CHICAGO, March 2 (UPI) -- Job cuts in the United States are becoming less severe, according to an analysis by a Chicago outplacement firm.
Challenger, Gray & Christmas said planned workforce reductions announced by U.S. employers fell to 77,250 in February -- the lowest monthly figure since last September.
February was 34 percent lower than the 117,556 January job cuts and 44 percent lower than the 138,177 cuts announced in February 2003.
Employers have announced 194,806 job cuts in the first two months of the year, which is 28 percent behind the pace set in 2003 when companies cut 270,399 jobs in January and February.
The monthly average over the last six months still remains above 100,000, which, according to the firm's chief executive officer, John Challenger, indicates that companies are still in a heavy downsizing mode that is not likely to let up soon.
The firm also found that employers based in California, New York, Illinois, Texas and Michigan were the top job cutters between Jan. 1, 2001, and Dec. 31, 2003.
In these five states job cuts totaled 2,077,221, representing 45 percent of the 4,660,125 cuts announced during the three-year period.
