Employers throughout the country announced 2.2 percent more job cuts in October than September, but the total was 32 percent less than a year ago, according to a new data released Wednesday.
Downsizing announcements totaled 37,986 cuts in October, according to a report by outplacement firm Challenger, Gray & Christmas.
October marks the sixth month in the last seven in which fewer than 40,000 job cuts were announced, Challenger said.
It was the tenth consecutive month this year that saw fewer job cuts than the same period a year ago.
Overall, the pace of job cutting is down 62 percent from a year ago, Challenger said. Employers have announced 449,258 job cuts year to date, compared to 1,192,587 over the same period in 2009.
“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,” John Challenger, CEO of the study firm, said in a statement. “Unfortunately, the lack of spending by consumers and businesses is stunting demand for new workers. The modest gains in business activity are currently being met by increasing hours of existing workers.”
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