econintersect .com
       
  

FREE NEWSLETTER: Econintersect sends a nightly newsletter highlighting news events of the day, and providing a summary of new articles posted on the website. Econintersect will not sell or pass your email address to others per our privacy policy. You can cancel this subscription at any time by selecting the unsubscribing link in the footer of each email.



posted on 01 February 2018

January 2018 Job Cuts Up 38% With Retail Leading

from Challenger Gray and Christmas

The nation's employers announced plans to cut 44,653 jobs in January, 37.7 percent more than the 32,423 cuts announced in December.

While January cuts were up from the previous month, they were 2.8 percent lower than the same month one year ago, when 45,934 cuts were announced.

Said John Challenger, Chief Executive Officer of Challenger, Gray & Christmas, Inc.

Many companies are enjoying relative financial health and a strong economy right now. The good news for those who are finding themselves separated from their previous companies is that employers are scrambling to find talent.

Retail, Consumer Products, and Services are all sectors ripe for automation. This may spell a loss of jobs in the short term, but could create better, higher-paying jobs going forward

Retailers cut 31.6 percent fewer jobs last month than in January 2017, when 22,491 were recorded. Last January, retailers saw the highest single-month total since 53,968 Retail cuts were announced in January 2009.

The Consumer Products sector announced the second highest number of job cuts last month, with 7,158, while Health Care and Products companies announced 6,531.

The Services sector announced 3,212 cuts in January, while companies in the Transportation sector announced 1,472 cuts last month. Concludes Challenger:

It remains to be seen what impact the passage of tax legislation will have on companies' staffing plans. We've seen a number of companies announce one-time bonuses or a raise to their minimum wages. Other companies are planning new investments, and several have pledged new jobs.

According to Challenger tracking, seven companies have announced plans to add over 37,000 new jobs, so far. This includes Apple's announcement of creating 20,000 new jobs and Starbucks pledge to hire 8,500 new workers. Nearly 180 companies have announced some sort of investment, either through bonuses to employees, increased wages, new jobs, or new facilities.

In fact, nearly 60 companies announced they are raising wages for their workers, typically to around $15 per hour.

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

TOP FIVE INDUSTRIES

Year To Date

2018

2017

Retail

15,378

22,491

Consumer

7,158

316

Health Care/Products

6,531

2,250

Services

3,212

1,691

Transportation

1,472

328

MONTH-BY-MONTH TOTALS

2018

2017

January

44,653

45,934

February

36,957

March

43,310

April

36,602

May

33,092

June

31,105

July

28,307

August

33,825

September

32,346

October

29,831

November

35,038

December

32,423

TOTAL

44,653

418,770

Some reductions are identified by employers as workers who will take early retirement offers or other special considerations to leave the company.

LAYOFF LOCATION

Year To Date

Texas

8,951

Ohio

7,215

California

6,579

New York

2,811

Pennsylvania

2,350

JOB CUTS BY INDUSTRY

17-Jan

17-Dec

18-Jan

Aerospace/Defense

964

214

295

Apparel

0

Automotive

3,365

129

703

Chemical

51

65

Commodities

339

153

Computer

2,211

749

756

Construction

370

163

69

Consumer Products

316

818

7,158

Education

146

2,456

135

Electronics

90

12

571

Energy

1,853

787

1,129

Entertainment/Leisure

1,634

339

440

Financial

260

664

637

Food

387

759

1,286

Government

1897

260

328

Health Care/Products

2,250

2,587

6,531

Industrial Goods

1,306

14,193

964

Insurance

138

1,190

428

Legal

3

0

Media

546

197

855

Non-Profit

234

83

36

Pharmaceutical

872

744

976

Real Estate

48

20

55

Retail

22,491

1,419

15,378

Services

1,691

3,338

3,212

Telecommunications

1,033

832

951

Transportation

328

131

1,472

Utility

1450

70

TOTAL

45,934

32,423

44,653

JOB CUTS BY REGION, STATE

EAST

January

New York

2,811

Pennsylvania

2,350

Massachusetts

972

Connecticut

601

Rhode Island

477

Maryland

378

New Jersey

102

Dist. of Columbia

Delaware

New Hampshire

Vermont

Maine

7,691

MIDWEST

January

Ohio

7,215

Missouri

1,152

Illinois

1,072

Indiana

969

Michigan

828

Wisconsin

676

Iowa

382

Minnesota

331

Nebraska

228

Kansas

161

TOTAL

13,014

JOB CUTS BY REGION, STATE

WEST

January

Texas

8,951

California

6,579

Arizona

644

Alaska

592

Washington

515

Oklahoma

246

Oregon

208

Colorado

197

Idaho

135

Nevada

100

New Mexico

12

Utah

Montana

Hawaii

Wyoming

South Dakota

North Dakota

TOTAL

18,179

SOUTH

January

Florida

1,247

Arkansas

1,058

N. Carolina

670

Georgia

590

Virginia

450

Alabama

405

S. Carolina

357

Kentucky

328

Tennessee

294

Louisiana

270

Mississippi

100

West Virginia

TOTAL

5,769

JOB CUTS BY REASON

January

Closing

23,785

Cost-Cutting

10,660

Restructuring

6,625

Contract Loss

1,748

Acquisition/Merger

762

Outsourcing

680

Relocation

333

Bankruptcy

60

TOTAL

44,653

Copyright 2018 Challenger, Gray & Christmas, Inc.


>>>>> Scroll down to view and make comments <<<<<<




Permanent link to most recent post on this topic

Click here for Historical Releases Listing










Make a Comment

Econintersect wants your comments, data and opinion on the articles posted. You can also comment using Facebook directly using he comment block below.






Econintersect Economic Releases








search_box
Print this page or create a PDF file of this page
Print Friendly and PDF


The growing use of ad blocking software is creating a shortfall in covering our fixed expenses. Please consider a donation to Econintersect to allow continuing output of quality and balanced financial and economic news and analysis.







Keep up with economic news using our dynamic economic newspapers with the largest international coverage on the internet
Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government




























 navigate econintersect .com

Blogs

Analysis Blog
News Blog
Investing Blog
Opinion Blog
Precious Metals Blog
Markets Blog
Video of the Day
Weather

Newspapers

Asia / Pacific
Europe
Middle East / Africa
Americas
USA Government
     

RSS Feeds / Social Media

Combined Econintersect Feed
Google+
Facebook
Twitter
Digg

Free Newsletter

Marketplace - Books & More

Economic Forecast

Content Contribution

Contact

About

  Top Economics Site

Investing.com Contributor TalkMarkets Contributor Finance Blogs Free PageRank Checker Active Search Results Google+

This Web Page by Steven Hansen ---- Copyright 2010 - 2018 Econintersect LLC - all rights reserved