FEATURE/Job cuts hit three-month low.CHICAGO--(BUSINESS WIRE FEATURES)--Aug. 3, 1995--In July July: see month. , sixty-two companies announced the elimination of 23,283 positions, the lowest figure since April 1995, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a report released Thursday Thursday: see week. by Challenger, Gray & Christmas Christmas [Christ's Mass], in the Christian calendar, feast of the nativity of Jesus, celebrated in Roman Catholic and Protestant Churches on Dec. 25. In liturgical importance it ranks after Easter, Pentecost, and Epiphany (Jan. 6). , Inc., the international outplacement out·place·ment n. The process of facilitating a terminated employee's search for a new job by provision of professional services, such as counseling, paid for by the former employer. firm that tracks job cuts daily. Layoffs in July fell 42 percent from the previous month, when 40,375 cuts were announced. A total of 235,582 layoffs have been announced to date in 1995, compared to 319,139 during the same period of 1994, a drop of 26 percent. ``Fewer companies are announcing large-scale large-scale adj. 1. Large in scope or extent. 2. Drawn or made large to show detail. large-scale Adjective 1. wide-ranging or extensive 2. downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing efforts that eliminate thousands of positions at once,'' says James James, person in the Bible James, in the Gospel of St. Luke, kinsman of St. Jude. The original does not specify the relationship. James, rivers, United States James. E. Challenger, president of Challenger, Gray & Christmas, Inc. (312-332-5790). ``Overall, more companies are utilizing restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). as a tool to improve efficiency. Business is also becoming more adept at tailoring job cuts for real competitive gains rather than simply slashing slash·ing adj. 1. Bitingly critical or satiric: slashing wit. 2. Dashing; pelting: a slashing hailstorm. 3. jobs to meet short-term Short-term Any investments with a maturity of one year or less. short-term 1. Of or relating to a gain or loss on the value of an asset that has been held less than a specified period of time. cost-cutting goals.'' Newspapers and other media comprise To embrace, cover, or include; to confine within; to consist of. In the law governing patents—grants of an exclusive right or privilege to make, use, or sell an invention or product for a term of years—the term comprise an industry that has experienced heavy downsizing in 1995. More than 4,568 positions have been lost to restructuring and cost-cutting in the media and entertainment sectors, including the Times Mirror Company's announcement in July that it would close New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Newsday Newsday Evening daily tabloid newspaper published in Long Island, N.Y. It was established in 1940, as the residential suburbs in Nassau and Suffolk counties began to expand. Following a liberal-independent policy, it has specialized in reporting serious local news. , eliminating 750 jobs, and would cut an additional 1,700 positions, 700 of those at the Los Angeles Times Los Angeles Times Morning daily newspaper. Established in 1881, it was purchased and incorporated in 1884 by Harrison Gray Otis (1837–1917) under The Times-Mirror Co. (the hyphen was later dropped from the name). . Capital Cities/ABC Inc. also announced a small number of job cuts in July. ``Employees of the various media will continue to see restructuring and downsizing that eliminate positions in their industry throughout the year,'' says Challenger. ``Mergers and acquisitions in the banking sector will also fuel downsizing efforts in the coming months,'' says Challenger. More than 25,000 of the year's announced job cuts have come from the financial sector. By comparison, layoffs in banking and finance accounted for only 12,957 announced job cuts in the first seven months of last year. More than a third of July's job cuts (8,979) occurred in the southern United States The Southern United States—commonly referred to as the American South, Dixie, or simply the South—constitutes a large distinctive region in the southeastern and south-central United States. . Of those, nearly half (4,530) were announced by companies located in Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). . Behind Virginia, California California (kăl'ĭfôr`nyə), most populous state in the United States, located in the Far West; bordered by Oregon (N), Nevada and, across the Colorado River, Arizona (E), Mexico (S), and the Pacific Ocean (W). was the state hardest hit by job cuts, with 3,512 positions lost. So far in 1995, California has shouldered the most work force reductions, totalling 27,838 announced layoffs. The Challenger Employment Report represents ongoing research conducted by Challenger, Gray & Christmas, Inc., an international outplacement firm. The Challenger Employment Report is published monthly and includes comprehensive information on announced cutbacks nationwide. The Report contains industry, state and regional rankings. Employers are identified by the location of their corporate headquarters. -0-
CHALLENGER EMPLOYMENT REPORT
July 1, 1995 - July 31, 1995
Average per day for 20 business days = 1,164
consumer goods 5,518
transportation 3,975
utility 2,113
insurance 1,800
media 1,787
industrial goods 1,377
retail 1,215
pharmaceutical 1,000
computer 900
hospitality 700
health care 682
aerospace 675
automotive 530
mining 373
defense 170
electronic 150
financial 148
environmental 90
advertising 80
Copyright 1995 Challenger, Gray & Christmas, Inc.
CHALLENGER EMPLOYMENT REPORT
July 1, 1995 - July 31, 1995
Corporate Headquarters Location
________________________________
East 4,364
____ _____
Connecticut 950
Pennsylvania 946
New York 762
Massachusetts 620
Delaware 373
New Jersey 363
Washington, D.C. 250
Maryland 100
Midwest 5,103
_______ _____
Illinois 2,130
Ohio 1,472
Missouri 1,093
Michigan 377
Wisconsin 31
West 4,837
____ _____
California 3,512
Nevada 700
Washington 415
Arizona 110
Colorado 100
South 8,979
_____ _____
Virginia 4,530
Florida 1,954
Texas 1,159
North Carolina 1,094
Georgia 242
Copyright 1995 Challenger, Gray & Christmas, Inc.
CHALLENGER EMPLOYMENT REPORT
BY INDUSTRY
(January-July, 1995)
Aerospace 54,726
Retail 26,737
Financial 25,177
Transportation 20,444
Communication 15,047
1995 TOTALS
January 38,962
February 30,945
March 27,809
April 15,678
May 58,530
June 40,375
July 23,283
TOTAL 235,582
Some reductions are identified by employers as workers who will take early retirement offers or other special considerations to leave the company.
CORPORATE HEADQUARTERS
(Year To Date)
1.California 27,838
2.Washington, D.C. 26,134
3.New York 23,338
4.Pennsylvania 14,217
5.Washington 14,217
Listings are identified by the location of the corporate headquarters of the employer.
Copyright 1995 Challenger, Gray & Christmas, Inc.
CONTACT: Challenger, Gray & Christmas, Inc., Chicago Chicago, city, United States Chicago (shĭkä`gō, shĭkô`gō), city (1990 pop. 2,783,726), seat of Cook co., NE Ill., on Lake Michigan; inc. 1837. James E. Challenger, 312/332-5790 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion