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NEW YORK (Dow Jones)--Job cuts announced by U.S. corporations in November decreased 42% from October, according to data from Challenger, Gray & Christmas released Tuesday.
Announced job cuts for November totaled 99,452, compared with the 12-month high of 171,874 the prior month, the firm said.
"November job cuts were led by the telecommunications sector, which announced 18,183 cuts during the month," Challenger said in a press release. "It was only the second time this year that this sector led all other industries in monthly job cuts."
The report is an anecdotal, non-statistical tally of job-cut announcements that are reported in major media outlets. The report focuses only on job-cut announcements, not actual layoffs, and it doesn't take into account new hires or internal transfers at companies that have announced layoffs.
Challenger, Gray & Christmas Inc., an outplacement firm, tracks layoff announcements and releases its Challenger Employment report monthly.
-By Michael S. Derby, Dow Jones Newswires; 201-938-4192; michael.derby@dowjones.com
(END) Dow Jones Newswires
12-02-03 1003ET- - 10 03 AM EST 12-02-03