NEW YORK – U.S. companies announced fewer layoffs in August than in July, but the number of monthly job cuts is still too high to signal an imminent recovery, a report said on Wednesday.
Announced job cuts totaled 140,019, down 32 percent from July when companies announced 205,975 layoffs, outplacement firm Challenger, Gray & Christmas said.
However, job cut announcements grew 145 percent this month compared with August 2000.
``There is no evidence reported by any industry that anything that could be called a significant sustainable rebound is on the horizon for this year or even early next year,'' the report said.
The high-tech industries of telecommunications, computers and electronics were hit hardest -- total layoff announcements in the three sectors rose 1,223 percent from one year prior.
U.S. firms have announced a total of 1,123,356 layoffs so far this year, only 165,736 fewer than the combined total for 1999 and 2000, Challenger said.
Challenger started its survey in 1993.