CNNMoney: Jobs take a beating

[marmar]

Jobs take a beating
Report by outplacement firm Challenger shows job cuts announced by U.S. employers in October rose by highest amount since January 2004. ADP report: 157,000 jobs lost.



By David Goldman, CNNMoney.com staff writer
Last Updated: November 5, 2008: 9:56 AM ET

NEW YORK (CNNMoney.com) -- October was another awful month for jobs. Two key employment reports released Wednesday showed the largest number of planned job cuts in nearly five years, with private sector jobs falling by the largest amount in nearly seven years.

Job cut announcements by U.S. employers soared to 112,884 in October, up 19% from September's 95,094 cuts, according to outplacement firm Challenger, Gray & Christmas Inc. That was the highest number of pink slips handed out since January 2004. Layoffs last month were up 79% from October 2007, when 63,114 job cuts were announced.

Separately, payroll manager ADP said Wednesday that the private sector lost a seasonally adjusted 157,000 jobs last month - more than six times September's decrease and the largest drop since December 2001.

The dour reports were ominous signs for the jobs market ahead of the Department of Labor's monthly unemployment report on Friday. That report is expected to show that 200,000 jobs were lost in October and that the unemployment rate grew to 6.3% from 6.1% a month earlier. ......(more)

The complete piece is at: http://money.cnn.com/2008/11/05/news/economy/challenger_adp/index.htm

[Wetzelbill]

1. Jobs were lost because employers knew Obama would be elected

:rofl:

[originalpckelly]

2. First the rumor about a heart attack and now this?

Shame on CNN!

[marmar]

3. ......

:)

[originalpckelly]

7. Glad you got it!

:P

[ginnyinWI]

4. I have a wingnut relative--

He is blaming the unemployment number and the dip the stock market this week on Obama. But when it comes to Bush, nothing is his fault--it's Bill Clinton's, because things "always appear six years after" in the economy, he says. So how is this week's news Obama's fault? Because he's a Democrat, of course! Blame sticks to them but not to Republicans.

[Wetzelbill]

5. that's how they think

Effed up, lol.

[marmar]

6. Wingers and rational thought don't mix......

n/t