NEW YORK – Job cuts announced by U.S. corporations in February increased 17 percent from the prior month, according to a report Wednesday.
Announced job cuts for February totaled 108,387, compared with 92,351 in January, according to outplacement firm Challenger, Gray & Christmas (search).
It was the fourth time in five months that job cuts were above 100,000. The report attributed the jump to "the new surge in merger and acquisition activity. It was directly responsible for 46,977, or 43 percent of February job cuts."
The report is an anecdotal, non-statistical tally of job-cut announcements that are reported in major media outlets. The report focuses only on job-cut announcements, not actual layoffs, and it doesn't take into account new hires or internal transfers at companies that have announced layoffs.
Chicago-based Challenger, Gray & Christmas Inc. tracks layoff announcements and releases its Challenger Employment report (search) monthly.