Oct. job cuts jump to five-year record

Nov 05, 2008 | 12:19 PM | Corinna Petry

Employers announced plans to slash 112,884 workers from their payrolls in October, the highest monthly level in almost five years, in another sign of the weakening labor market.

"Heavy downsizing in the financial and automotive sectors contributed to a 19-percent increase from a September job-cut total of 95,094," John A. Challenger, chief executive officer of Challenger, Gray & Christmas, a Chicago-based consulting firm that released the October numbers, said in a statement.....

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