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3/4, 1:31 PM (Source: TeleTrader)
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US job cuts down 57% in February to 34,531

Job cuts in the United States plummeted 57% in February compared to the previous month and stood at 34,531, according to a Challenger, Gray & Christmas Inc. release on Thursday. It was the lowest monthly total since December 2019. On a yearly basis, the job cuts in February dropped 39%.

"The churn has come to a halt. If healthy job creation follows, this could mean a full recovery is on the horizon, especially as companies see an end to the pandemic in sight," said Senior Vice President Andrew Challenger. "If we do not see jobs begin to return, we could be entering a stagnation cycle, potentially keeping the currently unemployed out of work longer. The good news is we are seeing a high number of hiring plans, particularly in Retail, Entertainment, and Health Care, which were hit hard due to the pandemic."

Breaking the News / DJ