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Job Losses Pile on in October, Expected to Accelerate as Economy Worsens
Job losses spiked in October according to two key employment reports released yesterday (Wednesday). The rate of unemployment has risen steadily over the past year but job losses expanded in both size and scope in October and will likely continue to accelerate well into 2009, further exacerbating an already potent economic downturn.
Private U.S. companies cut an estimated 157,000 jobs in October, the largest decline in nearly six years, ADP Employer Services said yesterday (Wednesday). Separately, outplacement firm Challenger, Gray & Christmas Inc. said job cut announcements by U.S. employers soared to 112,884 in October – a 79% increase from last…
6Nov2008 | Money Morning | Comments Off | Continued
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