Benefits April 5, 2001

March Pink Slips Hit New High

April 5, 2001 (PLANSPONSOR.com) - American firms were handing out pink slips in March at the fastest pace since 1993, according to outplacement firm Challenger, Gray & Christmas.
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March’s 162,867 job cuts were nearly triple the level a year ago, and over 100,000 for the fourth month in a row, according to the Chicago-based firm.  This past March was the highest job-cut month since the survey began in 1993.

The Challenger report said 406,806 job cuts were announced in the first quarter, 187% higher than a year ago.

The report comes ahead of Friday’s March unemployment report, which is expected to show a slight increase to 4.3% from 4.2% in February.

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