Job cuts related to the oil industry surged to a 6-month high in October
Job cuts related to the oil industry jumped to a six-month high in October.
Staffing firm Challenger, Gray & Christmas released its monthly report on Thursday morning. It showed that overall layoffs fell 14% from September to 50,504. Layoffs were down 1.3% year-on-year.
Nearly 14,000 layoffs were related to the oil industry, as it continues to deal with low oil prices that have yet to rebound to the levels they were before oil began tumbling last year.
Challenger, Gray & Christmas CEO John Challenger said in the statement that although falling oil prices are hurting companies in the energy and industrial goods sectors, they are helping others in areas like transportation.
Year-to-date, American employers have announced 543,935 job cuts, up 31% from a year ago.
"While job cuts are up in the retail and computer sectors, these are not necessarily an indication of an economy in decline," Challenger added. "Both industries are in a state of flux due to changing consumer and business trends. Many of the cuts we have seen this year in both industries have been the result of companies' inability to keep up with changes versus an overall decline in demand."