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Wednesday, March 2, 2011

Planned Job Cuts Jump in February

Challenger, Gray & Christmas reported that planned job cuts rose for the second consecutive month in February.

There were 50,702 planned layoffs in February -- a jump of 32% compared to January's layoffs -- and the highest total since March 2010.

February' s job cut numbers are also 20% higher than planned layoffs announced in February 2010 making this the first year-over-year increase in monthly job cuts since May 2009.

Roughly a third (32.3%) of the layoffs last month came from government and non-profit employers.

Despite the consecutive monthly increase in planned job cuts, layoffs still remain relatively subdued compared to a year ago.

Read the press release.

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