Announced U.S. Job Cuts Rose 13% From Year Ago, Challenger Says

[Javaman]

http://www.bloomberg.com/news/2011-11-02/announced-u-s-job-cuts-rose-13-from-year-ago-challenger-says.html

Job cuts announced by U.S. employers increased in October from the same month last year, a sign elevated dismissals remain a hurdle to faster economic growth.

Planned firings rose 13 percent to 42,759 from 37,986 in October 2010, according to Chicago-based Challenger, Gray & Christmas Inc. Government agencies and financial companies have cut the most jobs this year, the report showed.

“We have yet to see the full impact of mandated federal spending cuts,” John A. Challenger, chief executive officer of Challenger, Gray & Christmas, said in a statement. “Meanwhile, the European debt crisis is wreaking havoc on Wall Street.”

Budgetary constraints have induced a wave of government reductions as financial firms trim headcounts, creating an impediment for American employment prospects. Federal Reserve officials may consider additional means to propel economic growth and hiring as their two-day meeting concludes today.

more at link...

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1. Recommend

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2. Isn't it amazing that the unemployment is up from last year ....

and, unsurprisingly, Republicans stepped up their blocking of legislation as of November 2010 ...