U.S. employers announced more job cuts in June: report – Reuters

WASHINGTON (Reuters) – U.S. employers announced an additional 170,219 job cuts in June as the recession caused by the COVID-19 depresses demand and pushes companies into bankruptcy, a report showed on Wednesday. FILE PHOTO: People line up outside a Kentucky Career Center hoping to find assistance with their unemployment claim in Frankfort, Kentucky, U.S. June…

U.S. employers announced more job cuts in June: report – Reuters

WASHINGTON (Reuters) – U.S. employers announced an additional 170,219 job cuts in June as the recession caused by the COVID-19 depresses demand and pushes companies into bankruptcy, a report showed on Wednesday. FILE PHOTO: People line up outside a Kentucky Career Center hoping to find assistance with their unemployment claim in Frankfort, Kentucky, U.S. June 18, 2020. REUTERS/Bryan Woolston/File PhotoThough the layoffs reported by global outplacement firm Challenger, Gray & Christmas were down 57% from May, they jumped 306% compared to June last year. The job cuts explain why new filings for unemployment benefits have remained extraordinary high even as businesses have reopened after closing in mid-March to slow the spread of the coronavirus. “We are beginning to see the impact of the recession spreading to companies that were not dire
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