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Investing August 5, 2002
Job Cut Announcements Cut in July
August 5, 2002 (PLANSPONSOR.com) - Job cut
announcements fell to the lowest level in 14 months,
according to a new report.
Reported by Fred Schneyer
Outplacement firm Challenger, Gray & Christmas said there were 80,966 planned job-cut announcements during the month – 15% less than the previous month (See Telecoms Tremors Drive up June Layoffs ) and 61% fewer than a year ago.
July was the third consecutive month that job cuts fell below the 100,000 mark. Prior to May 2002, monthly job cuts were over 100,000 in 16 out of 17 months. May 2001 was the only exception.
The 2002 seven-month job-cut total is 816,493, 17% lower
than the 983,337 last year.
For the fourth consecutive month and the tenth time in 13
months, telecommunications was the top job-cutting industry
with 20,196 planned job-cut announcements. Telecom
job cuts in July were 34% lower than the 30,455 announced
in June.
Telecommunications is one of the few sectors in which job cuts continue to rise. It has announced 186,036 job cuts in 2002, 6% more than the 175,350 job cuts announced through July 2001. Telecommunications now accounts for nearly a quarter of all 2002 announced cuts.