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Layoff announcements jump 69% in January
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| Contributor | Ashley |
| Last Edited | Ashley Feb 04, 2008 10:18am |
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| Category | General |
| News Date | Monday, February 4, 2008 12:30:00 PM UTC0:0 |
| Description | WASHINGTON (MarketWatch) -- A fresh surge in financial-sector layoffs contributed to a 69% increase in corporate job-cut announcements in January, according to the latest tally compiled by outplacement firm Challenger Gray & Christmas released Monday.
U.S. corporations announced 74,986 job reductions last month, up from December's 44,416 and 19% higher compared with the previous January, Challenger Gray reported.
The financial sector cut 15,789 positions, accounting for more than a fifth of the documented job cuts for January.
Job cuts remain below levels seen in the 2001 recession, noted John Challenger, CEO of the firm that bears his name.
"If the economy dips into a full-blown recession, it will likely be caused by a drop in consumer spending and the effects of the high price of energy," Challenger said in a release. "In that case, we would expect to see job cutting in areas such as retail, consumer products, and transportation."
The Challenger Gray report is hardly comprehensive: It covers only a tiny fraction of those who lose their jobs each month. |
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