'Tis the season for layoffs, firm reports

In the largest monthly layoff toll since January 2002, U.S. companies cut 181,671 jobs in November, a 61% increase over October, according to research released Wednesday. Industry watchers expect as the holiday season continues that employers will be looking to further downsize in preparation for a lean new year.

Watch a slideshow of the most notable layoffs of 2008.

Challenger, Gray & Christmas reported the number of positions cut in November is the highest since January 2002, when companies were struggling to recover in the wake of the terrorist attacks of Sept. 11, 2001. The total number of jobs cut in November not only outpaced previous months this year, but also represents a 148% increase over the same month last year.

"November represents the largest job-cut month since employers announced a record 248,475 planned layoffs in January 2002," Challenger, Gray & Christmas wrote in a statement.

And don't expect the holiday season to slow employers' plans to use layoffs as a cost-cutting measure to prepare for what promises to be more of the same in 2009, warns the global outplacement consultancy.

"Those hoping for a holiday reprieve in downsizing as Christmas approaches could be disappointed," said John Challenger, CEO at Challenger, Gray & Christmas, in a statement. "The spirit of the holidays will not preclude further job-cutting if economic conditions continue to deteriorate. In fact, December has historically been among the larger job-cut months of the year, with many employers making last-minute staffing adjustments to meet year-end earnings goals."

Those industries hardest hit in November were financial (91,356) -- most notably Citigroup's plan to reduce payroll by 50,000 employees -- retail (11,073), transportation (10,877) and automotive (10,132). Computers and electronics followed with 7,994 and 7,356 lost jobs last month, respectively. Annual totals for the two tech sectors topped out at 59,544 for computers and 30,542 for electronics. Telecommunications companies saw just 170 positions cut, but the year-to-date total reached 34,471.

"With the economy faltering and spending by consumers and businesses slowing to a trickle, other sectors see layoffs mounting. …These areas will continue to have problems as long as spending remains restricted," Challenger said.