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NEW YORK (May 1) - U.S. companies' planned layoffs jumped 68 percent in April from the prior month to the highest since September 2006, pointing to further deterioration in the labor market, a report showed on Thursday.
Planned job cuts in U.S. companies totaled 90,015 last month, up from 53,579 in March and up 27 percent from a year earlier, employment consulting firm Challenger, Gray & Christmas Inc. reported.
Employers have announced 290,671 jobs to be eliminated in the first four months of 2008, up 9 percent from the 266,658 cuts recorded during the same span in 2007, the firm said.
Going forward, the fallout from record oil prices may result in more layoffs than the housing slump, John A. Challenger, chief executive officer of Challenger, Gray & Christmas.
"The impact of high gasoline prices is rippling through the economy much faster than the housing collapse ever did or will," Challenger said in a statement.
Originally posted by DimensionalDetective
Remember, we're just in a little "slowdown" according to our Decider...Nothing to worry about. No recession, no depression, everything's fine...Move on people, nothing to see here. Just a measely million jobless and homeless families.