“October is traditionally a tough month for American payrolls and one in which pink slips proliferate, but last month was worse than expected. The pace of layoffs at U.S. corporations spiked by 125%, with employers announcing some 171,874 job cuts, from just 76,506 in September, according to Challenger, Gray & Christmas, an outplacement firm that tracks such announcements. That surge in layoffs ended five consecutive months in which the total of announced cuts was below 100,000. And it supported information released yesterday about manufacturing payrolls that indicated the country’s rapid economic reported for the third quarter isn’t translating into reduced unemployment. The Labor Department will announce the October unemployment numbers on Friday.”
-Joseph Schuman
The WSJ Online
November 4, 2003
http://online.wsj.com/article/0,,SB106797343382658900-search,00.html
See also:
Survey: Job Cuts More Than Double in Oct.
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