Report: Job Cut Announcements Jump
Reuters
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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.
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