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July 5, 2012

The U.S. government’s job report for June is due tomorrow, June 6, 2012. Currently, the national unemployment rate is 8.2%. Although there is a great deal of pessimism regarding current economic conditions especially with dire stories coming out of Europe and even a
slowdown in China, there is some speculation that the employment conditions are improving.

According to a recent report published by Challenger, Gray & Christmas, the outplacement consultancy that regularly tracks employer layoffs, employers in June planned to cut the
fewest number of workers in more than a year. The report found that planned layoffsannounced last month slipped to 37,551, 39% less than May’s 61,887 notices and 9.4% less than the cuts planned last June. The gauge was at its lowest point since May 2011.

In addition, the Challenger report is matching up with reports from the Labor Department as well as ADP which found that new jobless claims fell by 14,000 last week and the private sector added 176,00 jobs in June. Analysts, for the most part, are hoping that this coming Friday’s job report will be a bit more positive that what’s been reported over the past few

But overall, the job market continues to struggle in the US. So far this year, US employers have announced 283,091 layoffs – 15% more than over the same period in 2011, according to the Challenger report. Job cuts in manufacturing – including among makers of industrial goods and aerospace and consumer products – declined even though factory activity retreated for the first time in three years.

In the education sector, layoffs nearly doubled in June from May. Computer industry bosses are also heavily slashing, as are airlines such as American, United and Delta.

The economy has an additional positive factor going for it these days and that is that gasoline prices are steadily falling versus rising as they had been over the past half year period. Overall,
gasoline prices have fallen more than 60 cents a gallon, on average, since peaking in early April.


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