The number of planned layoffs by U.S. employers fell to a 14-year low in September, according to a report by Challenger, Gray & Christmas.
Employers planned to cut 30.477 jobs in the month, down from a little over 40,000 planned layoffs a month earlier. Heading into the fourth quarter, 2014 is now on track to have the lowest number of planned job cuts since 1997.
Layoffs in the entertainment industry contributed heavily to the number of job losses, specifically at casinos in Atlantic City, which lost more than 7,000 jobs, the report said.
To date, employers have announced 363,408 planned layoffs, 6.2 percent fewer than the 387,384 cuts announced through September, 2013.
"There have been a couple of bumps in the road for the economy lately, which caused consumer confidence to drop in its latest reading. However, as this report shows, the recent hiccups have not resulted in widespread layoffs. Job security is being helped by the fact that corporate profits remain near record highs. So, we may see some ebb and flow in the rate of hiring, but employers, at this point, are reluctant to make any over-correction in workforce levels," John A. Challenger, chief executive officer of Challenger, Gray & Christmas, said in a statement.
The computer sector continues to lead all industries in terms of year-to-date job cuts. Employers in the that industry have announced 49,002 job cuts so far this year, nearly double the 27,892 computer-sector job cuts in the first nine months of 2013.