In its monthly report on U.S. job cuts, outplacement company Challenger, Gray & Christmas said tbat planned layoffs at U.S. firms in January reached a seven year high, showing the recession continues to gain steam.
The announced layoffs totaled 241,749, up 45% from December's 166,348, and close to 3 times as much as January 2008, Challenger, Gray & Christmas said.
More grim news from the report:
"Unfortunately, there is no light at the end of the tunnel yet. Even if the stimulus package is successful, it could take months to make a noticeable impact on the employment picture."
New York state had the highest number of layoffs, but also impacted heavily were Illinois, Virginia, California, and Massachusetts. It's true, however, that January is traditionally a high layoff month, partially due to retailer payroll cutbacks after the holiday shopping season.
At the same time, in a separate report, ADP Employer Services said the private sector cut 522,000 jobs in January versus a revised 659,000 jobs lost in December (originally reported at 693,000).
Comment and add to the story without registration, but keep the comments meaningful please. Links are not accepted.
