US-based employers report planned layoffs of 51,183 in October: Challenger

Job cuts surge 68% in October: Survey

The number of planned layoffs by U.S. employers surged nearly 70 percent in October after falling to a 14-year-low in September, according to a report by Challenger, Gray & Christmas.

Employers planned to cut 51,183 jobs in October, up significantly from 30,477 the previous month and the second highest reading this year.

The retail sector led the job losses with 6,874 planned layoffs, more than three times the cuts announced in September.