Downsizers Chalk Up A Record First Half

Although payroll jobs hardly rose in June, many economic observers predict that job growth, which grew at a healthy 235,000 clip in April and May, will pick up considerable steam in the months ahead. James E. Challenger, president of Challenger, Gray & Christmas Inc., an outplacement firm that monitors the staff cuts announced by major U.S. corporations, is skeptical, however. "There is no sign yet that layoff announcements by big companies are waning," he says. "Until they do, employment growth is likely to prove disappointing."

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