Report: Announced U.S. job cuts rose 13% from year ago
Chicago -- A Wednesday report by Challenger, Gray & Christmas said that job cuts announced by U.S. employers increased in October from the same month last year.
According to the report, planned firings rose 13% to 42,759, from 37,986 in October 2010, boosted by job cuts by government agencies and financial companies.
“We have yet to see the full impact of mandated federal spending cuts,” John A. Challenger, CEO of Challenger, Gray & Christmas, said in a statement. “Meanwhile, the European debt crisis is wreaking havoc on Wall Street.”
Compared with September, which saw the most firings since April 2009, job-cut announcements decreased 63%.
Retail companies had 4,264 planned cuts in October.