Job Cuts in 2010 Lowest in 13 Years

Chicago, IL, Jan. 5, 2011 -- In one good sign for the employment market, 2010 was the lowest year for job cuts in 13 years, according to outplacement consulting firm Challenger, Gray & Christmas.

Employers announced plans to cut nearly 530,000 jobs in 2010, a 59% fall from 2009, when job cuts reached a seven-year high, the firm said. It was the lowest numver of announced cuts since 1997, when 434,000 job cuts were announced.

Challenger also said that job cuts fell 34% in December to 32,000 from nearly 49,000 the month before. That was the lowest monthly job cut total since 2000.

However, Challenger said that 2010 was a "lackluster year for the overall job market."

Challenger forecasts that unemployment could surpass 10% again before the end of the year.