Planned job cuts by Illinois employers quadruple in January
BY FRANCINE KNOWLES Business Reporter firstname.lastname@example.org February 2, 2012 10:28AM
Updated: March 4, 2012 8:12AM
Job cut announcements by Illinois-based employers quadrupled in January from December and rose 86 percent from January 2011, according to the latest Challenger, Gray & Christmas report.
There were 7,601 job cut announcements by Illinois employers in January, up from 4,078 a year earlier and up from 1,887 in December. Among employers announcing plans to cut workers last month were Kraft Foods with 1,600, Archer Daniels Midland with 1,000 and Abbott Laboratories and Northern Trust Corp. with 700 each.
January is typically the heaviest job-cutting month, according to the Chicago-based outplacement firm.
Nationally, job cut announcements jumped 28 percent in January from December to 53,486. They rose 39 percent from January 2011, when employers announced 38,519 planned cuts, which was the lowest January total on record.
Industries announcing the biggest cuts nationally last month were the retail sector with 12,426, financial with 7,611 and the pharmaceutical sector with 4,071.