U.S. employers announced another 115,762 job cuts in August, led by struggling airlines as the COVID-19 pandemic weighs on travel and financial assistance from the government lapses.
Though the layoffs reported by global outplacement firm Challenger, Gray & Christmas on Thursday were 56per cent down from July, they lifted total job cuts so far this year to a record 1.963 million. The previous all-time annual high was 1.957 million in 2001. Companies announced 160,411 hiring intentions in August.
United Airlines said on Wednesday it was preparing to furlough 16,370 workers on Oct. 1. Airlines received US$25 billion in government stimulus funds in March meant to cover payrolls and protect jobs through September.
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