Job Layoffs Continue To Increase
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The number of layoffs by companies has increased to 41.1 percent in October. This increase is the highest the U.S. economy has seen in five months. Most jobs are being cut in U.S. owned auto plants in Europe, with a total of over 10,000 positions being cut.
Consultants from Challenger, Gray & Christmas Inc. reported a total of 47,724 planned job cuts in October which was a jump from September’s 33,816 job losses. Ford plans to lay off 10,900 of its employees in Belgium and the United Kingdom. The total layoffs for the year so far stand around 433,725 which are down from 521,823 at this same time period last year.
The months of October, November, and December typically see higher layoff activities and weaker third quarter earnings greatly contribute to that. Consumer product industries are calling 5,250 cuts whereas electronic companies are announcing 4,491 due to a slowdown in consumer and business spending.
This data comes shortly before the U.S. labor market report which will be expected to show modest job growth which was around 125,000 jobs from last month.
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