The Challenger Job Cuts report just came out, and it was pretty meh.
Cuts were characteristically heavy for January.
Last month, the nation’s employers announced plans to cut 53,486 jobs from their payrolls. That was the largest monthly layoff total since 115,730 job cuts were announced last September, according to job cut report released Thursday by global outplacement firm Challenger, grey & Christmas, Inc.
The January total was 28 per cent higher than the 41,785 job cuts announced in December. It was 39 per cent higher than January 2011, when employers announced just 38,519 planned cuts.
It is not unusual to see a job-cut surge to start the year. Historically, January is the heaviest job-cut month, averaging 101,084 announced layoffs between 1993 and 2011. October, the next heaviest job-cut month, averaged 82,036 cuts over the same period.
Here’s the good news.
Check out this partial year-over-year breakdown of layoffs by industry. Almost every industry was worse this January compared to last, except government. We’ve been waiting for the turn in state and local layoffs, since that’s where the big drag has been. This seems to be stabilizing.