Planned job cuts at U.S. firms climbed during November, a report said Tuesday, in a further sign of sluggishness in the labor market.
Employment consulting firm Challenger, Gray & Christmas said U.S. companies announced 104,530 in November, compared with 101,840 in October.
The report said the job shortfall could prompt consumers to curtail spending during the holidays.
"The biggest worry for the economy is that the large number of lower-middle class and middle-class Americans struggling to make it paycheck to paycheck will be short of discretionary income during the holiday shopping season," said John Challenger, chief executive officer of the firm, in a statement.
On Friday, the government reported very moderate addition of 112,000 to U.S. payrolls, well below expectations. That data also suggested the labor market is still having a tough time rebounding.
