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Challenger: Layoffs surge 43% in September

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Challenger:  Layoffs surge 43% in September

More than half attributed to HP.

The third quarter ended with a surge in job cuts, as US-based employers announced plans to shed 58,877 in September, a 43% increase from the previous month, according to a report released Thursday by global outplacement consultancy Challenger, Gray & Christmas, Inc.

The September total was third largest of the year behind July (105,696) and April (61,582). It was 93% higher than the 30,477 planned layoffs announced the same month a year ago.

In all, 205,759 job cuts were announced in the third quarter, making it the largest job-cut quarter since the third quarter of 2009, when planned layoffs totaled 240,233.

“Job cuts have already surpassed last year’s total and are on track to end the year as the highest annual total since 2009."

The Q3 total was 40% higher than the previous quarter’s 181,213 job cuts. It was 75% higher than the third quarter of 2014, when 117,374 job cuts were announced.

For the year, employers have announced 493,431 planned layoffs, 36% more than the 363,408 cuts tracked from January through September a year ago. The year-to-date total is actually 2.0% higher than the 2014 year-end total of 483,171.

“Job cuts have already surpassed last year’s total and are on track to end the year as the highest annual total since 2009, when nearly 1.3 million layoffs were announced at the tail-end of the recession,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas.

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