Planned Layoff Announcements Shoot Higher

Inflated by long-term downsizing at Wells Fargo, layoff announcements shot higher in September, to 55,285 vs 38,472 in November for the highest total since March. The Wells Fargo announcement represents nearly half of September's total but the layoffs are slated to occur over the next three years. Excluding the financial sector, layoff announcements proved modest in September with retail a distant second at 5,907 followed by industrial goods at a relatively tame 2,235. Today's results, Wells Fargo aside, may actually hint at strength for tomorrow's employment report.