(AP Photo/Paul Sancya)
The unemployment rate is at a 26-year high, but a leading outplacement firm reported today that layoffs from the nation's employers continue to diminish.
Challenger, Gray & Christmas said employers announced 50,349 planned job cuts in November, down sharply from 181,671 a year ago and 55,679 in October, according to Bloomberg.
Improving economic activity and optimism in corporate America deserve much of the credit, while fewer layoffs may soon begin to bolster consumer confidence.
Still, companies are not hiring en masse, as evidenced by the ADP Employment report out this morning that showed November private sector payrolls fell by 169,000.
We'll get the government's take on the labor market on Friday. The recovery thus far has been very modest, and economists surveyed by Bloomberg anticipate a 100,000 decline in November nonfarm payrolls.
Comments
Better news than layoffs continuing at the same pace, but still, layoffs continue. Sigh..
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