“Employers in the U.S. announced fewer job cuts in March than a year earlier, another sign of healing in the labor market.
Planned firings fell by 8.8 percent from March 2011 to a 10-month low of 37,880, according to figures released today by Chicago-based job placement firm Challenger, Gray & Christmas Inc. Job cuts at government and nonprofit agencies were down 86 percent last quarter compared with the same period in 2011, the report showed.
Dismissals are waning as employers become more optimistic about the economic outlook. At the same time, rising gasoline prices pose a risk to consumer spending, which accounts for about 70 percent of the world’s largest economy.
“Both consumer products and transportation saw fewer job cuts in March after experiencing heavy cuts in February,” John A. Challenger, chief executive officer of Challenger, Gray & Christmas, said in a statement. “These are key indicators of the economy’s health.”
Compared with February, announcements fell 27 percent. Because the figures aren’t adjusted for seasonal effects, economists prefer to focus on year-over-year changes rather than monthly numbers.
Telecommunications firms led all industries with 4,089 announced job cuts in March, with almost half coming from T- Mobile USA Inc., followed by 3,733 dismissals in education….”
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