Florida Job Cuts Significantly Down In October
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FLORIDA (CBSMiami) — Florida was a proud exception to a nationwide job cutting trend in October.
The South Florida Business Journal reports job cuts in Florida significantly declined in October, as cuts nationwide reached its highest level in five months, according to new data from outplacement firm Challenger, Gray & Christmas.
During the month of October, Florida employers announced 645 cuts, significantly down from 1,818 cuts in September.
Regionally, Florida ranked fourth in the Southeast, with only Georgia, Louisiana and Tennessee announcing fewer job cuts in October.
The country’s employers announced plans to cut 47,724 jobs, up 41 percent from the previous month.
Florida’s figures are based on public layoff announcements, such as Worker Adjustment and Retraining Notification (WARN) notices.
“The final three months of the year tend to see heavier downsizing activity as companies make year-end adjustments to meet earnings goals and to prepare for the New Year,” said John A. Challenger, CEO of Challenger, Gray & Christmas, in a statement. “Certainly, the deluge of weak third-quarter earnings reports that resulted from declining sales here and abroad does not bode well for workers as 2013 approaches.”
The South Florida Business Journal contributed material for this report.