October Job Layoffs Down 32% from September

According to the monthly report released today (11/5) from Challenger, Gray and Christmas Inc., a global outplacement and business and executive coaching firm, October layoffs were the lowest in seven months, as U.S. based employers announced plans to cut 80,666 from their payrolls. October’s total is -32% lower than the 118,804 cuts announced in September. However, it is 60% higher than the 50,275 cuts in the same month last year. October’s total is the lowest since February, when 56,605 cuts were announced. So far this year, 2,162,928 job cuts have been announced, 320% higher than the 515,144 cuts announced through October last year. It is the highest annual total on record. Andrew Challenger, Senior Vice President of Challenger, Gray & Christmas, Inc., said in a statement prepared for the press release that “The bulk of the announcements this year are indeed in industries directly impacted by shutdown orders and consumers’ wariness to spend money in such places, like restaurants, hotels, bars, and brick-and-mortar retail. We’ve now seen tens of thousands of cuts in industries outside Entertainment and Retail, indicating the impact is spreading.”

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Original Source:
2020 October Job Cuts Report: 80,666 Cuts as Employers Grapple With Uncertainty