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Thursday, November 3, 2016

Job Cuts Fall to Five-Month Low

Employers announced plans to cut 30,740 jobs in October, according to a report issued by Challenger Gray & Christmas. October’s announced cuts were 31% lower than September’s. Year-to-date, employers have announced 466,352 job cuts, down 14% from the first 10 months of 2015.

“One might be inclined to speculate that the impending election might be causing employers to hold off on major workforce decisions,” said John Challenger, CEO of Challenger Gray & Christmas. “This low monthly total is most likely due to the fact that the economy is relatively healthy and that most employers don’t see those conditions changing in the next three to six months.”

The computer industry led job cuts for the second consecutive month, announcing plans for 4,792 layoffs in October. So far this year, the industry has announced 64,511 cuts.

“Heavier job cuts in the tech sector this year have been more indicative of an industry that is in flux, as opposed to one that is in trouble. That is the nature of technology, so it is not unusual to see workforce volatility,” said Challenger.

Read the Challenger Gray & Christmas release.
Visit Banks and the Economy.

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