The pace of job cuts surged to its highest level in eight months, as employers across the country announced plans to reduce payrolls by 48,711 in November, according to a report released Wednesday by outplacement firm Challenger, Gray & Christmas. Nearly 1,000 of those announced job cuts affected Georgians.
November job cuts were 28 percent higher than the 37,986 planned layoffs reported in October, Challenger said. It was the highest job-cut total since March, when employers announced plans to cut 67,611.
Despite the increase, Challenger said job cuts this year are still below last year’s levels. Last month’s total was 3.3 percent lower than the job cuts announced in November 2009.
Overall, employers announced 497,969 job cuts from January through November — a 60 percent decline from the same period a year ago, Challenger said.
Leading the November job-cut surge was the government and non-profit sector, Challenger said. This marks the seventh time this year that the sector was the largest job cutter.
The November surge in job cuts was partially offset by hiring announcements totaling 26,012, Challenger said. Hiring was led by retailers, which reported plans to add 15,900 seasonal workers last month.
On Friday, the federal government reports on unemployment for November, with most economists expecting the jobless rate to rise to 9.7 percent, from 9.6 percent in October.
- Henry Unger, The Biz Beat
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