Job-cut announcements triple in September but drop from previous year
BY FRANCINE KNOWLES Staff Reporteremail@example.com October 4, 2012 9:46AM
Updated: November 6, 2012 6:21AM
Planned job cut announcements by Illinois-based employers more than tripled in September from August, but were down nearly 43 percent from September 2011, according to the latest report from Chicago-based Challenger, Gray and Christmas that shows cuts for 2012 running ahead of last year.
There were 2,191 planned job cut announcements by Illinois employers last month, up from 677 in August, but down from 3,835 in September 2011, the outplacement firm said.
The biggest cuts announced last month were at Navistar, which announced 700; Bombardier Recreational Products, which announced 300; and BMO Harris Bank, which announced 200.
Through the first nine months of 2012, Illinois-based employers announced 20,080 cuts, up 13.8 percent from the same period a year earlier. The announcements reflect cuts in and out of Illinois.
Illinois has grappled more than other parts of the country with state and local government sector job losses due to the state’s debt woes, and the unemployment rate has exceeded the nation’s, said John Challenger, chief executive officer of the firm. The unemployment rate in Illinois was 9.1 percent in August. It was 8.1 percent nationally.