Layoff Announcements Fall in December

Chicago, IL, January 3, 2008—Announced layoffs at large companies in December fell 39 percent to 44,416, according to outplacement firm Challenger Gray & Christmas.

For all of 2007, announced layoffs fell 8.5% to 768,264, the lowest since the recession year of 2001.

"The housing slump has failed to translate into widespread job cuts outside of the financial sector," said John Challenger, chief executive.

The financial sector was hammered in 2007, with 153,105 announced cuts, more than three times the previous year's total. In the mortgage sector, 86,126 jobs were cut last year.

In December, the retail sector cut the most jobs (7,961), followed by automotive, pharmaceutical and financial.