October Job Cuts Plummet 63% To 42,759

After reaching a 28-month high in September, the number of planned job cuts announced by U.S.-based employers plunged in October to 42,759, the lowest monthly total since June.  Meanwhile, planned hiring announcements approached 160,000, as several employers revealed their seasonal employment strategies.

The latest report on planned job cuts shows that downsizing activity in October declined 63 percent from September, when employers announced 115,730 job cuts, the highest total since 132,590 in April 2009.  Last month’s total was up 12.6 percent from the 37,986 layoffs in October 2010.  The report on October layoffs was released Wednesday by global outplacement firm Challenger, Gray & Christmas, Inc.

To date, employers have announced a total of 521,823 planned job cuts in 2011, which is 16 percent more than the 449,258 job cuts announced between January and October 2010.  The 2011 total, however, remains well below recession levels.  By this point in 2009, planned layoffs totaled 1,192,587.

Get the full report here.

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