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Job cuts, still high, slowed in November

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Chicago--The U.S. job-cutting machine slowed in November, compared with the previous month, though it was still the sixth month this year that job losses exceeded 150,000, according to Challenger, Gray & Christmas. Job cuts last month totaled 181,412. That was down 25% from 242,192 in October. A total of 1,795,292 jobs were cut in the first 11 months of this year, nearly three times the total for all of 2000, and 39% more than the combined job cuts in 2000 and 1999. Job cuts in November, meanwhile, were 311% higher than in the same month in 2000.From 1993 through 2000, the average monthly job cut total was 46,349. This year, the monthly average is 163,208.The outplacement firm's findings also reveal a great deal of job losses that are apparently tied to the events of Sept. 11. Since that day, 624,411 job cuts have been announced. That's more than the 12-month totals for 1993, 1994, 1995, 1996 and 1997 and only 11,000 fewer than in all of 2000.

--Philip B. Clark

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