Lockheed Martin was one of five major companies that were responsible for 57 percent of July’s layoffs, according to a new report from payroll processor ADP.
The four other main offenders in addition to the aeronautics company were Merck, Borders, Cisco Systems, and Boston Scientific.
It appears that, instead of being hit by the general economic downturn, most of the companies stumbled due to issues with their internal operations, The Los Angeles Times reports.
For instance, Borders struggled to compete against online powerhouses such as Amazon.com.
John A. Challenger, chief executive of the consulting firm, noted, “A casual observer certainly might conclude that the wheels just fell off the recovery wagon.”
Smaller businesses, on the other hand, appear to be performing well when it comes to job growth.
Companies with fewer than 50 employees added 58,000 jobs nationwide last month, while businesses with 50 to 500 workers hired 47,000 people, the study reveals.
Only 9,000 new positions were at large firms with more than 500 staffers. Small businesses have been amping up hiring for nearly two years, according to ADP.
Though 114,000 jobs were created, July’s numbers fall behind the 145,000 hires made in June, reports The LA Times.
