Reply #30: I Guess You Missed This Gem Earlier This Week, Layoffs Surge 125% [View All]

[mhr]

A short snippet from CBS news indicates that US job losses continue.

Despite the GDP growth hype last week, it is clear to those unemployed
that the US economy is still faltering.

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http://cbs.marketwatch.com/news/newsfinder/pulseone.asp?dateid=37929.4167939815-809414361&siteID=mktw&scid=0&doctype=806&

10:00am 11/04/03

U.S. October layoffs surge 125%, Challenger says By Rex Nutting
WASHINGTON (CBS.MW) -- Layoff announcements from U.S. companies more
than doubled in October to 171,874, the highest in a year, according to
the monthly tally released Tuesday by outplacement firm Challenger Gray
& Christmas. October is typically the largest month for layoff notices,
as companies slash costs at the end of the fiscal year. The Challenger
survey is not adjusted for seasonal factors. Layoff announcements had
fallen for three months in a row before October's 125 percent increase.
In October, the auto industry sacked 28,363 workers, followed by 21,169
in the retail sector. Telecommunications companies cut 21,030. So far in
2003, 1.04 million job reductions have been announced.