Planned layoffs drop to 10-year low

Sept. 1, 2010 at 1:42 PM
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CHICAGO, Sept. 1 (UPI) -- The number of planned U.S. job layoffs fell sharply in August to a 10-year low, a private research group said Wednesday.

Challenger, Gray & Christmas said job cuts announced by employers fell to 34,768 in the month, down 17 percent from the 41,676 announced a month ago.

The job cuts in August were also 55 percent lower than August 2009, when nearly 76,500 layoffs were announced.

"To put this in perspective, job cuts never fell to these levels following the 2001 recession, not even when the economy was reaping the rewards of the housing boom," said Chief Executive Officer John Challenger.

"If there is a double-dip recession on the horizon, either companies do not see it or they have no slack in their existing workforce," he said.

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