Thursday, August 4, 2011

Pharmaceutical industry leading job cuts: "Job Cuts Surge 60% to 16-Month High"

Do you think the recession is ending, or are we seeing a second dip? According to a recent report released by Challenger, Gray & Christmas, Inc., the pharmaceutical industry is leading all the other industries in job cuts:

The pharmaceutical led all other industries with 13,493 job cuts in July, most of which (13,000 to be exact) resulted from a multi-year reduction in force announced by New York-based Merck & Co.

The 66,414 job cuts last month were up 60 percent from the previous month, when employers announced plans to shed 41,432 workers. The July figure was 59 percent higher than the 41,676 layoffs recorded in July 2010. It was the largest monthly total since March 2010, when 67,611 job cuts were announced by the nation’s employers.

You can read their report here (PDF)

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