from the "Circling the Drain" files: Layoff announcements rise 33% in September

[marmar]

from MarketWatch:



Layoff announcements rise 33% in September

By MarketWatch


WASHINGTON (MarketWatch) -- Large U.S. companies announced plans to eliminate 95,094 jobs in September, 33% more than a year earlier, according to a nonscientific tally released Wednesday by outplacement firm Challenger Gray & Christmas.

For the third quarter, layoff announcements rose 48% from a year earlier to 287,142, the highest three-month total in nearly three years.

Although the collapse of several big financial firms dominated the news in September, the financial sector actually announced relatively few cuts during the month: 8,244.

"It may take several weeks or months for the fallout from September's Wall Street turmoil to hit the employment numbers," said John Challenger, CEO of the firm that bears his name.

Workers' fate, he said, "remains in limbo," while some firms are taken over by other banks, some are liquidated and others are taken over by the government.

So far this year, the financial-services industry has announced 111,201 layoffs.

The industry with the most cuts in September was computers, where Hewlett-Packard Co. announced a reduction of 24,600 jobs in the wake of its merger with Electronic Data Systems. ......(more)

The complete piece is at: http://www.marketwatch.com/news/story/corporate-layoff-announcements-up-33-september/story.aspx?guid=%7B76F2CAEE%2DC736%2D4F5F%2DB3EE%2DF1E7183B4232%7D

[amdezurik]

1. no No NO...look over THERE!

see the pretty lights and colors? Do NOT look at the real stuff it is just depressing, go watch MUST SEE TV or something while the "grown-ups" take care of those little things...

[Theres-a]

2. Foxwoods To Lay Off 700 Workers

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=143x4842

[chicagoexpat]

3. waht, u mean there's an actual economic crisis out there? I DON'T BELIEVE IT, I'm

calling my local radio talk show to rail against socialism as soon as i stop railing here!

[Supersedeas]

4. no good....the sound of teetering dominos