Feb. Announced Layoffs Down From Record

U.S. corporations announced almost three times as many layoffs in February compared with a year earlier, but planned job cuts were down from January’s record-high level, outplacement firm Challenger, Gray & Christmas said. Companies announced 101,731 layoffs in February, down 28% from January’s total of 142,208--the highest number of planned job cuts ever reported for one month in the survey’s eight-year history, the report said. February’s planned job cuts were nearly triple the 35,415 planned job cuts announced in February last year. Since the start of December 2000, job cuts have totaled 377,652, compared with 130,752 during the same three-month period a year ago. The automotive sector has led industries so far this year with 57,656 job cut announcements, including 22,697 in February. Telecommunication companies had 42,879 planned layoffs during the first two months of the year, while retailers have announced 26,733 job cuts. The job cut announcements include staff reductions that will be made through attrition or early retirement as well as actual firings.