Job Cuts Hit 8 Month High

[jeffrey]

Planned job cuts soared to an eight-month high in September while new hiring rose only slightly, a report said Tuesday.

Employment consulting firm Challenger, Gray & Christmas said employers announced 107,863 layoffs in September, 41% more than in September 2003 and 45% more than in August of this year, when 74,150 were laid off.

The September figure was the largest since January 2004, when employers announced layoffs of 117,556 workers.

The September figure brings third-quarter job cuts to 251,585, 20% more than the 209,895 in the previous quarter and 4% more than the 241,548 for the third quarter of 2003.

Job losses in September were particularly heavy in the computer, transportation, telecommnunications and consumer products industries, the report said.

Adding to the glum jobs picture was the slow pace of hiring in September. The report said employer hiring announcements revealed only 16,166 new job openings in that month compared with 132,105 in August... [read more at usatoday.com]