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Have Layoffs Hit Bottom?

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    Challenger, Gray & Christmas CEO John Challenger weighs in on job cuts.

  • Duration 2:59
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It scrapped.

By in the nation's unemployment problems taken center stage of that debate last night.

Over the last three months we've seen five million jobs in the private sector created.

The auto industry's come roaring back.

And housing.

Has begun to rise.

But we all know that we've still got a lot of work to do and so the question here tonight is not where we've been boat where we're going wrong.

It's small business that creates the jobs in America.

And over the last four years small businesspeople decided that America may not be the place to open a new business.

Because new business start -- are down to a thirty year loan.

I know what it takes to get small business going again to hire people.

And new jobs numbers out this morning.

First time jobless claims -- a tad less than expected last week to 367000.

But unemployment rate still far too hot and her new numbers out on planned layoffs and we are joined now by the man who.

Put those numbers together John Challenger CEO of challenger gray and Christmas joins us now.

John -- out this morning saying September planned layoffs 33000 outfits up like 5% vs August -- down 70%.

Vs a year ago how we finally bottomed on job cuts do you think.

Well we'll see the job cuts have been very light.

This summer as have been that job creation numbers it's as though the economy has kind of been in a stall state outweighing four.

Perhaps.

This fourth quarter when over the last three years we've seen resurgence in the economy so we've been in this pattern now.

For three years where things seem to get going in that fourth quarter in the first quarter.

The economy's looking better jobs are getting created that all the sudden spring hits and through the summer.

Everything slows down to -- hall.

Right so we're still not very good on the job creation front but on the other side of the equation for job cuts they are slowing right you've got.

September the lowest month since September 97.

You've got the third quarter one of the slowest job cut corners in over a decade so are we finally at the bottom here.

-- certainly.

Let's hope this is a sign.

That companies just can't cut anymore.

That there place to start creating jobs they've.

That got people working full time I'd just don't think that's really what it is though seems more like we have companies at a point.

Where they're happy with -- where their -- they don't need to cut jobs.

There economy's growing slowly one point 7% for the first six months as though they're in a steady state.

They don't want to take -- be a big chances.

Go out and create new jobs.

Open up new.

Facilities.

Develop new products and higher out in advance of the demand that's coming in but they are willing to go what they've got affect the productivity gains.

That they're getting almost cover what they need in terms of there.

Revenue growth.

OK thanks so much for being with us this morning John Challenger.

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