150% Increase From Last Year; 97,379 JANUARY ANNOUNCED JOB CUTS.NEW YORK--(BUSINESS WIRE)--Feb. 6, 1996--Averaging 4,637 cuts per business day, United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. employers slashed slash v. slashed, slash·ing, slash·es v.tr. 1. To cut or form by cutting with forceful sweeping strokes: slash a path through the underbrush. 2. 97,379 jobs in January January: see month. , the highest monthly total in two years, according to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. a Tuesday announcement by Challenger, Gray & Christmas, Inc. (312-332-5790), an international outplacement out·place·ment n. The process of facilitating a terminated employee's search for a new job by provision of professional services, such as counseling, paid for by the former employer. consulting firm Noun 1. consulting firm - a firm of experts providing professional advice to an organization for a fee consulting company business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a . The company tracks layoff Layoff 1. When a company eliminates jobs regardless of how good the employees' performance. 2. A risk reduction, made by investment bankers, that minimizes the potential downside associated with a commitment to purchase and sell a stock issue unsubscribed by stockholders holding announcements daily. The January figure represents the largest monthly layoff total since January, 1994, when 108,946 cuts were announced. In that month, the telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. sector launched a precursor precursor /pre·cur·sor/ (pre´kur-ser) something that precedes. In biological processes, a substance from which another, usually more active or mature, substance is formed. In clinical medicine, a sign or symptom that heralds another. to AT&T's massive January downsizing (1) Converting mainframe and mini-based systems to client/server LANs. (2) To reduce equipment and associated costs by switching to a less-expensive system. (jargon) downsizing when GTE GTE General Telephone & Electronics GTE Génie Thermique et Énergie (French) GTE Gas Turbine Engine GTE Global Tropospheric Experiment GTE Geothermal Energy GTE Gas Turbine Efficiency plc (Sweden & USA) , Nynex, and Pacific Bell announced cutbacks totalling 43,800 jobs. The stunning total for January was 76 percent higher than December, 1995, when 55,237 cuts were announced. The January figure was 150 percent higher than the 38,962 announced in January, 1995. January has become the month for employees to fear while job seekers job seeker also job·seek·er n. One who seeks employment. typically find more opportunities than in any other month of the year. Seven of the top 20 monthly cutback cut·back n. 1. A decrease; a curtailment: "The political effects of food cutbacks could be devastating" New York Times. 2. announcements since 1993 occurred in January. The AT&T announcement in January of 40,000 job cuts was topped only by 50,000 from Sears Roebuck & Co., in January, 1993. January was the worst month in a year-long trend of accelerated downsizing. For the first six months of 1995, layoff announcements averaged only 28,654 jobs each month. In the last half of 1995, the pace of cutbacks rose to 37,930 per month. The average for the past three months, including January, increased even more dramatically to reach 64,636. The computer sector was beset be·set tr.v. be·set, be·set·ting, be·sets 1. To attack from all sides. 2. To trouble persistently; harass. See Synonyms at attack. 3. by a surge of heavy downsizing in January. In addition to Apple Computer's highly publicized pub·li·cize tr.v. pub·li·cized, pub·li·ciz·ing, pub·li·ciz·es To give publicity to. Adj. 1. publicized - made known; especially made widely known publicised decision to eliminate 1,300 positions from its workforce, Unisys Corp., and Quantum Corp., also announced layoffs of 7,900 and 2,250 jobs, respectively. In all, 11,997 computer industry job cuts were reported in January. Less surprising, was the mounting toll of jobs in the retail sector. In December, 1995, retail businesses were hit hardest by job cuts, with 7,744 positions eliminated. That figure climbed to 8,157 announced in January, as more retailers, including Handy Andy Handy Andy may refer to:
The copyrighted Challenger Employment Report represents ongoing research conducted by Challenger, Gray & Christmas, Inc. an international outplacement firm. The Challenger Employment Report is published monthly and includes comprehensive information on announced cutbacks nationwide. The Report contains industry, state and regional rankings. Employers are identified by the location of their corporate headquarters. -0-
TOP LAYOFF MONTHS
1993-1996
January, 1994 108,946
January, 1993 103,217
July, 1993 98,669
January, 1996 97,379
November, 1993 67,632
Source: Challenger, Gray & Christmas, Inc.
CHALLENGER EMPLOYMENT REPORT
January 1, 1996 - January 31, 1996
Average per day for 21 business days = 4,637
telecommunications 42,400
computer 11,997
retail 8,157
consumer goods 6,215
aerospace/defense 4,164
financial 4,079
media 2,850
automotive 2,100
transportation 2,054
industrial goods 1,729
insurance 1,690
food 1,595
commodities 1,552
health care 1,466
utility 1,457
electronics 1,355
services 1,079
apparel 885
pharmaceutical 250
chemical 120
entertainment 88
education 82
real estate 15
Copyright 1996 Challenger, Gray & Christmas, Inc.
CHALLENGER EMPLOYMENT REPORT
January 1, 1996 - January 31, 1996
Corporate Headquarters Location
_______________________________
East 58,859
____ ______
New Jersey 40,682
Pennsylvania 8,667
New York 6,026
Connecticut 2,014
Massachusetts 750
Washington, D.C. 500
Rhode Island 165
Maine 55
Midwest 17,592
_______ ______
Illinois 5,569
Wisconsin 3,812
Michigan 2,412
Minnesota 1,780
Missouri 1,700
Ohio 1,460
Kansas 614
Indiana 245
West/Southwest 14,826
______________ ______
Texas 6,153
California 5,180
Nebraska 1,059
Arkansas 736
Colorado 688
Oklahoma 510
Washington 345
Oregon 112
Montana 43
South 6,102
_____ _____
Virginia 3,858
Florida 935
Georgia 629
North Carolina 500
Tennessee 180
Copyright 1996 Challenger, Gray & Christmas, Inc.
CHALLENGER EMPLOYMENT REPORT
BY INDUSTRY
(January, 1996)
Telecommunications 42,400
Computer 11,997
Retail 8,157
Consumer Goods 6,215
Aerospace/Defense 4,164
1996 TOTALS
January 97,379
Some reductions are identified by employers as workers who will take early retirement offers or other special considerations to leave the company.
CORPORATE HEADQUARTERS
(Year To Date)
1.New Jersey 40,682
2.Pennsylvania 8,667
3.Texas 6,153
4.New York 6,026
5.Illinois 5,569
Listings are identified by the location of the corporate headquarters of the employer.
Copyright 1996 Challenger, Gray & Christmas, Inc.
CONTACT: Herbert H. Rozoff Public Relations public relations, activities and policies used to create public interest in a person, idea, product, institution, or business establishment. By its nature, public relations is devoted to serving particular interests by presenting them to the public in the most , 847-480-2780 |
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