Skip to comments.Planned Layoffs in US Firms Surge To 3-Month High, And Bloodbath May Not Be Over
Posted on 12/30/2012 1:08:11 PM PST by SeekAndFind
Planned layoffs at U.S. firms rose for the third month in a row in November, partly driven by the bankruptcy of Hostess Brands, a report showed on Thursday.
Employers announced 57,081 job cuts last month, the highest level since May and up nearly 20 percent from 47,724 in October, according to the report from consultants Challenger, Gray & Christmas, Inc.
November's job cuts were also up 34.4 percent from the 42,474 seen a year ago.
Employers have announced 490,806 cuts in 2012, lower than 2011's total of 606,082 layoffs.
The recent surge in layoffs is at least partly attributed to the bankruptcy of Twinkies maker Hostess in November. That accounted for 18,500 of the jobs lost. The computer industry, which has led layoffs for the year, cut 3,313 jobs last month.
"Job cuts this year have really been driven by a handful of large-scale cuts," Rick Cobb, executive vice president of Challenger, Gray & Christmas, said in a statement.
The Christmas holidays does not necessarily offer respite, Cobb said, pointing to the 11,000 job cuts that Citigroup announced as an example.
The Citigroup job cuts were part of a larger bloodbath taking place on Wall Street in 2011 and 2012. According to Bloomberg Businessweek, Wall Street eliminated some 300,000 financial services jobs in the last two years. And experts predict that more layoffs on Wall Street will be coming in 2013.
"The knives are sharpened and ready," Jason Kennedy, chief executive officer of London-based search firm Kennedy Group, told Businessweek. "...Unless the markets pick up, there will be more cuts in the first half."
The Challenger report comes a day ahead of the key U.S. jobs report, which is forecast to show job growth slowed sharply in November in the wake of superstorm Sandy.
(Excerpt) Read more at jobs.aol.com ...
Sounds like thier surprised with a sense of “blood bath may not be over” optimism. Funny at the end of the article they throw in the sandy storm as this was one of the factors.
Elections have consequences. Apparently over 50% of the people have not figured that out yet.
Connect the dots: the employment situation is not good, and a big part of the problem is unions and the ill-advised political wrangling that they engage in, which results in a bad climate for doing business.
Interesting. My hard count of announced job losses is much higher.
AND I figure I’m only capturing about half of the actual number.
I’ve counted about 70K, and am guessing the BLS will report about 140K.
I think the media and government want to downplay those kinds of numbers
The truth is, we’re going over the “cliff’ no matter what the GOOBers or the ‘RATS decide to do.
Yep. That’s why I have company names, city and state, actual numbers laid off and dates.
They can lie, but only by so much.
My figures can be checked. Can theirs?
I would implore any businesses that are forced to make layoffs due to the high tax rates and Obamacare should first try and identify through campaign contribution information or car bumber stickers or general workplace chatter who voted for Obama and choose to let them off first because they are the ones who enabled the attack on capitalism this will also ensure that those who voted against Obama’s job killing policies can continue to work. This would provide the ultimate in FAIRNESS so the I’m sure the Democrats would be onboard with it, right?
all bammey voters....
what can I say....what can I do?.....not a thing...
well I do tell them frequently to get a govt job....more security...more days off....regular pensions and good medical....
if you're going to vote bammey you might as well be on the govt dole of work for the govt...
There is no such thing as unemployment. They got to retrain or find a new job.
Has the ‘recovery’ slowed? Did it ever exist?
As soon as they shut down all the shipping ports on the Eastern seaboard then things will smooth out.
Nope, and they won't.
Hey, the gubmint workers are all getting raises so things must be ok.
Yes. And they kicked the can down the road on the planned longshoreman strike. Bronco must have called off the dogs for a little while and they didn’t want him to look bad *wink wink. We’ll see that rear its head in a month or so.
Wait until the cliff thingy happens. It isn’t just Defense that is going to take a hit. FDA, PTO, hopefully EPA..and a lot of other top heavy gubmint agencies will feel some of it, too.
Damned AOL, can't get anything right.
Meanwhile the guys who work for the President are all getting raises. :D