Employers announced plans to cut 44,653 jobs in January, according to a report issued by Challenger, Gray & Christmas. January’s announced cuts were 37.7% more than December’s and 2.8% less than last January’s.
The retail sector led the way, cutting 15,378 jobs in January. This is 31.6% higher than the same period last year. The energy sector continued to hold strong, announcing 1,129 cuts in January. This is a 39.1% decrease from this point last year when the energy sector had shed 1,853 jobs.
“Many companies are enjoying relative financial health and a strong economy right now. The good news for those who are finding themselves separated from their previous companies is that employers are scrambling to find talent,” said John Challenger, Chief Executive Officer of Challenger, Gray & Christmas, Inc.
Telecommunications companies reported 951 job cuts in January, 7.9% less than the 1,033 cuts through this point last year.
The services industry shed 3,212 jobs last month. This is an 89.9% increase from January 2016.
Read the Challenger, Gray & Christmas release.