February Job Cuts Fell 28% From January: Challenger Survey
Erica Berardi
03/05/01 - 01:05 PM EST
Challenger Gray & Christmas said U.S. corporations laid off almost three times as many employees in February compared with the previous year, but the number of planned job cuts fell from January's record high.
In February, companies laid off 101,731 workers, down 28% from January's 142,208 employees. In the year-ago period, 35,415 workers lost their jobs.
For the three months beginning in December, a total of 377,652 job cuts were announced, up from 130,752 in the same three-month period one year ago, according to Challenger, a Chicago-based outplacement firm that tracks job cuts.
The automotive industry leads the way with 57,656 layoffs so far this year. Telecommunication companies sent 42,879 workers packing, and retailers gave 26,733 people the boot.
E-commerce companies have set plans to cut 21,383 jobs so far in 2001, and computer companies, including hardware and software, will slash 16,242 jobs.
