone, his party has been trimmed down to a relatively harmless minority, and corporations don’t have to spend their days wondering if they’ll be the next designated enemies on the target list of panicked socialists, while their owners and executives get used as class-warfare punching bags in strident demands for tax increases.

Also, will the downward revisions for August payrolls mean President Zero Growth is really President Net Job Loss?

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Written By

John Hayward began his blogging career as a guest writer at Hot Air under the pen name "Doctor Zero," producing a collection of essays entitled Doctor Zero: Year One. He is a great admirer of free-market thinkers such as Arthur Laffer, Milton Friedman, and Thomas Sowell. He writes both political and cultural commentary, including book and movie reviews. An avid fan of horror and fantasy fiction, he has produced an e-book collection of short horror stories entitled Persistent Dread. John is a former staff writer for Human Events. He is a regular guest on the Rusty Humphries radio show, and has appeared on numerous other local and national radio programs, including G. Gordon Liddy, BattleLine, and Dennis Miller.

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