Announced job cuts rise in October, but down from last year

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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11 comments Add your comment

It over.....

November 3rd, 2010
8:18 am

So what will next year bring????

Mary

November 3rd, 2010
8:50 am

Dummy, you can’t spend if you don’t have a job, maybe few layoffs but how many are still layoff or taken jobs of less money so they can’t spend they have to survive and are not doing that well.

A Hearty Cheese Sauce

November 3rd, 2010
8:55 am

Obama has effectively been neutered. YIPPEEE!!

Andy in Blairsville

November 3rd, 2010
9:28 am

41 million on food stamps, real unemployment of 17+%, 1.5 million foreclosures already this year, 7+ million homes 90 days or more late in need of foreclosure and ~450,000 new jobless claims every week.

Now tell me how homes prices aren’t going to drop at least another 25% in most markets?

This is going to be a 10-15 year “event” without a doubt.

Randy Moss

November 3rd, 2010
10:01 am

What the [expletive] ?!?

Who wrote this piece of [expletive] blog?

I wouldn’t read this [expletive] blog to my dog!

Charles

November 3rd, 2010
10:12 am

I was one of those who lost their job in October. Am I thrilled that their were fewer cuts than in Oct. 09? Hell no!

A Hearty Cheese Sauce

November 3rd, 2010
12:42 pm

“Now tell me how homes prices aren’t going to drop at least another 25% in most markets?”

Absolutely. And at the bottom or close to it I will swoop in and land a HUGE BARGAIN!!!

Boehner the Messiah

November 3rd, 2010
12:49 pm

This is what happens with a Republican majority in the House. Way to go, guys.

numbers please?

November 3rd, 2010
12:51 pm

I am assuming that the Challenger, Gray & Christmas poll is based on National numbers rather than Georgia – am I correct?
It would REALLY help if some of these details and some further deomgraphic data was presented along with the numbers. In one of my math classes in college we studied a book named ‘HOW TO LIE WITH STATISTICS’ – part of that is done by omitting important details with the numbers. What is the point of this article? General unpleasantry? Show us how it relates to the readers and increase your value to the AJC.

jobs now

November 3rd, 2010
1:20 pm

More job losses, but they are a little less than last year???? YES!!!!! That recession must be over!!!!! YES!!!! Bernanke, Geithner and Summers—pure genius!!!!!!!!

A Hearty Cheese Sauce

November 3rd, 2010
2:29 pm

Friends…we are just approaching the end of the beginning of this recession. Its long from over so buckle up!!