The Indiana-based engine manufacturer Cummins Inc. has trimmed its sales and profit forecast on Tuesday, and said it is planning to cut around 1,000 to 1,500 jobs by the end of this year, citing the weakening global economy as the main reason behind the job cuts. The company made this decision because of the uncertainty in direction of the global economy, said Cummins CEO Tim Linebarger in a statement.
The U.S. Bureau of Labor Statistics report on September 7, 2012 stated that the job number accounted for only 96,000 in August, 2012. Also, according to the report posted by budget office on 22 August, 2012, U.S. has the possibility to face recession in the coming year. U.S. has also faced recession earlier due to which many people had to lose their jobs.
For more than fourteen million jobless Americans, June was a disappointing month. Private firms added only 57,000 jobs. And with state governments besieged - Minnesota's has closed down – near about 40,000 government employees lost their jobs.
After 3 months in which the economy seemed strong, averaging more than 200,000 job gains, in May and June it just flat lined.
More United States firms across the nation will recruit employees in the second half of 2011 than past year, based on the latest survey unconfined on Thursday. But headwinds remain for the 9.1 % of Americans who remain jobless as less than half – forty seven percent -- of United States firms plan to recruit employees this year. The forty seven percent figure is up 6 percentage points from past year.
Training Americans for realistic jobs that the country actually requires must be a government priority, based on the General Electric Chief Executive Officer Jeff Immelt, who leads President Obama's jobs advisory panel.
The prospective for a constant slowdown in hiring is the main hazard to the United States recovery, based on economist’s survey, as they stridently cut the number of jobs they expected the economy would generate in upcoming months. "If jobs do not grow sufficient enough, the recovery will splutter," asserted economist Nicholas S. Perna of Perna Associates.
The United States economy is improving only slowly and development could remain soft for some time as companies remain restrained about recruiting, Richmond Federal Reserve Bank President Jeffrey Lacker asserted on Monday. In a speech that concentrated mainly on the role of manufacturing in the United States, Lacker's infrequent nods to the national viewpoint were rather down.
Whilst still above downturn levels, retail recruitment edged lower in May, based on the Kronos Retail Labor Index. The index follows and reports on the present state of the supply and demand sides of the labor market in the United States retail sector. The June report contains data for May 2011.
The United States healthcare industry carried on to get bigger even as the rest of the economy suffered, with employment rising in May by around 17,400 positions. Over the prior twelve months, the healthcare sector has added an average of 24,000 jobs every month.
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