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Looks like all the bailout money for the banks is finally paying off...:rolleyes:
[Check the sector stats below]:
[Check the sector stats below]:
Planned job cuts surge 45% in January
Outplacement firm reports that announced cuts by U.S. employers climb to 241,749, the highest amount in seven years.
By Jessica Dickler, CNNMoney.com staff writer
February 4, 2009: 7:30 AM ET
NEW YORK (CNNMoney.com) -- Jobs took another bad beating last month, with planned cuts rising to the highest level in seven years, according to a report released Wednesday.
Job cut announcements by U.S. employers soared to 241,749 in January, up 45% from December's 166,348 cuts, according to outplacement firm Challenger, Gray & Christmas Inc. That was the highest number of pink slips handed out since January 2002.
Layoffs rose 222% - more than triple -from January 2008, when 74,986 job cuts were announced.
On the heels of the worst holiday season in decades, the retail sector was hit the hardest. Boosted in a large part by Circuit City, 53,968 job cuts were announced.
Following retail, the industrial goods industry cut 32,083 jobs last month, while the computer, pharmaceutical and aerospace industries also notched large losses.
"The variety of industries represented among the top five job-cutting sectors in January is further evidence of how far the impact of this recession has spread. Industries that at first appeared to be immune to downturns, such as computer and pharmaceutical, are now rapidly shedding workers," John Challenger, chief executive officer of Challenger, Gray & Christmas, said in a statement.
"If there is any bright spot in the latest job-cut data, it is the fact that financial firms announced only 1,458 job cuts in January. That is the lowest one-month total for that industry since 2005," said Challenger...
Outplacement firm reports that announced cuts by U.S. employers climb to 241,749, the highest amount in seven years.
By Jessica Dickler, CNNMoney.com staff writer
February 4, 2009: 7:30 AM ET
NEW YORK (CNNMoney.com) -- Jobs took another bad beating last month, with planned cuts rising to the highest level in seven years, according to a report released Wednesday.
Job cut announcements by U.S. employers soared to 241,749 in January, up 45% from December's 166,348 cuts, according to outplacement firm Challenger, Gray & Christmas Inc. That was the highest number of pink slips handed out since January 2002.
Layoffs rose 222% - more than triple -from January 2008, when 74,986 job cuts were announced.
On the heels of the worst holiday season in decades, the retail sector was hit the hardest. Boosted in a large part by Circuit City, 53,968 job cuts were announced.
Following retail, the industrial goods industry cut 32,083 jobs last month, while the computer, pharmaceutical and aerospace industries also notched large losses.
"The variety of industries represented among the top five job-cutting sectors in January is further evidence of how far the impact of this recession has spread. Industries that at first appeared to be immune to downturns, such as computer and pharmaceutical, are now rapidly shedding workers," John Challenger, chief executive officer of Challenger, Gray & Christmas, said in a statement.
"If there is any bright spot in the latest job-cut data, it is the fact that financial firms announced only 1,458 job cuts in January. That is the lowest one-month total for that industry since 2005," said Challenger...
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