posted on 09 March 2017
from Challenger Gray and Christmas
The shortest month of the year saw a decline in layoff announcements, as US-employers announced plans to cut 36,957 jobs in February, 19 percent fewer than the 45,934 cuts announced in January.
Last month's total was 40 percent lower than the 61,599 cuts announced in February. Employers have announced 82,891 job cuts so far this year, which is a 40 percent decline from the 136,713 job cuts announced through February of last year.
Retail continues to lead all sectors in job cuts as the industry pivots toward online and shrinks brick-and-mortar operations. Retailers announced 11,889 job cuts in February for a two-month total of 34,380. Retail cuts are nearly 580 percent more than the 5,930 cuts recorded in the energy sector, the next highest industry so far this year. Said Andrew Challenger, vice president of Challenger, Gray & Christmas:
Indeed, retailers are seemingly adding jobs just as quickly as they are cutting. Through February, Challenger has tracked over 33,000 hiring plans announced by retailers. According to the latest data from the Bureau of Labor Statistics, retail experienced the most job gains in January with 46,000 jobs added.
CHALLENGER, GRAY & CHRISTMAS, INC.
JOB-CUT ANNOUNCEMENT REPORT
Copyright 2017 Challenger, Gray & Christmas, Inc.
The energy sector, meanwhile, recorded an 87 percent decline in job cut announcements compared to this point last year. Energy companies announced 5,930 cuts through February this year, versus 45,154 job cuts during the same period in 2016. Oil and gas companies announced 3,281 of the 4,077 energy sector job cuts last month. Adds Challenger:
Hiring announcements are at an all-time high, according to Challenger tracking. In the first two months of the year, employers have announced plans to hire 162,266 workers, the bulk of which came from Amazon's January announcement to hire 100,000 workers. That is the highest January-February hiring total on record. The next highest total for the first two months of the year occurred in 2013, when employers announced plans to hire 152,957 workers.
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