Chicago, IL, January 4, 2007--Planned job layoffs fell 29 percent in December from the previous month, bucking a typical spike in fourth-quarter job cuts despite weakness in the housing market, according to Challenger, Gray & Christmas Inc.
Planned job cuts for all of 2006 fell below 1 million for the first time since 2000.
Announced layoffs totaled 54,643 in December, down from 76,773 in November and 49 percent lower than the 107,822 announced a year earlier, Challenger said in a statement.
For the 2006 full year, planned job cuts totaled 839,822, down about 232,000 from 2005, Challenger said.
"With the American economy at full employment for the first time since Sept. 11, 2001, the latest job-cut data provide strong evidence that employers turned their energy toward retention in 2006," Challenger said.
The U.S. automotive industry led all other sectors in terms of job cuts last year, with the announcement of a record 158,766 job cuts in 2006, an increase of 50 percent from 105,886 in 2005, Challenger said.
In addition to the auto industry, media, chemical, real estate and the "e-commerce" sectors led in increases in job cuts last year, Challenger said.
