Planned Layoffs Increase, Still On Trend

Layoff announcements rose in October but were still on trend, at 50,275 which is up from 41,557 in September but near the 51,000 monthly average over the last 12 months. October's cuts reflected a 9,000 announcement from Hewlett-Packard, layoffs that will be put into effect by 2022. Altogether, technology companies accounted for nearly 16,000 of October's announcements with health care also high at 5,400 as hospitals cite lower Medicare and Medicaid reimbursements. But retail, a sector adjusting to new technologies, has announced the most cuts this year including more than 6,100 in October with industrial goods manufacturers, hit by this year's slowing in business investment, second so far this year including nearly 2,600 in the latest month. Altogether, however, October's announcements confirm steady conditions in the labor market ahead of tomorrow's employment report.