US job cuts jumped 16 pct in November -- Challenger

[UpInArms]

Source: Reuters

NEW YORK, Dec 5 (Reuters) - U.S. companies announced layoffs jumped 15.9 percent last month as the economy grappled with a worsening housing slump and credit crisis, outplacement firm Challenger Gray & Christmas reported on Wednesday.

Curiously, housing-related layoffs actually fell, with the auto and energy industries leading the jump in planned job cuts to 73,140 in November from 63,114 in October.

The financial sector was also hard hit, not surprising given adverse market conditions that have all but paralyzed many sectors of the investment world.

"We probably have not seen the last of financial job cuts tied to the housing slump and the subsequent collapse in credit markets," said Chief Executive Officer John Challenger.

<snip>

Analysts expect the economy generated about 75,000 jobs last month, down from 166,000 in October.

Read more: http://www.reuters.com/article/bondsNews/idUSNAT00348520071205?sp=true

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this contradicts the pie-in-the-sky lie that is currently being touted by the ADP numbers of 189,000 jobs added in November. The ADP is not a real report - it is used to distort the markets and the facts on a monthly basis.

[Robbien]

1. All we have been hearing about all month are massive layoffs

But the wonderful Fed jobs report gets reported without any doubts about its validity being raised.

Crazy world we live in.

[whistle]

2. At this rate by the time Bush leaves office in Jan 2008, the economy could be losing

...300,000 jobs a month