Planned Job Cuts Jump, but Low for January

CHICAGO (AP) – Announced job cuts jumped 28 percent last month, reaching more than 53,000. That’s according to the outplacement firm Challenger, Gray and Christmas. CEO John Challenger says January is historically the heaviest jobs-cut month, explaining “many companies put off their layoff decisions until after the holidays.” But this January’s losses were actually the lowest on record. Most of the announced cuts are in the retail and financial sectors. At the same time, Challenger says new jobs are being created “at levels we didn’t see during the recession.” The Labor Department releases the overall employment numbers for January tomorrow morning.

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