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Ohio layoffs drop significantly in October

In what seems to be an endless string of troubling economic news, some good news is making headlines in Ohio this week. The outplacement firm Challenger, Gray & Christmas says that overall layoff announcements in Ohio dropped a staggering 83 percent in October. The Ohio numbers were better than the national trend, where layoffs dropped by more than 60 percent. Ohio ranked second in the Midwest in October for planned layoffs, according to the recent report.

Cincinnati bankruptcy attorneys are aware that layoffs, along with such life changing events as divorce and medical issues, are among the driving forces behind Ohio resident's decision to file for bankruptcy relief. The drop in layoffs nationally was accompanied by reports that a number of employers are expecting to hire for the holiday shopping season. However, the outplacement firm releasing the data says people should not take either pieces of information as the last word on a turnaround in employment across the country.

Economic distress in Europe is still affecting the global economy. Wall Street and the big banks are still hurting from the foreclosure crisis.

A spokesman for the outplacement firm says the October numbers appear to be part of a pattern of taking steps forward followed by steps backward. He says "We seem to be in a pattern of two or more consecutive months with low job-cut totals, followed by a sudden spike one month, typically resulting from a small number of large layoffs." He expects the pattern to continue into next year.

Source: Dayton Daily News, "Layoffs fell last month in Ohio," Randy Tucker, Nov. 1, 2011

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