Planned layoffs jump up in October: Challenger - MarketWatch
Led by the automotive sector, planned job cuts jumped up 41% in October
to almost 48,000, the highest level since May, outplacement consultancy
Challenger, Gray & Christmas said Thursday. "The final three months
of the year tend to see heavier downsizing activity as companies make
year-end adjustments to meet earnings goals and to prepare for the new
year," said John Challenger, chief executive officer of Challenger, Gray
& Christmas. "Certainly, the deluge of weak third-quarter earnings
reports that resulted from declining sales here and abroad does not bode
well for workers as 2013 approaches." Job cuts in October were up 12%
from last year. In September, employers announced about 34,000 cuts for
the second lowest monthly result in almost two years. Despite the latest
gain, job cuts are running at a slower pace this year, with the 434,000
cuts announced through October about 17% below the same period in 2011
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