Tags: job | cuts | challenger | economy

Challenger Survey: Planned Job Cuts Plunged 30 Percent in November

By    |   Thursday, 04 December 2014 09:34 AM

The number of planned job cuts announced by employers last month plummeted 30 percent from October to 35,940.

Global outplacement consultancy Challenger, Gray and Christmas says the downsizing activity in November was 21 percent lower than the 45,314 job cuts announced in the same month a year ago.

Challenger says employers have announced 450,531 job cuts for the year to date, down 5.8 percent from the same point in 2013. That puts 2014 on track to finish with the lowest year-end total since 1997.

The dramatic drop in layoffs is in line with other recent employment data, which also have pointed to an upswing in hiring. The Labor Department will release its November jobs report Friday morning.

“While retailers have cut about 9,500 jobs over the last two months, this is an area that continues to expand. Right now, these employers are adding tens of thousands of seasonal workers to help with the holiday rush,” said John Challenger, chief executive officer of Challenger, Gray and Christmas.

“It is true that these jobs are temporary and most will be eliminated in the new year. However, government data show that employment in the sector has nearly reached pre-recession levels and continues to grow,” he said.

Seasonally adjusted employment figures from the Bureau of Labor Statistics, which are intended to smooth out the volatile fluctuations related to seasonal hiring, show that there were 15.4 million workers in retail, as of October, Challenger said. That is just shy of the record-level of 15.5 million reached in 2007.

“And, before dismissing all of these new jobs as low-skilled, low-paying sales clerk and cashier jobs, remember that the shift toward online shopping means retailers are hiring more and more app developers,” Challenger said.

“IT security professionals, online and social media marketing teams, logistics engineers, as analysts to collect, sort and interpret all of that data collected with each mouse click.”

(The Associated Press contributed to this report.)

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The number of planned job cuts announced by employers last month plummeted 30 percent from October to 35,940.
job, cuts, challenger, economy
Thursday, 04 December 2014 09:34 AM
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