Planned Job Cuts Surge in October

Chicago, IL, Nov. 6, 2014 -- Planned job cuts jumped 68% in October to the second-highest total this year, according to outplacement consultancy Challenger, Gray & Christmas.

U.S.-based employers announced 51,183 job cuts last month, compared with 30,477 in September. The October number is 12 percent higher than a year ago.

October cuts were led by the retail industry, which announced 6,874 planned layoffs during the month.

"While it is too early to say for certain, the October figure may mark the kick-off to a fourth-quarter surge in job cuts," John Challenger, CEO of Challenger, Gray, said in a statement.

“If there is any good news in the October job-cut surge, it is that the leading job cuts are not indicative of overall weakness in the economy. The heaviest cuts came from companies that are struggling to find their footing in this recovery. In several cases, downsizing organizations are in industries that are going through fundamental changes, and these companies are taking steps to catch up to these changes.”