Fewer Planned Layoffs Announced in February

Chicago, IL, March 8, 2012 -- Employers announced layoffs totaling 51,728 during February, down 3.3% from January levels, according to global outplacement firm Challenger, Gray & Christmas.

The rate of layoffs is up 18% over last year, with 105,214 job cuts announced through the first two months, compared to 89,221 during the same period in 2011.

Through the first two months of 2012, job cuts have been concentrated in consumer products and transportation.

"Both sectors are undoubtedly feeling the impact of rising fuel prices as heavy users of fuel, but also from their dependency on consumers, who are being forced to spend more on gasoline and less on the products and services provided by these firms," said CEO John Challenger.