According to a new report released Thursday, the number of layoffs announced by employers surged in August to the highest level in more than six months. Firms announced plans to layoff 50k workers, up 57% from last year. The announced job cuts were also 33% higher than July.
Hardest hit was the industrial goods sector, shedding more than 22k jobs. "Heavy job cuts in the industrial goods sector are never a good thing, as they can be indicative of widening cracks in the economy's foundation," said John A. Challenger, chief executive officer of Challenger, Gray & Christmas, the firm who published Thursday's report.