Get Ready For Big Job Losses

Unemployment has already ticked up, but it sounds like the job losses are just getting started.

Reuters: Planned layoffs at U.S. firms surged to their highest in nearly five years during October, with cuts in the financial and auto sectors leading the charge as the economic outlook worsened, a report by outplacement firm Challenger, grey & Christmas said on Wednesday.Job cuts announced in October totaled 112,884, up 19 per cent from September, the report said, citing evidence of widespread economic malaise as troubles that began in housing and banking infect the rest of the economy.

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