Job creation down, layoffs up, report says

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Oct 7, 2004 - A new report found that layoffs reached an eight-month high in September, while new hiring rose only slightly.

Employment consulting firm Challenger, Gray & Christmas Inc. said companies announced 107,863 layoffs in September, 45 percent more than in August. The figure was the largest since January, when employers laid off 117,556 workers. Meanwhile, employers hired only 16,166 new workers, compared with 132,105 in August.

The computer, transportation, telecommunications and consumer products industries were particularly hard hit by the cuts.

"Historically, the period from September 1 through December 31 is when we see the heaviest downsizing and this year appears to be on track to repeat that trend," John Challenger, chief executive officer of the firm, told Reuters.

"This period can also be a time for hiring since companies are looking ahead to the new-year and making budget and staffing decisions," he said. "Weak hiring announcements last month are not a good indication of stronger job creation to come."