Tuesday, October 05, 2004

New job numbers

Employment consulting firm Challenger, Gray & Christmas Inc. said employers announced 107,863 layoffs in September, 41 percent more than in September 2003 and 45 percent more than in August of this year, when 74,150 were laid off.


Job losses in September were particularly heavy in the computer, transportation, telecommunications and consumer products industries, the report said.

Adding to the glum jobs picture was the slow pace of new hiring in September. The report said employer hiring announcements revealed only 16,166 new job openings in that month compared with 132,105 in August.

The job losses and the anemic growth in new jobs is troubling, to be sure, but the jobs being lost are also quite troubling. Computers, transportation, and telecom? That's not old school industry, that's the new economy suffering.


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