The rate of job cut announcements at U.S. employers in November was more than five times greater than a year ago, according to a report by Challenger, Gray & Christmas. Overall, U.S.-based firms announced 76,835 job cuts in November, led by the technology sector. So far this year, tech companies have announced nearly 81,000 cuts.
While the numbers seem staggering, the total number of layoffs year to date is the second lowest on record, since the firm began tracking jobs cuts in 1993. The lowest level was last year.
“When we’re looking at layoffs across the board, while we have seen an uptick from the historic low layoffs we’ve been in at the last two years, we’re not seeing huge mass layoff activity,” said Challenger, Gray & Christmas senior vice president Andrew Challenger.
This article was written by Stephanie Dhue & Sharon Epperson for CNBC.
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