By David Walsh 20 November 1998 US companies announced more than 90,000 layoffs in October, the highest total in 33 months. Manufacturing firms, which created 234,000 jobs in 1997, eliminated 52,000 jobs in October alone and have slashed 193,000 so far this year, according to the Labor Department.
Economists can only surmise that laid-off workers are being absorbed into the service sector.
A host of companies reported job cuts this past week. Following on the heels of Texaco's plan to cut 5 percent of its global work force, in response to falling oil prices, Occidental Petroleum and Atlantic Richfield both announced layoffs this week. Occidental's proposed capital expenditures budget for 1999 is down 47 percent from 1997. ARCO will cut approximately 1,000 of its 9,700 workers worldwide. Meanwhile in Europe oil giant Royal Dutch Shell is slashing 3,000 jobs after a collapse in third-quarter profits.