Layoffs Surge for Another Month Despite Job Gains

Empty Office

Layoffs at U.S. companies surged for another month as businesses adjusted to current market conditions, despite huge reported job gains, according to outplacement firm Challenger, Gray & Christmas, Inc.

Job cuts increased to 84,638 in February, 3% higher than in January when layoffs also soared, and 9% higher than February last year, which had 77,770 cuts, according to the report. The layoffs are in spite of strong reported job growth, with the U.S. adding 353,000 nonfarm payroll jobs in January, far higher than expectations of 180,000.

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