Layoff announcements tracked by outplacement firm Challenger, Gray and Christmas, Inc. fell 31% from September to October. The September level, heavily influenced by autos, was the second highest of this year.
Challenger tallied 69,177 layoff announcements in October, down from 100,315 in September and down (14.9%) from 81,301 in October 2005. It was the fewest number of October cuts since 2000. Nevertheless, the 3-month moving average rose to 84,746, the highest in eight months.
In the first 10 months of this year, layoff announcements total 708,406. That's down 18% from 864,953 in the same period last year. In seven of the last 10 months, the 2006 figures have been below that of the 2005 figures. The monthly average so far this year is 71,025 so the October numbers are in line.
As has been typical since summer, layoffs in the auto industry accounted for about a third of all cuts. In October, the auto industry announced 19,497 layoffs, about 28% of the total. In September, the industry accounted for 33% of all layoffs reported. Layoffs continued in retail trade, up nearly five-fold from September and up 24% from October 2005.
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