Perfect Timing For A War In Iraq...
Report: Job Cut Announcements Jump
Tuesday February 4, 10:24 am ET
NEW YORK (Reuters) - Layoff announcements at U.S. firms rose in January, as the threat of war in Iraq not only discouraged managers from hiring but also drove companies to shed more workers, a report showed on Tuesday.
In the latest sign of a still-wobbly U.S. labor market, companies said they intended to slash 132,222 jobs from their payrolls last month, a 42 percent jump from the 92,917 planned layoffs announced in December, employment research firm Challenger, Gray & Christmas said.
"Even if businesses were in a position to hire, many would probably delay such action in light of the uncertainty surrounding Iraq," said John Challenger, chief executive of Challenger Gray.
A conflict in Iraq would have a dramatic impact on U.S. businesses, affecting everything from the price of oil and fuel to the ability to transport goods and services overseas, the report said.
The report comes as economy-watchers await a crucial January jobs survey, which the U.S. Labor Department is slated to release on Friday at 8:30 a.m. EST (1330 GMT). Economists polled by Reuters expect the jobless rate to remain unchanged at 6 percent. |
