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Challerger Gray Says Downsizing Pace Up In November

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By Douglas A. McIntyre Published
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Challerger Gray Christmas reported today that

The number of planned layoffs announced in November remained virtually unchanged from the previous month, as US-based employers reported job cuts totaling 42,474, down 0.7 percent from 42,759 in October,

The data is announced before ADP private payroll data which is released today and is expected to be up 150,00 and tomorrow’s goverment unemployment figures which are expected to show that 120,000 jobs were added by the economy last month

Challenger Gray added

With one month remaining in 2011, job cuts for the year total 564,297, officially surpassing the 2010 year-end total of 529,973. The 11-month total is 13 percent higher than the 497,969 job cuts announced over the same period a year ago.

The company voiced concern that a rise in layoffs in the public sector, which is already the dominant reason for job losses this year, could severely damage the jobs market.

The firm expressed special concern about the effect of “drawdowns in Afghanistan and Iraq.”

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About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

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