(FORTUNE Magazine) – Remember when AT&T announced a cut of 40,000 jobs? (It was January 1996.) With the economy in its seventh year of expansion, such mammoth cuts are getting rare, as these figures from Challenger Gray & Christmas show. Total announced job cuts last year--434,350--were the lowest since the recession year of 1991.

TEN LARGEST COMPANY LAYOFFS ANNOUNCED IN 1997

1. Eastman Kodak 19,900 2. Boeing 12,000 3. Woolworth 9,200 4. Citicorp 9,000 5. Intl. Paper 9,000 6. Fruit of the Loom 7,700 7. Montgomery Ward 7,700 8. Levi Strauss 6,400 9. NationsBank 6,000 10. General Motors 5,525

TEN LARGEST INDUSTRY LAYOFFS IN 1997

1. Retailing 55,393 2. Industrial goods 38,249 3. Financial svcs. 37,159 4. Consumer goods 36,507 5. Aerospace/Defense 32,761 6. Computer 29,812 7. Automotive 28,667 8. Apparel 25,310 9. Electronics 22,008 10. Services 20,630

SOURCE: CHALLENGER GRAY & CHRISTMAS