WASHINGTON - There were 36,957 layoff intentions announced in February, down from 45,934 in January and 40% below the 61,599 level in February 2016, job placement firm Challenger, Gray and Christmas, Inc. said in a report released Thursday.
The data are not seasonally adjusted.
The retail sector posted the largest number of job cuts again in February, accounting for 11,889 of the layoffs, due in large part to a shift toward online ordering and away from brick and mortar stores.
"Retailers are experiencing a tremendous transformation from the traditional business model. The cost of digitizing merchandise, moving sales to online, and downsizing physical stores will likely take a toll on employees in this field," said Andrew Challenger, vice president of Challenger, Gray & Christmas.
In other data released, hiring plans fell to 25,765 after hitting 136,501 in January when Amazon announced a large hiring surge. Still, February hiring was well above the 7,539 level in February 2016 and the two month total hiring for January and February, at 162,266, was the highest combined total on record for those two months.
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