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  • Challenger Job Cuts in the US increased by 54% in July.
  • US Dollar Index clings to small daily gains, stays below 93.00.

Planned job cuts in the US-based employers increased by 54% from 170,219 in June to 262,649 in July, Challenger Gray & Christmas announced in its latest Job Cut Report on Thursday.

Commenting on the publication, “the downturn is far from over, especially as COVID cases rise around the country,” said Andrew Challenger, senior vice president at Challenger, Gray.

“Consumers are buying fewer goods and services, businesses are closing, and bankruptcies are rising,” Challenger added, as reported by Reuters. “It is clear that many job losses are now permanent, and it will be challenging for many workers to find new jobs and feel safe taking jobs that are public-facing.”

Market reaction

The US Dollar Index largely ignored this report and was last seen gaining 0.1% on the day at 92.90.