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Announced U.S. Job Cuts Rose 20% From Year Ago
Employers in the U.S. announced more job cuts in February than in the same month last year, led by a surge at government agencies.
Planned firings increased 20 percent to 50,702 last month from February 2010, the first year-over-year gain since May 2009, according to a report today from Chicago-based Challenger, Gray & Christmas Inc. Announcements at federal, state and local government offices almost tripled from last year.
The payroll processing company ADP said private employers added 217,000 jobs last month, well above the 180,000 analysts had predicted. That raised hopes that the government’s employment report coming out on Friday could show a decline in the unemployment rate, which is now 9 percent.