Good news, sort of. CNN Money reports that October has 16% fewer jub cuts than the previous month – which means there are “only” 55,679 job cut announcements reported.
This is according to Challenger, Gray & Christmas Inc., an outplacement consulting organization. According to them, October is the third consecutive monthly declin in layoffs.
Bad news is, despite this slow pace, the total number of planned job cuts might still exceed last year’s – with only 30,000 planned job cuts needed to surpass 2008′s 1,223,993 layoffs. Yikes!
However, things might be actually looking up a bit with an “uptick in GDP, increase in manufacturing activity, and a surprise gain in home sales.”
The industries that were hit the hardest in October are the auto and electronic sectors with 13,420 and 10,882 layoffs respectively.
Source: CNN
