Planned layoffs by U.S. companies plunged 20.6% year-over-year to 45,314 in November. This is according to a recent survey by
Challenger Grey & Christmas.
This number is down marginally from the 45,730 announced in October.
“The retail industry saw the heaviest job cutting in November, with 9,998 announced layoffs during the month,” wrote the firm. “While the spike in retail cuts heading into the holiday sales season might be cause for alarm, the majority of the planned cuts were related to the closure of remaining Blockbuster video rental stores, as well as the sell-off and closure of a grocery store chain in Chicago.”
“Many of the recent cuts have been concentrated in the mortgage lending business, as banks shed many of the extra workers added to handle the flood of foreclosures and loan refinancing in the wake of the recession,” said John Challenger. “Recent increases in lending rates and home prices are also lowering demand for new mortgages, thus further reducing the need for additional workers.”
Here’s a breakdown of job cuts by industries.