Wednesday, February 2, 2011

Lowest January Planned Job Cuts on Record

Challenger, Gray & Christmas reported that January's announced job cuts of 38,519 was the lowest January total on record. This continues the trend of slower downsizing by employers that began in the second half of 2010.

January's announced layoffs were 20 percent above December's planned job cuts of 32,004, the lowest monthly figure since June 2000. However, compared to one year ago, announced layoffs were 46 percent below the 71,482 job cuts in January 2010.

Challenger began tracking monthly layoff announcements in 1993 and January is historically the heaviest job-cut month with employers announcing an average of 104,560 job cuts to start the year.

Government and nonprofit sector announced the most job cuts of 6,450. This was followed by retailers, which planned to shed 5,755 jobs.

To read the press release, click here.

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