Planned layoffs in the US down 7.3% to 41,835: Challenger

Job cuts decline in February: Challenger
Job cuts decline in February: Challenger

The number of American companies planning job cuts declined in February, with the bulk of layoffs seen in the financial sector.

U.S. employers planned to cut payrolls by 41,835 in February, down 7.3 percent from January's 45,107 planned layoffs, according to a report by Challenger, Gray & Christmas. The February cuts compared with 55,356 planned cuts in the year-earlier month, down 24 percent.

The financial sector had the greatest number of planned layoffs, cutting 9,791 jobs, or double the 4,817 cuts reported for January.

The February numbers followed a 13-year low in planned cuts that were reported in December, the outplacement firm said.