Slight Dip Found in Job-Cut Plans
- Share via
The number of planned job cuts by major U.S. businesses declined in October from a year ago, a survey showed Thursday, though the pace of cuts may be poised to accelerate.
Planned job cuts declined 1.2% to 47,320 last month from 47,911 during October 1996, according to a monthly survey by the job placement firm Challenger, Gray & Christmas.
Compared with September, planned dismissals more than doubled from 20,698, suggesting “bigger cuts seem to be escalating,” said John Challenger of the Chicago-based firm.
Challenger cited plans by jeans manufacturer Levi Strauss & Co. to close 11 plants in four states next year and dismiss 6,395 workers. He also cited plans by Citicorp to eliminate 7,500 jobs.
Also Thursday, the Labor Department announced that initial jobless claims last week rose by 16,000 to 315,000--a reversal from a drop of 13,000 in the previous week and more than analysts expected.
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
