Lockheed Martin was one of five major companies that were responsible for 57 percent of Julys layoffs, according to a new report from payroll processor ADP.
The four other main offenders were Merck, Borders, Cisco Systems, and Boston Scientific. Borders, for instance, struggled to compete against online powerhouses such as Amazon.com.
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.
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.