Wednesday, December 03, 2008

November layoffs surged to highest level in 7 years

More bad economic news here. From CNBC News:

November layoffs at U.S. firms surged to their highest monthly level in nearly seven years during November, led by the financial and auto sectors, according to separate reports released Wednesday.

Job cuts announced in November totaled 181,671, up 61 percent from October and 148 percent higher than November 2007, when job cuts totaled 73,140, outplacement firm Challenger Gray & Christmas said in a report released on Wednesday.

A separate report by ADP Employer Services put the November job cuts at 250,000 jobs.

The November planned layoffs was the largest monthly toll since January 2002, when employers announced a record 248,475 planned layoffs.

It is certainly interesting that the leading firms that are laying off workers are--surprise--the financial and auto industry. And both industries have been asking for billions in government bailout money. According to CNBC, the financial sector layoffs, that were announced, totaled 91,356 in November. Citigroup planned to cut its payroll in November by 52,000 jobs. You can find a breakdown of companies that are laying off workers for November here.

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