from Wolf Street:
The employment situation in the US has been outright rosy. Initial unemployment claims have been bumping along near record lows. Whether or not companies are hiring, at least they’re not axing people in massive numbers. The unemployment rate of 5.9% is practically comfort inducing. OK, we can smell the odor of the details underneath, but hey. And for September, the Challenger Job Cut Report raved about 2014 being “on pace to be the lowest job-cut year since 1997.”
Got it. Things are good.
Then came October, and announced job cuts jumped 68% from September, and 12% from a year ago, to 51,183. Year to date, job-cut announcements of 414,591 were still down 4.3% from the same period last year. And just as we’re exhaling, we read in the report that this “may mark the kick-off to a fourth-quarter surge in job cuts.” More pain? “It is not unusual to see the pace of downsizing accelerate in the final months of the year, as employers take measures to meet year-end earnings and profit goals.”
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