Thursday, January 8, 2015

2014 Saw Fewest Planned Job Cuts Since 1997

Employers announced plans to shed 32,640 workers from their payrolls in December, the lowest monthly total of 2014, according to a report issued by Challenger, Gray & Christmas. The past year saw the lowest planned job cuts since 1997.

December's announced job cuts were 9.2% lower than November’s job cut announcements of 35,940 yet 7% higher than December 2013 announcements, which was the lowest monthly tally in 2013.

In 2014, U.S.-based employers announced 483,171 planned layoffs, 5% fewer than 2013, when job cuts totaled 509,051.

The tech sector saw the heaviest downsizing in 2014, with a total of 59,528 planned layoffs, a 69% increase from the previous year. The retail sector followed with 43,783 planned layoffs, and the health care sector recorded 38,359 planned layoffs.

Overall, 16 of the 28 industries tracked by Challenger saw fewer layoffs in 2014.

Read the press release.

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