February job cuts hit three-year high, report says

In February, U.S.-based employers announced the highest number of monthly job cuts in more than three and a half years, according to a new report by Challenger, Gray & Christmas Inc. The report points to significant job cuts for the month in retail, the military, industrial and energy sectors, and the auto industry. This news comes out one day ahead of Friday’s February jobs report. So just how many jobs got slashed? And why the spike in layoffs?