Job losses up over 50K for February although private sector job cuts remain subdued

Challenger job cuts remain subdued even though it has increased for the second consecutive month.  A surge in layoff announcements out of the government/non-profit group pushed Challenger's February count to 50,702, up from January's 38,519 for the largest total since March last year. Yet outside of the government/non-profit group, which accounted for 16,380 of the total, layoff announcements remain subdued. ADP's estimate for private payrolls will be posted at 8:15 ET.

All we have to say is amen.  Layoffs at government jobs.  Who would have thought possible.  Get ready for Paul Ryan to ask for more.  Via CGC:
The number of planned job cuts announced by U.S.-based companies increased for the second consecutive month in February, rising to 50,702, the highest total since March 2010, according to the latest report on monthly job cuts released Wednesday by global outplacement consultancy Challenger, Gray & Christmas, Inc.

The 50,702 job cuts announced last month was up 32 percent from January’s 38,519. It was 20 percent higher than the 42,090 planned layoffs announced in February 2010. This marks the first year-over-year increase in monthly job cuts since May 2009 when job cuts totaling 111,182 surpassed the 103,522 layoffs announced the same month a year earlier by seven percent.

Despite the February surge, the pace of job cutting remains relatively subdued. The two-month job-cut total of 89,211 is 21 percent lower than the 113,572 job cuts announced in January and February 2010.

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