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In one of the scariest moments in modern history, we’re doing our best at ScheerPost to pierce the fog of lies that conceal it but we need some help to pay our writers and staff. Please consider a tax-deductible donation<\/a>.<\/p>\n By Elizabeth Weill-Greenberg \/ Truthout<\/a><\/p>\n Companies based in the U.S. announced in July that they plan to eliminate a record number of jobs, more than double the amount announced in the same month last year, according to a\u00a0new report<\/a>.<\/p>\n The report, from recruitment firm Challenger, Gray & Christmas, tracks U.S.-based employers\u2019 announcements about layoffs, which do not indicate the number of job losses that have occurred or when the positions will be eliminated. The estimates can change based on a variety of factors, including, in the case of government layoffs, litigation, explained Gbenga Ajilore, chief economist at the Center on Budget and Policy Priorities.<\/p>\n \u201cThese are job cut announcements versus actual people losing a job,\u201d Ajilore told\u00a0Truthout.<\/p>\n Ajilore says the Challenger\u2019s report demonstrates companies\u2019 feelings of \u201cuncertainty about the labor market,\u201d which he attributes to Trump\u2019s immigration policies, tariffs, and cuts to the federal workforce.<\/p>\n Economist Dean Baker, co-founder of the Center for Economic and Policy Research, noted that the announced layoffs, if they ultimately occur, may take place over the course of a year or longer, which is why the Challenger report does not \u201cdirectly correlate with our other data about the economy.\u201d<\/p>\n \u201cYou always want to look at it in conjunction with other data that we\u2019re getting about the economy,\u201d Baker said. \u201cIn this case, it fits very well.\u201d<\/p>\n So far this year, employers have announced plans to cut more than 800,000 jobs, the highest number since the start of the COVID-19 pandemic. The so-called Department of Government Efficiency (DOGE), which has\u00a0eliminated thousands of federal jobs<\/a>, was the number one reason cited by employers for their planned job cuts. Experts\u00a0estimate that DOGE\u2019s actions<\/a>\u00a0may end up costing the United States billions of dollars.<\/p>\n \u201c\u2018DOGE Impact\u2019 remains the leading reason for job cut announcements in 2025,\u201d the report says. \u201cAn additional 13,056 cuts have been attributed to DOGE Downstream Impact, such as the loss of funding to private non-profits and affiliated organizations.\u201d<\/p>\n Employers\u2019 second-most cited reason was \u201cMarket and Economic Conditions,\u201d which the report says \u201creflects a continued response to economic uncertainty, inflation, and shifting demand across multiple sectors.\u201d<\/p>\n The industries that announced the most planned layoffs were government, technology, retail, nonprofits and automotive. Retailers, who will be hit particularly hard by Trump\u2019s tariffs, said that they plan to eliminate more than 80,000 jobs, an increase of nearly 250 percent from the same period last year.<\/p>\n Despite\u00a0Trump\u2019s claims<\/a>\u00a0that the U.S. economy is thriving, there\u2019s cause for concern. The latest\u00a0data from the consumer price index (CPI)<\/a>\u00a0shows that prices were 2.7 percent higher in July than the same time a year ago. Earlier this month, Trump fired the head of the Bureau of Labor Statistics after the agency published numbers that showed\u00a0fewer jobs<\/a>\u00a0were added in May, June and July than initially projected.<\/p>\n \u201cWe\u2019re definitely looking at a weakening economy, and that means slower job growth, almost certainly slower wage growth,\u201d Baker told\u00a0Truthout.<\/p>\n \u201cThe path we\u2019re currently on,\u201d he said, is \u201cslowing growth so that we\u2019re basically growing at a crawl.\u201d<\/p>\n Please share this story and help us grow our network!<\/p>\n Editor\u2019s Note: At a moment when the once vaunted model of responsible journalism is overwhelmingly the play thing of self-serving billionaires and their corporate scribes, alternatives of integrity are desperately needed, and ScheerPost is one of them. Please support our\u00a0independent journalism by contributing to our online donation platform, Network for Good, or send a check to our new PO Box. We can\u2019t thank you enough, and promise to keep bringing you this kind of vital news.<\/p>\n You can also make a donation to our\u00a0PayPal<\/a>\u00a0or subscribe to our\u00a0Patreon<\/a>.<\/p>\n Elizabeth Weill-Greenberg<\/p>\n Elizabeth Weill-Greenberg is\u00a0a reporter\u00a0based in New Jersey. Follow her on Twitter:\u00a0@elizabethweill<\/a>.
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