Restructuring and closings send layoff pace higher

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Companies restructuring or closing down were the leading reasons cited for job layoffs in the first quarter.

Chicago-based Challenger Gray and Christmas said in its latest job cut report that employers trimmed jobs at a faster pace during the first three months of this year compared to a year ago, with big cuts in finance, retail and healthcare pushing up total projected losses beyond 145,000.

Connecticut job reductions totaled 873 in March and totaled 3,975 through the first three months of this year. Here are the top reason

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

JOB CUT REASONS

March YEAR-TO-DATE
Restructuring 23,817 74,414
Closing 9,335 29,514
Cost-Cutting 3,074 12,858
Demand Downturn 659 3,366
Economic Conditions 3,266
Merger/Acquisition 2,197 2,893
Legal Trouble 2,600 2,809
Government Contract Loss/Sequestration Concerns 2,717 2,717
Outsourcing 864 2,114
Natural Disaster 2,000
Bankruptcy 667 1,920
Loss of Contract 800 1,851
Voluntary Severance 255 1,105
Labor Dispute 1,000
Federal Spending Cuts 917 917
Relocation 418 859
Government Regulation 230 380
Reorganization/Consolidation 290 290
Drought 200 200
Competition 190
Order Cancellation/Reduction 187 187
Funding Loss 160
Health Reform 28 28
TOTAL 49,255 145,038
Rob Varnon

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