Among the new numbers, analysts at global outplacement consultancy Challenger, Gray & Christmas say Michigan cut 2,024 jobs last month. That still places Michigan among the top five job-loss states, but shows a dramatic improvement from the 50.212 jobs Michigan shed in February 2009.
TOP 5 JOB-CUT STATES
February 2009/February 2010
New Jersey 17,613/502
California 8,779/12,943
Kentucky 2,500/1,800
Illinois 2,142/3,665
Michigan 2,042/50,212
Part of the improvement can be pegged to the auto industry. By this time last year the industry had already announced 70,058 job cuts nationwide. As of last month, these firms planned just 7,334 cuts -- a 90% drop. While Michigan's long-term growth depends on industry diversification, the interim step of staunching the bleeding in the automotive sectors could provide some near-term relief.
Analysts say the numbers indicate downsizing activity peaked nearly a year ago, and that economic recovery is well underway.
"It may be a couple of more months before hiring begins to surge, but it is clear that employers have shifted away from downsizing and are poised to start adding workers," says John Challenger, CEO of the Chicago-based Challenger, Gray & Christmas.
No comments:
Post a Comment