Baby New Year faces a tough time finding a job in this climate.
U.S. job cuts announced in January soared to 241,749 across all industries, marking the largest monthly cut in the past seven years, according to a report released Wednesday by Challenger, Gray & Christmas.
The computer industry ranked No. 3 among the industries facing the biggest ax in January, with 22,330 layoffs announced.
The month of January has faced the heaviest onslaught of layoff notices over the past seven years, and it comes as no surprise that the retail industry tops the list of hardest-hit industries.
Retailers announced 53,968 job cuts in January, a record for the industry, according to the report.
The industrial goods sector ranked second, with 32,083 cuts announced last month, followed by the computer industry, then the pharmaceutical industry with 22,063 cuts, and aerospace-defense with 17,800.
John Challenger, CEO of Challenger, Gray & Christmas, said in a statement:
Industries that first appeared to be immune to downturns, such as computer and pharmaceutical, are now rapidly shedding workers.
Unfortunately, there is no light at the end of the tunnel yet. Even if the stimulus package is successful, it could take months to make a noticeable impact on the employment picture.
In the meantime, jobs are being clear-cut in the tech industry. On Wednesday, Panasonic announced 15,000 job cuts. On Tuesday, Electronic Arts announced 1,100 layoffs.