U.S. layoff announcements surged 385% to 192,393 in March versus the same month a year ago, and rose 42% over February's 135,490, International Strategy & Investment (ISI) reported Tuesday.
"The surge in layoff announcements, along with the rise in unemployment claims, the fall in help-wanted ads, and the decline in the latest Manpower Inc. employment survey, all suggest labor market conditions are loosening," ISI Chairman Ed Hyman said in a statement.
The figures are based on layoff reports published in nine major U.S. newspapers which ISI has tracked since 1993. The Challenger report on layoffs is scheduled for release Thursday at 10 a.m. EDT.