U.S. planned layoffs edge up in October-Challenger

NEW YORK, Nov 3 (BestGrowthStock) – The number of planned layoffs at
U.S. firms rose slightly in October, but the overall pace of
downsizing for the year is down sixty-two percent from last
year, a report said on Wednesday.

Employers announced 37,986 planned job cuts in October, up
2.2 percent from 37,151 cuts in September, according to the
report from consultants Challenger, Gray & Christmas, Inc.

In the first ten months of the year, employers announced
449,258 job cuts, compared to 1,192,587 announced at this point
in 2009.

The relatively stable number of job cuts precedes the
much-anticipated U.S. jobs report on Friday at 8:30 a.m. EDT
(1230 GMT).

“Job cuts are the lowest they have been in a decade, due in
part to a slowly improving economy; if not the fact that many
employers have basically cut their workforces to the bare
minimum,” said John Challenger, chief executive officer of
Challenger, Gray & Christmas, said in a statement.

“Unfortunately, the lack of spending by consumers and
businesses is stunting demand for new workers,” he said.

October marks the tenth consecutive month where there were
fewer job cuts compared to a year earlier. The October figure
was 32 percent lower than the figure from October 2009, when
55,679 job cuts were announced.

The heaviest downsizing in October was in the entertainment
and leisure sector, where job cuts totaled 5,059. The sector
has cut 16,387 since the start of the year.

The government and non-profit sector continued to struggle
with 4,749 cuts in October even as manufacturing and other
parts of the economy showed signs of recovery. The sector has
been the leading source of job-cuts this year with 128,218
announced layoffs.
(Reporting by Edith Honan; Editing by Andrew Hay)

U.S. planned layoffs edge up in October-Challenger