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John Challenger
Planned layoffs jumped in October on drug, financial firm cutbacks
Planned layoffs jumped in October on drug, financial firm cutbacks

WASHINGTON -- Planned layoffs by U.S. employers jumped 13.5% last month, led by cutbacks at pharmaceutical and financial services firms, according to a report Wednesday. Employers announced plans to cut 45,730 jobs in October, up from 40,289 the previous month, said outplacement consulting firm Challenger, Gray & Christmas Inc. Despite the increase, the October figure was down 4.2% from the same month a year ago. It was the first time in five months that year-over-year layoffs were lower. The report came as the Labor Department prepared to release the October jobs report on Friday. QUIZ: How well do you understand the Fed stimulus? Delayed a week by the partial government...

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