US Economy - Corporate layoffs have risen 33% so far in 2008 - by William Watts and Lisa Twaronite
A survey released Monday by outplacement firm Challenger Gray & Christmas showed corporate announcements of layoffs have risen 33% so far in 2008 compared with the same period a year ago. Corporations have announced the elimination of 579,260 jobs so far this year. July's total of 103,312 is up 26% from June and up 141% from last July.
In European trading, the euro was bolstered against the dollar after the statistical agency Eurostat said industrial producer prices across the euro zone rose at an annual rate of 8%, the highest since the statistical series began in 1990. Excluding surging energy prices, PPI rose at a 4% annual pace. In the US inflation surged in June. The personal consumption expenditure price index rose 0.8% compared with May, the biggest increase since February 1981. Moreover, inflation's up 4.1% in the past year, the largest rate of growth in 17 years.
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