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'It is too soon to say if we have seen the last of the big oil cuts'

oil pipeline worker
oil pipeline worker

(flickr / Pedro Ribeiro Simões)

Staffing firm Challenger, Gray & Christmas just released its report on job cuts during August.

Planned job cuts fell 60% last month after climbing to a four-year high in July. The catch, however, was that most of the cuts were announced by the US Army, which was downsizing its troop and civilian workforce.

For the full year, the energy sector has borne the brunt of job cut announcements, at nearly 72,000, following the oil crash. The government is in second place at 68,000.

In Thursday's release, CEO John Challenger wrote:

"The stream of job cuts related to oil prices appears to be ebbing. The majority of these cuts came in the first four months of 2015, when we saw more than 68,000 layoffs related to oil ...

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"It is too soon to say if we have seen the last of the big oil cuts. As we head into the final months of 2015, there are definitely some red flags that suggest we may see more layoffs from the energy sector, as well as in other areas of the economy."

Several massive energy companies including Schlumberger have let go of thousands of workers in the past year, as they cope with the downturn in energy prices.

Two weeks ago, crude oil prices fell below $40 per barrel for the first time since 2008. They've been very volatile since then, but have recovered above that key level.

Last month, employers announced plans to lay off 41,186 people. The retail sector saw the biggest layoff announcements, at 57,363. The report noted that the majority of these came from supermarket chain A&P, which is shutting down 100 stores, and reportedly plans to lay off 8,500 workers by thanksgiving.

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