Unemployment rates in the US may not get worse, but they won’t get better again soon, it seems.
Challenger, Gray & Christmas announced that
“Downsizing activity remained flat in October, as employers announced job cuts totaling 37,986 during the month. That was 2.2 percent more than the 37,151 planned layoffs in September”
The numbers often foreshadow figures announced by ADP and the government jobless numbers that will be released on Friday.
These numbers will have to begin to show job creation before most economists believe that consumer spending can rise sharply. As it is, an unemployment rate of nearly 10% bodes will for the upcoming holiday shopping season and Q4 GDP
The firm added that
“October marks the sixth month in the last seven in which fewer than 40,000 job cuts were announced. It was the tenth consecutive month this year that saw fewer job cuts than the same period a year ago.”
Douglas A. McIntyre
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