NEW YORK (CNNMoney.com) -- The pace of U.S. job cuts slowed last month to the lowest level in 3 1/2 years, according to a report released Wednesday. Outplacement firm Challenger, Gray & Christmas Inc. said that 42,090 job cuts were announced in February, 41% less than January's 71,482 cuts. It was the lowest total since July 2006, when 37,178 cuts were announced.
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Since peaking in January of last year, monthly job cuts have steadily declined, with only a couple of exceptions, Challenger said. February's total is 77% lower than the year-ago period.
"Most economists agree that a recovery is well underway; a position that appears to be supported by declining job-cut activity," John Challenger, chief executive officer of Challenger, Gray & Christmas, said in a statement. "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."
So far this year, the biggest comebacks have been in the automotive and industrial goods sectors, which have both seen a 90% drop in cuts from a year ago. Year-to-date cuts in the retail sector are down 75% from this time last year.
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