Layoff announcements at US firms fell 40 per cent in February from January, but the number of job cuts was still too high to signal a rebound in the US battered job market, recruitment consultants Challenger, Gray & Christmas said today.
The outplacement firm said job cuts announced in February totaled 128,115, down from 212,704 layoff announcements in January, the Challenger report said.
But it warned that any number over 100,000 indicates employers "are still focused on contraction."
"Even though February job cuts showed a significant decline, there is no reason to think the job market is rebounding," said Mr John Challenger.
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The telecommunications sector announced the most job cuts last month, extending a trend that started early last year.