First Monthly Increase in Job Cuts Since March Led by Retail, Construction - TheStreet

Ahead of Friday's monthly jobs report, U.S.-based employers announced plans to cut 33,825 workers from their payrolls in August, a 19.4% increase from July and a 5% increase from the same month last year, according to data from Challenger, Gray & Christmas Inc.

This is the first month-to-month increase in jobs cuts since March. But overall job cuts in the first eight months of this year remain down 26.1% compared to the same period last year.

Retail continues to lead all sectors into August, with 51.4% more job cuts so far this year than through the same month in 2016. The construction industry had the highest number of cuts in August at 4,332.

The upcoming holiday season will likely induce a jump in seasonal jobs, which are increasingly calling on workers with technology experience to take positions in a "pivoting" retail landscape, Challenger said.

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