Layoffs jumped in January as companies pull back on hiring
CBSN
Layoffs across the U.S. surged in January to their highest level for the month since 2009, when the economy was reeling from the housing crash, new data shows. Edited by Alain Sherter In:
Layoffs across the U.S. surged in January to their highest level for the month since 2009, when the economy was reeling from the housing crash, new data shows.
Employers announced 108,435 job cuts in the first month of the year, up 118% from the year-ago figures, according to outplacement firm Challenger, Gray and Christmas. Layoffs often rise in January as companies adjust their payrolls to meet financial targets for the forthcoming year.
The top three reasons employers cited in cutting jobs last month were losing a commercial contract, stock market and economic conditions, and restructuring.
The sectors that dismissed the most employees in January, according to Challenger, Gray and Christmas:
Driving the January layoffs were large cuts by several major companies. Those included Amazon, which said it was cutting 16,000 jobs, and delivery company UPS, which plans to slash its workforce by 30,000 this year.
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