Layoffs Higher on Financial Sector Job Cuts

February 4, 2008 No Comments »


Planned layoffs conducted by U.S. companies jumped 69 percent in January compared to the previous month, according to the latest report from employment consulting firm Challenger, Gray & Christmas Inc.

There were a total of 74,986 job cuts in January, up from 44,416 in December, the highest total since August, led by a strong share of financial sector layoffs.

Jobs lost in the financial sector made up more than one-fifth of the January cuts, or 15,789 jobs, up from 5,710 in December.

The pharmaceutical sector was the second hardest-hit sector, seeing 7,628 job losses during January.

Despite those losses, retail, leisure, hospitality, and professional and technical services saw employment gains during the month.

And job losses are a far cry from 2001 recession levels, when they averaged a whopping 140,000 cuts a month.

Challenger noted that recession level numbers can be avoided if the proposed stimulus package is successful.

Check out the latest list of mortgage layoffs, mergers and closures.

(photo: claudecf)

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