Layoffs Wave Hits Europe

With stagnant economies across much of the continent, European companies are announcing major layoffs -- a painful step that mirrors those taken in the United States after the Sept. 11 terrorist attacks more than a year ago.

During October alone, close to 58,000 jobs were eliminated in the 12 countries that have adopted the euro, according to a report in the financial daily "Handelsblatt." The newspaper, citing data from Credit Suisse First Boston, said more than 58,000 layoffs were announced last month in the eurozone, up from 30,000 in September. The bank said layoffs totaling 72,000 were announced in Western Europe.