CHICAGO (CBS) — There is a glimmer of hope on the jobs front this Wednesday, as planned job cuts by businesses plummeted last month.

As WBBM Newsradio’s Regine Schlesinger reports, Chicago-based outplacement firm Challenger, Gray & Christmas says after reaching a more than two-year high in September, the number of planned job cuts announced by companies in October plunged to under 43,000.

LISTEN: WBBM Newsradio’s Regine Schlesinger reports

That was a 63 percent drop since September, and the lowest since June.

In an even more encouraging development, businesses announced plans to hire 160,000 new employees.

For the year through October, the report shows job cuts of more than 500,000 – 16 percent more than the same period last year, but well below levels during the depths of the Great Recession.

The government and financial sectors remain the top job-cutting industries this year.

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