150% Increase From Last Year; 97,379 JANUARY ANNOUNCED JOB CUTS.

NEW YORK--(BUSINESS WIRE)--Feb. 6, 1996--Averaging 4,637 cuts per business day, United States employers slashed 97,379 jobs in January, the highest monthly total in two years, according to a Tuesday announcement by Challenger, Gray & Christmas, Inc. (312-332-5790), an international outplacement consulting

The January figure represents the largest monthly layoff total since January, 1994, when 108,946 cuts were announced. In that month, the telecommunications sector launched a precursor to AT&T's massive January downsizing when GTE, Nynex, and Pacific Bell announced cutbacks totalling 43,800 jobs.

The stunning total for January was 76 percent higher than December, 1995, when 55,237 cuts were announced.

The January figure was 150 percent higher than the 38,962 announced in January, 1995.

January has become the month for employees to fear while job seekers typically find more opportunities than in any other month of the year.

Seven of the top 20 monthly cutback announcements since 1993 occurred in January. The AT&T announcement in January of 40,000 job cuts was topped only by 50,000 from Sears Roebuck & Co., in January, 1993.

January was the worst month in a year-long trend of accelerated downsizing. For the first six months of 1995, layoff announcements averaged only 28,654 jobs each month. In the last half of 1995, the pace of cutbacks rose to 37,930 per month. The average for the past three months, including January, increased even more dramatically to reach 64,636.

The computer sector was beset by a surge of heavy downsizing in January. In addition to Apple Computer's highly publicized decision to eliminate 1,300 positions from its workforce, Unisys Corp., and Quantum Corp., also announced layoffs of 7,900 and 2,250 jobs, respectively. In all, 11,997 computer industry job cuts were reported in January.

Less surprising, was the mounting toll of jobs in the retail sector. In December, 1995, retail businesses were hit hardest by job cuts, with 7,744 positions eliminated. That figure climbed to 8,157 announced in January, as more retailers, including Handy Andy, Ames Department Stores, and Venture announced store closings and other restructuring. -0-

The copyrighted Challenger Employment Report represents ongoing research conducted by Challenger, Gray & Christmas, Inc. an international outplacement firm. The Challenger Employment Report is published monthly and includes comprehensive information on announced cutbacks nationwide. The Report contains industry, state and regional rankings. Employers are identified by the location of their corporate headquarters.

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                        TOP LAYOFF MONTHS
                            1993-1996

                   January, 1994      108,946
                   January, 1993      103,217
                   July, 1993          98,669
                   January, 1996       97,379
                   November, 1993      67,632

           Source:  Challenger, Gray & Christmas, Inc.

                  CHALLENGER EMPLOYMENT REPORT
               January 1, 1996 - January 31, 1996
          Average per day for 21 business days = 4,637

          telecommunications                    42,400
          computer                              11,997
          retail                                 8,157
          consumer goods                         6,215
          aerospace/defense                      4,164
          financial                              4,079
          media                                  2,850
          automotive                             2,100
          transportation                         2,054
          industrial goods                       1,729
          insurance                              1,690
          food                                   1,595
          commodities                            1,552
          health care                            1,466
          utility                                1,457
          electronics                            1,355
          services                               1,079
          apparel                                885
          pharmaceutical                         250
          chemical                               120
          entertainment                          88
          education                              82
          real estate                            15

        Copyright 1996 Challenger, Gray & Christmas, Inc.

                     CHALLENGER EMPLOYMENT REPORT
                  January 1, 1996 - January 31, 1996
                    Corporate Headquarters Location
                    _______________________________

               East                            58,859
               ____                            ______
              New Jersey                       40,682
              Pennsylvania                     8,667
              New York                         6,026
              Connecticut                      2,014
              Massachusetts                    750
              Washington, D.C.                 500
              Rhode Island                     165
              Maine                            55

               Midwest                         17,592
               _______                         ______
              Illinois                         5,569
              Wisconsin                        3,812
              Michigan                         2,412
              Minnesota                        1,780
              Missouri                         1,700
              Ohio                             1,460
              Kansas                           614
              Indiana                          245

               West/Southwest                  14,826
               ______________                  ______
              Texas                            6,153
              California                       5,180
              Nebraska                         1,059
              Arkansas                         736
              Colorado                         688
              Oklahoma                         510
              Washington                       345
              Oregon                           112
              Montana                          43

               South                           6,102
               _____                           _____
              Virginia                         3,858
              Florida                          935
              Georgia                          629
              North Carolina                   500
              Tennessee                        180

         Copyright 1996 Challenger, Gray & Christmas, Inc.

                    CHALLENGER EMPLOYMENT REPORT

                           BY INDUSTRY
                         (January, 1996)

                Telecommunications         42,400
                Computer                   11,997
                Retail                     8,157
                Consumer Goods             6,215
                Aerospace/Defense          4,164

                           1996 TOTALS

                January                    97,379

Some reductions are identified by employers as workers who will
take early retirement offers or other special considerations to
leave the company.

                       CORPORATE HEADQUARTERS
                          (Year To Date)

                  1.New Jersey             40,682
                  2.Pennsylvania           8,667
                  3.Texas                  6,153
                  4.New York               6,026
                  5.Illinois               5,569

Listings are identified by the location of the corporate headquarters
of the employer.

          Copyright 1996 Challenger, Gray & Christmas, Inc.

CONTACT: Herbert H. Rozoff Public Relations, 847-480-2780