so much for the JobLOSS Recovery...well on it's way to a job near YOU!
US firms announce deeper job cuts in
January
Tue Feb 3,10:29 AM ET
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WASHINGTON (AFP) - American employers swung a heavier jobs
axe in January, announcing more than 100,000 cuts for the first time in
three months, a closely watched survey showed.
Companies planned 117,556 cuts in
January, traditionally a tough month for the
labor market, up 26 percent from December,
according to a survey conducted for
outplacement firm Challenger, Gray and
Christmas.
It was the biggest job-cutting figure since
October.
"It is too early to tell if we are going to have
another year of heavy job cutting," the
company's chief executive John Challenger
said Tuesday.
"We typically see higher job cuts in January
as companies set into motion business
plans and employment needs for the new
year."
In January 2003, employers had announced
132,222 job cuts.
"One factor that might impact job-cut activity
this year is the escalation of offshore
outsourcing, which could see some
employers eliminate jobs in America and
shift the work to service providers in
countries such as India, China and the
Philippines," Challenger said.
"Another factor affecting job cuts is the possibility of increased mergers
and acquisitions. We have already seen a couple of large deals
announced this year, one of which expected as many as 10,000 job cuts
to take place as redundant positions are eliminated," he added.
"This could be a big year for such transactions as companies try to
strengthen their position in the marketplace as the recovery builds
momentum," he said.
Workers in the consumer products industry were hardest hit with 22,775
cuts, followed by the financial sector with 15,157, retail with 14,016, food
with 12,701 and industrial goods with 11,797.
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