February Job Cuts Surge 32 Percent

The number of planned job cuts announced by U.S.-based companies increased for the second consecutive month in February, rising to 50,702, the highest total since March 2010, according to the latest report on monthly job cuts released Wednesday by global outplacement consultancy Challenger, Gray & Christmas, Inc.

The 50,702 job cuts announced last month was up 32 percent from January’s 38,519.  It was 20 percent higher than the 42,090 planned layoffs announced in February 2010.  This marks the first year-over-year increase in monthly job cuts since May 2009 when job cuts totaling 111,182 surpassed the 103,522 layoffs announced the same month a year earlier by seven percent.

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