Thursday, January 5, 2012

Planned Job Cuts Fall in December

Planned job cuts announced by U.S. employers declined in December to its lowest level in six months, according to a report from Challenger, Gray & Christmas, Inc.

December's announced layoffs of 41,785 were down 1.6% from November's level, but were up 31% from December 2010.

Announced job cuts of 606,082 for 2011 were up 14% from the 2010 total of 529,973 announced job cuts; but almost 53 percent below 2009 job cut announcements.

The increase in job cuts in 2011 was due primarily to downsizing in the government sector, where employers announced plans to eliminate 183,064 jobs, a 29% increase from 142,255 announced job cuts in 2010. The financial sector ranked second in announced layoffs with 63,624 job cuts this year.

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