A ‘troubling’ rise in automobile-industry layoffs as vehicle sales slump
Layoffs in the auto sector are rising, and could spell trouble for the overall economy, according to new data released Thursday by outplacement consultancy Challenger, Gray & Christmas.
“High job cut numbers in the manufacturing and automotive sectors are troubling, as changes in these industries tend to have a trickle-down effect,” said Andrew Challenger, vice president of the outplacement firm, in a statement. In April, auto sales fell 6.1% to a 16.39 million annual rate, the lowest level since October 2014. Experts think that sales for the year could fall below 17 million for the first time in five years.Overall, announced layoffs fell to about 40,000 in April from 60,500 announced in March, Challenger said. The April cuts are up 11% from the same month last year.
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