Layoffs increase

Labor 411 -  With layoffs on the rise, and the Dow Jones negative for the year to date, an economic slowdown could be on the horizon.

CBS Moneywatch reports:

“General Motors’s recent decision to close five plants and lay off tens of thousands of workers came in a month that saw U.S. employers slash more than 53,000 jobs — and more are likely to follow suit. The trend is an indication that an economic downturn may be in the works, according to a consultancy that tracks layoffs.

‘Announcements like GM’s will not be the last, as companies adapt to shifting consumer behavior,’ Andrew Challenger, vice president, Challenger Gray & Christmas, said in in a statement. ‘We’ve already seen major plans in the U.S. from Verizon, Wells Fargo and Toys R Us for exactly those reasons.’

By Challenger’s tally, U.S. companies this year have cut nearly 495,000 jobs — 28 percent higher than in the same period a year ago. The current 11-month tally is the highest since 2015, when Challenger counted 475,000 jobs lost through November.