U.S. job-cut plans increased in November

December 8, 2004

Employment consulting firm Challenger, Gray & Christmas released a report Dec. 7, that said U.S. companies announced 104,530 planned job cuts in November, compared with 101,840 reported in October.

The report said the job cuts could affect consumer spending during the holidays. "The biggest worry for the economy is that the large number of lower-middle class and middle-class Americans struggling to make it paycheck to paycheck will be short of discretionary income during the holiday shopping season," said John Challenger, the firm's CEO.

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