posted on 03 November 2016
from Challenger Gray and Christmas
In the final month before the general election, planned job cuts announced by U.S.-based employers fell to the second lowest level of the year.
Employers announced 30,740 job cuts in October, a 31 percent decline from the 44,324 planned layoffs reported in September. Last month's total was 39 percent lower than a year ago, when announced job cuts totaled 50,504.
Said John Challenger, chief executive officer of Challenger, Gray & Christmas.
Indeed, from 1998 through 2008, December job cuts averaged about 101,000. Over the last five years, December job cuts averaged just 32,245. Last year, employers announced just 23,622 layoffs in December, which was the lowest monthly total since 2000.
For the second time in three months, employers in the computer industry saw the heaviest job cuts, announcing 4,792 planned layoffs in October. Computer firms have announced 64,511 job cuts this year, second only to the energy sector, where job cuts total 103,147.
Most of the computer job cuts announced in October came from newly formed HP Inc., which struggled to find its footing in a rapidly changing tech sector. The firm cut another 4,000 jobs last month, adding to the 30,000 job cuts the company announced in 2015.
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