The number of announced layoffs fell to a five-month low in October, according to a new monthly survey.
U.S.-based employers announced they would cut 30,740 jobs in October, a 31 percent drop from September, global outplacement consultancy Challenger, Gray & Christmas reported Thursday.
It said October's total was the second-lowest of 2016, trailing 30,157 pink slips in May.
"I think it suggests that employers right now really are holding onto their people," Challenger CEO John A. Challenger told CNBC's "Squawk Box." "Right now, businesses are taking a breather, kind of a 'wait and see' attitude as they move into 2017."
For the second time in three months, most of the reductions were in the computer industry, which cut 4,792 jobs in October, bringing the sector's yearly total to 64,511.
The computer industry's total for 2016 is second only to the energy sector, which has cut a total of 103,147.
The majority of the computer industry's cuts stemmed from "the newly formed HP Inc.," the report said, which experienced difficulty settling into the tech sector.
"Heavier job cuts in the tech sector this year have been more indicative of an industry that is in flux, as opposed to one that is in trouble," Challenger said in a statement released by the company. "That is the nature of technology, so it is not unusual to see workforce volatility. Overall, the tech sector is about as healthy as it gets."