The massive number of layoffs in November reflects the largest one-month jump in U.S. based companies laying off people in 2012. Just in time for the Holidays!
MarketWatch.com reports that 57,081 jobs were lost in November, representing "the highest monthly total during 2012," and 34% higher than this time last year. This total reflects the 18,500 jobs loss after the bankruptcy of Hostess, maker of Twinkies. The number is up nearly 20 percent from 47,724 jobs lost in October. So far in 2012, employers have announced 490,806 cuts. In all of 2011, there were 606,082 jobs lost, as reported by Reuters. The end of the year is often when employers are trying to sort their budget for the following year and meet earnings goals. Jobs are a bit more vulnerable during that time.
Citigroup also announced 11,000 layoffs on Wednesday. Additionally, jobless claims for the week were at 370,000, which was actually a drop from the week before by 25,000. So, that is good news, right?
Image Source: USAToday