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November Layoffs Hit Highest Level in 7 Years

Posted By admin On December 3, 2008 @ 11:58 am In Money Watch | Comments Disabled

Reuters [1]
Wednesday, Dec 03, 2008

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.

(ARTICLE CONTINUES BELOW)

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

The most dramatic job cuts cited for November was Citigroup’s plan to reduce its payroll by 52,000 employees.

Overall, financial sector layoffs announced totaled 91,356 in November, the report said.

Full article here [1]


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URLs in this post:

[1] Reuters: http://www.cnbc.com/id/28030676

[2] US oil reserves reach highest level in 28 years: http://www.prisonplanet.com/us-oil-reserves-reach-highest-level-in-28-years.html

[3] Unemployment at highest level in 25 years: http://www.prisonplanet.com/unemployment-at-highest-level-in-25-years.html

[4] Jobless claims highest in 26 years: http://www.prisonplanet.com/jobless-claims-highest-in-26-years.html

[5] Radiation Level At Fukushima Reactor No. 2 At Its Highest Level Recorded So Far, Neutron Beam Observed 13 Times: http://www.prisonplanet.com/radiation-level-at-fukushima-reactor-no-2-at-its-highest-level-recorded-so-far-neutron-beam-observed-13-times.html

[6] Inflation highest in 27 years: http://www.prisonplanet.com/inflation-highest-in-27-years.html

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