Planned job cuts by U.S. employers in January soared 47% from the prior month, according to data from an outplacement firm, with the heaviest layoffs to occur in a battered retail sector after many reported weak holiday sales.
The data echoes what market observers have seen for weeks, as Target Corp. ( TGT ), Macy’s Inc. ( M ), J.C. Penney Co. ( JCP ) were among the retailers that unveiled plans to cut jobs following a tough holiday. Many U.S. retail and restaurant companies have said poor winter weather and aggressive discounts led to fewer store visits and lower sales.
Chosen excerpts by Job Market Monitor. Read the whole story at Planned U.S. Job Cuts Jump on Retail Layoffs — Challenger – NASDAQ.com.
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