Announced Corporate Layoffs Hit Seven-Year High

Chicago, IL, Feb. 4, 2009--Major retailers cut their payrolls in January, helping to push the total number of corporate announced layoffs in the month to the most in seven years, according to a monthly tally released Wednesday by outplacement firm Challenger Gray & Christmas.

Last month's layoff announcements totaled 241,749, more than three times as high as in January 2008 and 45% higher compared with December, Challenger Gray said. It was also the fourth-highest monthly total ever in Challenger Gray's records that date back to 1993, nearly matching the job cuts announced in January 2002 as well as in September and October of 2001.

January is typically the biggest month of the year for job-cut announcements. The figures are not seasonally adjusted.

For all of 2008, major companies announced 1.2 million job cuts.

Retailers cut 53,968 positions in January, the most ever for the retail sector and the third highest monthly total for any industry. Most of the retail layoffs came in high-profile reductions at Circuit City, which is being liquidated, and at Home Depot.

The report comes two days before the Labor Department reports on January's nonfarm payrolls. Economists  expect payrolls to fall 525,000 after the 524,000 loss in December.