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U.S. job cuts decline in July; still surpass 100,000

Global outplacement firm Challenger, Gray & Christmas Inc. today announced 102,971 planned U.S. job layoffs in July, down seven percent from 110,996 in June, but up 48 percent from a year ago. July was the second straight month that planned layoffs surpassed 100,000.

The layoffs were led by planned job cuts in consumer products, computer, and financial industries. However the auto industry continues to lead all industries in planned layoffs for the year with 72,598 expected cuts through July.

John Challenger, the firm's CEO said, "If job cuts in the auto industry continue and we start to see consistently high job-cut numbers from the top three job cutters in July, it should set off some relatively loud alarm bells about the state of the job market and economy."