Job cuts persist at slower pace

A total of 37,986 jobs were cut across the United States in October, down 32% from the 55,679 jobs lost in the same month a year ago, according to a Chicago-based research firm.

A report published by Challenger, Gray & Christmas Inc. says 449,258 job cuts have been announced so far in 2010. In the first 10 months of 2009, employers eliminated 1,192,587 jobs, a 62% greater total.

John Challenger, CEO for the research group, says it's unclear what will spark a turnaround in hiring practices.

“The modest gains in business activity are currently being met by increasing hours of existing workers,” Challenger said. “Right now, it is difficult to imagine what exactly will provide the spark for increased hiring and an accelerated recovery.”

While hiring has slowed, it has not stopped completely. The CGC report said that 124,766 planned hirings were announced in the month of October.