US job cuts slow down
By Ellen Freilich |
December 3, 2009, Thursday
|
Print Edition
Print Edition
THE number of planned layoffs at United States firms shrank in November to the lowest level in nearly two years, suggesting labor-force cuts are tapering off even if actual hiring appears a distant prospect.
Employers announced 50,349 job cuts in November, the fewest number since 44,416 in December 2007, according to a report by global outplacement consultancy Challenger, Gray & Christmas Inc yesterday.
"Most industries are seeing job cuts subside. Barring any unexpected shocks to the economy, we appear to be coming out of the woods when it comes to downsizing," said John Challenger, the consultancy's chief executive officer.
"Unfortunately, the second half of the job-market equation - hiring - has shown no signs of an imminent rebound. At the moment, payrolls continue to experience net losses every month, a trend that is likely to repeat through the end of the year."
The November job cut total was 9.6 percent less than the 55,679 job cuts announced in October and marked the fourth consecutive decline in monthly layoffs.
November job cuts were down 72 percent from last November's 181,671 job cuts, the highest monthly total of 2008.
Last month's decline continues a sharp slowdown in the pace of job cuts. Since July 1, employers have announced an average of 69,252 job cuts per month. The average monthly job cut total from January through June was 149,446.
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