Layoffs soar as US plunges deeper into recession

Two separate surveys published Wednesday show that layoffs are mounting at record or near-record rates. The job placement firm Challenger, Gray & Christmas reported that job cuts announced by American employers in November more than doubled from a year earlier, led by a surge in layoffs by financial firms.

Layoff announcements last month rose 148 percent to 181,671, the most since January 2002, as compared to 73,140 job cuts announced in November of 2007. The number of planned job cuts increased 61 percent in November from the 112,884 announced in October, Challenger said.

The November total was the second highest on record, behind the 248,475 planned layoffs announced in January 2002, in the aftermath of 9/11.

Financial companies led industries in announced job cuts with 91,356 last month after Citigroup said it would cut 52,000 workers from its payroll. Retail employers followed with 11,073 firings, while computer and electronics firms combined for 15,350 cuts.

For the year to date, Challenger said the financial industry has slashed 220,506 jobs, compared to 147,395 jobs cut at this time last year.