The December data from outplacement firm Challenger, Gray & Christmas showed employers planned 93,020 job cuts in the month, down 6.5% from the 99,452 plan job cuts in November (See November Planned Job Cuts Plummet ). The December figure was virtually unmoved form the 92,917 cuts a year ago.
Also in the report were the final tabulations for 2003’s job cut numbers. Throughout the year, there were 1,236,426 job cuts, which was down 16% from the 1,466,823 total in 2002. The reduction comes after a sudden spike in job cuts during the last three months. E mployers announced 364,346 planned job cuts in the fourth quarter, surpassing the first quarter by 8,551 to become the largest job-cut quarter of 2003. Fourth-quarter job cuts were 51% higher than the third quarter (241,548).
In 2003, the largest source of lost jobs was government and nonprofit employers. Overall, there were 177,215 employees slashed from government and nonprofit payrolls, a whopping 59% more than the second-ranked telecommunications sector, which had a 111,342 industry-wide reduction in headcount. It was the first time in three years that telecommunications did not lead all other industries.
Job cut totals in 2003 for other industries included:
- Industrial Goods – 106,307
- Retail – 100,518
- Consumer Goods – 79,378
- Transportation – 77,001
- Automotive – 74,506
- Computer – 62,289.
December’s numbers painted a slightly different picture. Industrial goods’ 12,039 planned layoffs led all industries, trailed by computer (10,496) and telecommunications (8,740).