US planned Nov layoffs jump to highest since March -Challenger

NEW YORK, Dec 1 (BestGrowthStock) – The number of planned layoffs
by U.S. employers rose in November to the highest level since
March, with the government and non-profit sector leading the
rise, a report on Wednesday showed.

Employers announced 48,711 planned job cuts last month, up
28 percent from 37,986 in October, according to the report from
consultants Challenger, Gray & Christmas, Inc.

It was the highest job-cut total since March, when
employers announced plans to cut 67,611 jobs, the report said.

Still, job cuts remain well below last year’s levels, it
said, with total job cut announcements for January through
November down 60 percent from the same period a year ago.

The government and non-profit sector announced 10,761
layoffs during November, leading layoffs for the seventh time
this year, the report showed.

Budgetary constraints due to falling tax receipts have been
hurting the sector.

“Unfortunately, 2011 may not offer much respite for workers
in the sector as many newly elected members of Congress are
pushing for significant federal spending cuts,” John
Challenger, chief executive officer of Challenger, Gray &
Christmas, said in a statement.

“Job cuts that have been concentrated at the state and
local level could expand to include federal workers in the new
year,” he said.

Offsetting those cuts were plans to hire in the retail
sector, which reported plans to add 15,900 seasonal workers
last month.

The figures come two days ahead of the U.S. government’s
monthly employment report, which is forecast to show job gains
in public and private payrolls.
(Reporting by Caroline Valetkevitch; Editing by Jan Paschal)

US planned Nov layoffs jump to highest since March -Challenger