CHICAGO, Feb. 4 (UPI) -- A record number of U.S. retail job cut announcements in January propelled the monthly total to a seven-year high, a private consulting firm said Wednesday.
Challenger, Gray & Christmas Inc. said 241,749 job cuts were announced in the month, the highest figure since January 2002. In the month, retailers announced 53,968 job cuts, the report said.
The figures fall into predictable trends.
"Historically, January is the heaviest downsizing month," the report said. In addition, retailers are apt to make cuts following the holiday shopping season.
January 2009, however, included the fourth highest total of announced cuts on record, Challenger, Gray & Christmas said.
January 2002 holds the record with 248,475 cuts. September 2001 included 248,332 announced cuts, followed by October 2001 when 242,192 layoffs were announced.
January's retail record also puts the retail sector within 28,000 announced cuts of the total for 2008, which was 81,621.
"Unfortunately, there is no light at the end of the tunnel yet," Chief Executive Officer John Challenger said.
The only "bright spot" in the data is the 1,458 cuts announced by the financial sector was the lowest monthly total for that sector since 2005, he said.
