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Report: fewer job cuts in Dec.
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January 3, 2002: 1:54 p.m. ET
But total job cuts for 2001 scored the highest since the survey began in 1993.
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NEW YORK (CNN/Money) - Challenger, Gray & Christmas reported on Thursday that there were fewer job cut announcements in December than November, but the number of job losses for all of 2001 was the largest since the outplacement firm began its survey in 1993.
The survey by Challenger found that job cuts announced in December totaled 161,584, down 11 percent from November, when companies announced 181,412 layoffs.
The total job cuts for the entire of 2001, however, showed the largest total job cuts of any year since Challenger began collecting the data in 1993, with nearly 2 million announced job cuts -- almost three times the number of layoffs in 1999.
But 2001 witnessed the largest total job cuts of any year since 1993, with nearly 2 million announced job cuts -- almost three times the number of layoffs in 1999.
"The job-cut numbers in 2001 far exceeded anything we ever could have anticipated back in January," said John Challenger, chief executive officer of Challenger, Gray & Christmas.
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The job-cut numbers in 2001 far exceeded anything we ever could have anticipated back in January.
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John Challenger
Challenger, Gray & Christmas |
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There were nearly 1.3 million more layoffs in 2001 than in the previous record year of 1998, when 677,795 jobs cuts were announced. Compared with December of 2000, job cut announcements rose 21 percent last month.
The Chicago-based company said Sept. 11 had a marked impact on the nation's labor market. Forty percent of job cut announcements this year took place after the attacks on U.S. cities, which exacerbated an already worsening labor market picture.
"Companies that had told us they were seeing a glimmer of light at the end of the tunnel suddenly found themselves thrust back into darkness," Challenger said.
Telecommunications was the largest job-cutting industry in 2001, and was responsible for 317,777 layoff announcements. 
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