Number of Planned Job Cuts Falls in October

The number of planned job cuts by major U.S. businesses fell in October from a year earlier to the lowest level in more than two years, according to employment firm Challenger, Gray & Christmas. Planned cuts fell 75% last month to 22,814, from 91,531 during October 1998, Challenger’s monthly survey showed. Planned dismissals decreased 63% from 61,219 in September. The level of job cuts in October was the lowest since September 1997. Employers “are at their wits’ ends trying to find skilled personnel,” said John A. Challenger, chief executive of the employment firm. Retailers are worried they won’t have enough workers in time for the holiday shopping season, Challenger said. So far this year, 579,543 planned job cuts have been announced, up from 522,987 during the first 10 months of last year, Challenger said.