February 2009 Employment News: The Good, The Bad & The Ugly


The good news:

A report released by Challenger, Gray & Christmas said that planned layoffs at U.S. companies decreased by 23% from its peak in January. The report indicated that layoffs could remain particularly high in the automotive, manufacturing and financial sectors. Employers announced plans to cut 186,350 jobs in February, down from 241,749 in January.

The decline in job cuts last month offers some hope that January was the peak and we will now see layoffs begin to fall or at least stabilize,” John A. Challenger, chief executive officer of Challenger, Gray & Christmas, remarked in a statement.

…and the bad news:

The ADP Employment Report showed that 697,000 nonfarm jobs were lost in February as the U.S. recession continues, a wider decline than the 630,000 drop that economists had expected. It was the greatest number of monthly job losses on record.

…and the ugly tired analogy from yours truly:

So depending on your disposition this is good or bad news. If your glass is half empty then none of this is good news in any way. If your glass is half full, then planned February job cuts down 23% will have you dancing in the street to some degree. Or at the very least, a little Mamboing on your way to the kitchen.

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