January Layoffs Up 18% From Same Month Last Year

A new report from the firm, Challenger, Gray, and Christmas, Inc., reveals that January was a big month for layoffs.

The firm reports that “Employers at U.S.-based companies announced plans to cut 52,988 jobs from their payrolls in January, 20.7 percent higher than the 43,884 announced in December . . .

January’s total is 18.7 percent higher than the 44,653 cuts announced in the same month last year. While it is lower than the average of 86,347 cuts announced during the month of January since 1993, it is higher than 20 of the last 24 monthly totals.”

These layoffs are remarkable given that Republicans and President Donald Trump promised that their generous corporate tax cuts would magically make their way to the working class.

It remains to be seen if anything besides layoffs will trickle down.

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