U.S. job cuts soared to a nearly four-year high in July…Employers based in the United States announced 105,696 layoffs last month, the first time monthly reductions exceeded 100,000 since September 2011. A year ago, U.S. companies announced plans to cut 46,887 jobs.
July’s reductions bring the year-to-date total to 393,368 cuts, a 34 percent increase from the period last year.
When the BLS releases the unemployment rate for July, I expect them to say that the unemployment rate fell again. They’re not know as the Bureau of Lying Statistics for nothing.