Layoff announcements rise 44.2% in April

Corporate layoff announcements nationwide totaled 70,672 in April, an increase of 44.2 percent compared with the 48,997 job cuts announced in March and 18.4 percent from the 59,688 in April 2006, according to the Challenger Job-Cut Report released today.

The increase reflects layoffs in the financial sector, led by huge cuts at Citigroup but also including job losses from the subprime mortgage meltdown.

The Challenger report serves as a leading indicator for unemployment claims. But, EconoDay notes, not all layoff announcements result in immediate job cuts.

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