Planned job reductions jumped in January

CHICAGO, Feb. 4 (UPI) -- Planned reductions in the U.S. workforce jumped 69 percent in January, a report from Challenger, Gray & Christmas, Inc., released Monday said.

The monthly total of 74,986 jobs to be trimmed is the highest since August, when 79,459 jobs were cut and up from December's planned reduction of 44,416 jobs.

Financial jobs lead the reductions with one-fifth of the planned job losses recorded -- a 177 percent jump in planned reductions for that sector.

Reductions in the beleaguered banking and investment industries totaled 5,710 in December and jumped to 15,789 for January.

Retail, leisure and hospitality and technical services recorded gains, while the jobs in the automotive and pharmaceutical industries could be at risk, the report said.

The pharmaceutical sector ranked second in planned job reduction with 7,626 announced cuts driven not by the economy so much as the expiration of existing drug patents, the report said.