September Layoffs Highest in Two Years

Obamanomics:

August private payrolls were revised down to an increase of 89,000 from the previously reported 91,000.

But the number of planned layoffs at U.S. firms in September jumped to its highest in more than two years due to heavy cutbacks by the U.S. military and Bank of America, another report on Wednesday showed.

Employers announced 115,730 planned job cuts last month, more than double August's total of 51,114, according to the report from consultants Challenger, Gray & Christmas, Inc.

The figure was the highest since April 2009 when 132,590 layoffs were announced.

September's job cuts were also much higher than the same time a year ago, tripling from the 37,151 job cuts announced in September 2010. For 2011 so far, employers have announced 479,064 cuts, up 16.5 percent from the first nine months of 2010.

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