Employers in 2010 Announced Fewest U.S. Job Cuts in 13 Years

[Harry Hope]

Source: Bloomberg


Jan 5, 2011

Employers in 2010 Announced Fewest U.S. Job Cuts in 13 Years

By Courtney Schlisserman


Employers in 2010 announced the fewest job cuts since 1997 as the U.S. economy recovered from the worst recession since the 1930s, a private survey showed.

There were 529,973 planned firings last year, down 59 percent from 2009 when job cuts reached a seven-year high, according to Challenger, Gray & Christmas Inc. The Chicago-based outplacement firm said December firings dropped 29 percent from the same month a year earlier.

Employers announced 32,004 job cuts last month, the fewest since June 2000. While firings are slowing, job growth has been restrained, highlighting why Federal Reserve officials said they’ll move forward with a plan to purchase $600 billion in bonds to bolster the economy.

It was “still a lackluster year for the overall job market,” John A. Challenger, chief executive officer of Challenger, Gray & Christmas, said in a statement. “Hiring in the private sector is expected to once again be slow and steady” in 2011, he said.

Compared with November, job cut announcements declined by 34 percent.



Read more: http://www.bloomberg.com/news/2011-01-05/employers-in-2010-announced-fewest-u-s-job-cuts-in-13-years.html

---

[FreakinDJ]

1. Shit - there is no one left to cut

[littlewolf]

4. that is the first thing that came to mind when I saw this nt

[valerief]

5. Preciously!!! nt

[babylonsister]

2. Rec'd. Some good news; I'll take it! nt

[fasttense]

3. Eliminating 25% of American jobs was enough? n/t

[robcon]

6. This only means that large employers are not the ones cutting back.

ONly large companies "announce" layoffs.

From my personal observation, it is storefronts and small businesses that still suffer.

In my New York suburb, for example, more than 1 in 10 stores are closed and unrented, and have been for some time.