More U.S. job losses expected when November job report is released on Friday.
According to the ADP National Employment Report, about a quarter million private sector
jobs were cut in November -- well above the estimated 200,000 loss.
The goods-producing sector lost 158,000 jobs last month, its 24th consecutive month of decline,
while the service industry shed 92,000 jobs, according to the report.
Job losses occurred in all size firms, with medium-sized businesses (between 50 and 499 workers)
cutting 130,000 jobs, small businesses (less than 50 workers) slashing 79,000 positions, and
large businesses (at least 500 workers) axing 41,000 jobs.
Furthermore, outplacement firm Challenger, Gray & Christmas reported that job layoff announcements by U.S.
employers soared to 181,671 last month, up 61 percent from October's 112,884 cuts.
Finally, a recent Business Week reports that U.S. employers are once again coming up
with new names for layoffs -- beyond the overused downsizing, rightsizing, restructuring,
redundancy (more European), or re-engineering --
including Yahoo's plan "to become more fit" and eBay's "simplification" plan. Does a new
name make a laying off real people any less harsh?
