Planned Job Cuts Jump 41%, 5-Month High, Report Says

planned layoffs 5-month high

The number of planned layoffs by firms jumped 41.1 percent in October to the highest level in five months, although the number includes more than 10,000 jobs in U.S.-owned auto plants in Europe, a report said on Thursday.

Employers announced 47,724 planned job cuts last month, up from September's 33,816, according to the report from consultants Challenger, Gray & Christmas Inc. It was the highest level since May.

U.S. automotive companies said that they will let go of 11,615 workers, though that includes 10,900 Ford layoffs that will affect workers in Belgium and the United Kingdom.

The planned layoffs were modestly higher than the 42,759 announced in October last year. The total for the year so far stands at 433,725, down from 521,823 for the same period in 2011.

More: U.S. Weekly Jobless Claims Drop Again

"While the Ford job cuts are not impacting American workers, they indicate just how vulnerable companies in the U.S. are to the situation in Europe," John Challenger, chief executive officer of Challenger, Gray & Christmas, said in a statement.

The last three months of the year tend to see heavier lay-off activity and the weak third-quarter earnings season does not bode well, Challenger said.

The consumer products industry announced 5,250 cuts, while electronics companies laid off 4,491 workers as the sectors were hurt by a slowdown in consumer and business spending.

The report comes a day ahead of the key U.S. labor market report, which is expected to show job growth picked up modestly last month to 125,000 jobs.




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galaxy4262a

well i gues you can get stoned in the work place and eather kill yourself or someone elts , they will say dont worry its just be stoned and be happy about it . stupid people . the world is getting worse all the time

November 07 2012 at 12:24 PM Report abuse rate up rate down Reply
galaxy4262a

its all up to americans of all walks of life go vote and lets take back our country from obama and the muslims un . we must fight for our rights so go vote

November 05 2012 at 12:18 PM Report abuse +1 rate up rate down Reply
General Wrath

This can't be true, Obama told me so.

November 05 2012 at 11:13 AM Report abuse rate up rate down Reply
elpmlp

Pride goeth before destruction. Proverbs 16:18

Look at what is going on here and abroad. How many listened to the prophets of old? Not many, but some did. Hopefully enough people are still out there to keep the lid from blowing off sooner rather than later. There is still time but not much.

Repent.

November 03 2012 at 4:40 PM Report abuse rate up rate down Reply
johnnysplatz420

lets just pass the bill and then we will tell you whats in it- pelosi........mayb obama should ask corzine how to run the country?

November 03 2012 at 1:26 PM Report abuse rate up rate down Reply
nama holston

Regardless of the numbers the recent report shows about recovery it is clear we are NOT recovering as per the job loss situation. Each month we get a report about how many more jobs were created, which is an obvious manipulation of figures, without ever reporting the actual LOSS of jobs. This president demanded that companies which were ready to lay off thousands of workers to wait until after the election. Do voters not see the hypocrisy in this? Think of the future and not of the past! What are we leaving to our children, our grandchildren, ad infinitum?

November 03 2012 at 1:04 PM Report abuse rate up rate down Reply
TJ

Sad that so many news companies are keeping this quite while shouting about unemployment rates. Those rates where the majority of drop is attributed to people no longer capable of drawing checks. That is because they were extended for nearly 3 years and are not even on the job list or have stopped looking at the employment centers. Rather they wish to re-elect Obama so they shout his praise on how well he is doing while lying through their gritted teeth at all of the homeless men, women and children. They are mocking the people that have lost hope while praising their great leader. The same leader who permits 120k of high end jobs to go to foreign work permits. Giving companies tax breaks to hire a person from another company when millions already living here need good jobs. Instead the US citizens are working at burger joints or waiting tables for those wealthy few that supports the president. Why does the media want him re-elected so bad? What do they have against the US people? Maybe they are also on the payroll? Maybe the brotherhood supported directly by the sitting administration owns them? The same brotherhood that wants us destroyed and kills our ambassadors while Obama sits backs and does nothing. Gee I am so angry but not that the job market is so bad. But that people are praising the commander and thief like he is their god.

November 03 2012 at 6:20 AM Report abuse +1 rate up rate down Reply
SICITAM4E

This president has done nothing for the economy except put the blame on the previous administration. When he came into office, he came in with his big campaign slogan of CHANGE. There has been no change, except for the worse. A man who says he is African American, but in truth, he is 1/2 black and 1/2 white. He went to a church and listened to a minister who preached against the United States, which is Treason, but he continued to go to the church for many years, but when he ran for office he said he didn't agree with what the reverend had to say. Apparently, he must have agreed with something he said. Said he would reduce unemployment, didn't happen, would bring more manufacturing, didn't happen, would reduce the national debt, didn't happen. Spending money on vacation after vacation taking outside family members along on taxpayer's money, that he could do. Get's on every talk show emagineable. He act's more like a celebrity than a President. Is he waiting for a movie contract? Just recently played down the incident in Lybia where four hero's died because they didn't send them the help they so much needed and because of their lack of responsibility and caring these men died. Then we have his other half -Joe Biden - the stand-up comedian. This is a real joke!! Trying to minipulate senior citizen's with scare tactics. Getting older, but not stupid. Just giving you some of the information - of course I could go on and on, and so could many other's.As I said, do not be fooled by a Wolf in Sheep's Clothing. You know who should get your vote!! NOT OBAMA- Vote ROMNEY/RYAN 2012. God Bless.

November 02 2012 at 5:14 PM Report abuse rate up rate down Reply
1 reply to SICITAM4E's comment
Hello Annefrost1

I have never seen a President in the past go on talkshows. That show a sign of desperation to me. Clearly, it is not Presidential. Are you a President "the most powerful man in America" or are you a celebrity of your choice. I agree 100% with your detailed comment in regards to unemployment, debt, etc. worse than it was. One article states that jobs were created in October. What kind of jobs? Seasonal jobs. In the center of the article, there is a link that lead me to this page. Sounds a little contradictory to me.

November 02 2012 at 9:08 PM Report abuse +1 rate up rate down Reply
SICITAM4E

OBAMA is never never land. He has had so many bumps in the road, he can't keep the stories straight!!

November 02 2012 at 4:51 PM Report abuse +1 rate up rate down Reply
galaxy4262a

OBAMAS SAYS another bump in the road

November 02 2012 at 4:49 PM Report abuse +1 rate up rate down Reply

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