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Job Cuts Due to Bankruptcy Highest Since 2005


Added 01-06-20 11:42:02am EST - “Leading causes of job losses include trade concerns, emerging technologies” - Infowars.com

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Posted By TheNewsCommenter: From Infowars.com: “Job Cuts Due to Bankruptcy Highest Since 2005”. Below is an excerpt from the article.

According to data released by Challenger, Gray & Christmas, 62,136 announced job cuts by US-based employers in 2019 were due to bankruptcy. That represents 10.5% of the 592,556 announced job cuts last year.

The total number of announced job cuts in 2019 was 10% higher than in 2018 and hit the highest level since 2015. It was the fourth-largest number of job cuts since the 2008 financial crisis.

According to the report, the leading causes of job losses in 2019 were “trade concerns, emerging technologies, and shifts in consumer behavior.”

The surge in bankruptcy-related job cuts was primarily driven by retailers. The last time we saw job cuts due to bankruptcies at this level was in 2005 when 74,238 cuts were due to bankruptcies. That year, bankruptcy accounted for just 6.9% of job losses.

The job market has been one of the crown jewels of the Trump economy. But as Peter Schiff  said after the December jobs report came in better than expected, the employment news has been largely “trumped-up.”

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