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November Layoffs Hit Highest Level in 7 Years

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.


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]