Reuters: U.S. layoffs rose 33 pct in Feb vs Jan-survey

[UpInArms]

http://www.reuters.com/article/bondsNews/idUSNAT00248220070301

NEW YORK, March 1 (Reuters) - Planned U.S. layoffs rose 33 percent to a five-month high in February, as weakness in the housing market and auto industry seemed to spread into other sectors, an independent report showed on Thursday.

Announced layoffs totaled 84,014 in February, up from 62,975 in January but 4 percent fewer than the 87,437 announced a year earlier, according to Challenger, Gray & Christmas Inc., an employment consulting firm.

The February job cut figure is the highest since the 100,315 announced in September, the report said.

The U.S. automotive industry led all other sectors in terms of planned job cuts last month, with 18,209 or 22 percent of the total, Challenger said.

"Considering that February is a short month, made even shorter by two widely observed holidays, a 33 percent jump in job-cut announcements is particularly surprising," said John A. Challenger, chief executive officer of Challenger, Gray & Christmas, in a statement. "Clearly, the struggles in the American auto industry and housing market have not subsided."

Challenger added, "It appears that the weakness in these two areas is spreading to other areas of the economy, including the food industry, which announced 16,215 job cuts in February and is now the second-leading job-cutting industry for the year."

...more...

[OhioChick]

1. "Particularly surprising?"

Not here.

[UpInArms]

3. I find that the ones that are "surprised" live with their heads

in very dark places.

[yardwork]

9. Nor here.

[marmar]

2. It's all gone wrong, hasn't it?

:scared:

[acmavm]

5. Very wrong. The American Dream is not our National Nightmare.

[stillcool]

4. good news for the stock-market?

shedding all that labor cost must be so comforting.

[tonkatoy57]

6. Yep, this should help

Nothing that the stock market loves better than tens of thousands of people getting their pink slips.

I think it means that corporate executives are at the top of their game, creating a lean, mean profit machine.

[stillcool]

7. now if only a bunch of people would...

come down with cancer ..big pharma can rake in the bucks and help out its cousins the banking industry, or the energy industry, or the agra industry. That's some family Uncle Sam has.

[The Anti-Neo Con]

8. The unemployed should march on Washington.

Millions of people out of work should gather, march, and demand some job creation programs. Unemployment is so high that we really need another FDR style New Deal.

[roamer65]

10. The U6 unemployment rate is 8.3% for Jan 2007...

and I'm sure February's number won't be any better. The U6 is the same measurement that Europe uses and is available at www.bls.gov

[redqueen]

11. Yup, the U6 is the closest we will get

to an accurate reflection of unemployment.

Sick that they bury it with spin, but not surprising.

Don't wanna startle the herd.