Benefits May 3, 2001

Job Cuts Picked Up Speed in April

May 3, 2001 (PLANSPONSOR.com) - Job cuts by US companies are leaping to their highest levels since the survey began in 1993, according to a survey released by outplacement firm Challenger, Gray & Christmas.
Reported by

Reflecting the US economic slowdown, 165,564 job cuts were announced in April, compared with 162,867 in March. That was four times higher than at the same time last year.

April marks the fifth consecutive month in which more than 100,000 job cuts were announced. On a year-to-date basis, the numbers are even more pronounced, with 572,370 planned job cuts, compared to 179,144 in the same period in 2000.

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The report found the highest number of layoffs in:

  • telecommunications companies, which will cut 26,464 jobs
  • computer companies will downsize by 18,498 jobs
  • financial firms plan to shed 16,515 jobs.


 

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