Job Cuts Spike in October

October 31, 2001( - Some 4,849 jobs in the sector fell under the axe in October, many of them in the travel industry, according to a report by outplacement firm Challenger Gray and Christmas.

Breaking down October?s numbers further, Challenger reports that:

  • consumer service firms cut 2,055 jobs,
  • technology firms trimmed payrolls by 1,140, while
  • professional services companies eliminated 1,001 jobs

The October figure, which represents a 62% increase on September?s number, was inflated by fallout from the September 11 terrorist attacks on New York City and Washington DC.

Although the October increase is the first in monthly work force reductions in five months, the figure is still below the 5,677 jobs cut in October last year.

Year to date, the number of jobs cut now totals 95,621, more than quadruple the 21,966 cut in the first ten months of last year.