Press Release - CNBC: "Job-Cut Announcements in 2017 See Lowest Level Since 1990, Challenger Report Says"

"...the passage of the tax bill has prompted unprecedented hiring plans for 2018."

Job-cut announcements in 2017 see lowest level since 1990, Challenger report says

By Chloe Aiello

CNBC

January 4, 2018

U.S. employers announced plans to cut 32,423 jobs in December, bringing the year's total to a low not seen since 1990, global outplacement consultancy Challenger, Gray & Christmas reported Thursday.

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Cuts in 2017 totaled 418,770, 20 percent below 2016's number. In 1990, companies announced plans to cut 316,047 jobs.

Last month saw 7.4 percent fewer job-cut announcements than November, and 3.6 percent fewer than in December 2016.

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Despite the losses, the passage of the tax bill has prompted unprecedented hiring plans for 2018. Employers report plans to hire more than 1.1 million near hires, 27 percent more than last year.

AT&T, Fifth Third Bancorp, Wells Fargo and Boeing were among the companies that announced bonuses, wage increases or new investment in response to the passage of the tax bill.

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Read the full article here.