Planned job layoffs up 41% in October to almost 48000, Led by the automotive sector, Highest level since May, Challenger Gray & Christmas, Weak third quarter earnings
“With a 63.7% labor force participation, “conditions in the labor market are considerably worse than indicated” in July’s report”…economist Joshua Shapiro, WSJ August 3, 2012
“We tried our plan—and it worked. That’s the difference. That’s the choice in this election. That’s why I’m running for a second term.”…Barack Obama
“And you shall know the truth, and the truth shall set you free.”…Jesus, John 8:32
From Market Watch November 1, 2012.
“Planned layoffs jump up in October: Challenger”
“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.”
http://www.marketwatch.com/story/planned-layoffs-jump-up-in-october-challenger-2012-11-01
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