Though Automatic Data Processing, Inc.’s (ADP) employment change figures gave cause for optimism today, the Challenger Job Cuts report furrowed some eyebrows. A near-60% increase in reported job cuts, year-on-year, was published earlier today by Challenger, Gray and Christmas, Inc., hitting a 16-month peak.
The report supports the dismal outlook shared by many investors on Wall Street that the US economy is once more approaching recession. The Dow Jones has been trading consecutively lower these past few days and risk appetite appears to be waning. Moreover, yesterday’s consumer spending reports revealed a decline in American consumption. All of which point to an economic downturn in the months ahead.
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