John Challenger
John Challenger
Challenger, Gray & Christmas, with headquarters located in Chicago, Illinois, is the oldest executive outplacement firm in the US. It has offices throughout North America...
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The only clear picture we have from the job cut numbers this year is that employers appear to be confused about the direction this economy is taking, ... Companies are experiencing increased business, but they are also seeing their costs soar due to higher fuel prices, inflation in supplier prices and a weaker dollar, which makes it more expensive to buy foreign parts.
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While voracious consumer spending has helped maintain overall economic strength, companies are still hampered by stiff pricing competition from abroad, ... The inability to raise prices has cut into corporate profits, which, in turn, has most certainly contributed to increased job cutting.
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Consumers watched the stock market fall, heating-fuel prices rise, and to top it all off, employers launched a year-end job cut spree.
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The market has very high expectations. The unrelenting search for profits is driving companies in an era when they can't raise prices and some of their potential for expansion overseas is being crimped.
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The longer search times reflect additional risks in the job market. High energy prices may be slowing companies hiring plans and could result in the postponement of expansion programs.
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What's new is that these relationships between men and women are less fraught with risk.
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We are at a peak period of employment. Companies can't afford to lose people.
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We're seeing the dismantling of the retirement age of 65.
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There is no question about it. More people today are striking out on their own, either involuntarily or voluntarily.
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There are thousands of co-heads, chiefs and directors now. You don't know if they are top people or are buried in middle management somewhere.
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There is a lot of extra fiscal stimulus moving into the economy from the storm relief.
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Overall, job cuts are down from last year and significantly lower than the record numbers we saw in 2002 and 2001, but there are still some worrisome trends,
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Retailers, restaurants, real estate, home improvement stores... will all see business decline.
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Retailers are being forced to turn into discounters at all levels, and that early transformation to a discounting posture is putting great pressure on profits. Retailers make a good percentage of their profitability in the last two months of the year. This year those earnings are going to be under real pressure. They'll be fighting to keep costs down.