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por Info.... » 7/12/2004 16:01

10:00am 12/07/04 U.S. LAYOFFS ABOVE 100,000 FOR 3 MONTHS IN A ROW
10:00am 12/07/04 U.S. 12-MONTH AVERAGE LAYOFFS 85,309 VS. 84,886
10:00am 12/07/04 U.S. NOV. LAYOFFS UP 2.6% TO 104,530: CHALLENGER

ECONOMIC REPORT: Layoffs above 100,000 3 months in row
By Rex Nutting, CBS.MarketWatch.com
Last Update: 10:00 AM ET Dec. 7, 2004

WASHINGTON (CBS.MW) - U.S. corporations announced plans to eliminate 104,530 jobs in November, the third month in a row that planned layoffs exceeded 100,000, according to a tally kept by outplacement firm Challenger, Gray & Christmas.

Announced jobs cuts increased 2.6 percent in November from October's 101,840, and were up 5.1 percent from November 2003's 99,452, the firm said Tuesday.

It's the first time since early 2002 that layoffs were above 100,000 for three months in a row.

Through the first 11 months of 2004, announced layoffs totaled 930,690, down 19 percent year-to-date. It's likely that announced job cuts will exceed 1 million for a fourth straight year in 2004.

The 12-month average of announced job cuts rose to 85,309 from 84,886 in October.

"The biggest worry for the economy is that the large number of lower middle-class and middle-class Americans struggling to make it paycheck-to-paycheck will be short of discretionary income during the holiday shopping season," said John Challenger, CEO of the outplacement firm.

In November, government, telecommunications and automotive industries cut the most jobs.

Layoffs in telecom and autos have accelerated in the past three months after moderating earlier. So far in 2004, telecom firms have cut 96,696, nearly equaling 2003's 102,602. Financial firms have announced plans to eliminate 91,572 jobs so far in 2004.

On Tuesday, Colgate-Palmolive (CL: news, chart, profile) announced job reductions of 4,400, or 12 percent of its global workforce.

The Challenger survey covers only a small portion of job losses; most small businesses do not announce job reductions. The announced reductions can occur immediately or over time. They can be accomplished through layoffs or through voluntary measures, such as retirement.

According to government data, there were 1.76 million layoffs and involuntary discharges during September, the most recent data available.

In November, nonfarm payrolls grew by 112,000, down from 303,000 in October, government data show.
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