Job-cut report offers optimistic view

CHICAGO, Nov. 1 (UPI) -- The number of planned job cuts announced by U.S. employers fell 12 percent in October, the second consecutive monthly drop, a consultant's report said Thursday.

The number fell to 63,114 from September’s 71,739. The struggling financial industry led the way, its job cuts plunging 61 percent to its lowest level in three months. The overall October figure was down 8.8 percent from the same month a year ago.

With two months remaining in 2007, year-to-date job cuts totaling 650,708 were 8.1 percent lower than last year’s 10-month total of 708,406, according to the monthly report from the global outplacement consultancy Challenger, Gray and Christmas.

“It may be too soon to declare an end to the crisis in housing and the credit markets but this is definitely a very positive report,” said John A. Challenger, chief executive officer.