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Job cut announcements reported in November rose 2.6% from October and
5.1% from a year ago according to Challenger, Gray & Christmas. The
monthly tally of 104,530 pulled the three month moving average of job
cut announcements to 104,744 (-9.7% y/y), the highest this year.
· During the last ten years there has been an 86% (inverse) correlation between the three month moving average of announced job cuts and the three month change payroll employment.
· Job cut announcements differ from layoffs. Many are achieved through attrition, early retirement or just never occur.
· Job cut announcements in the automotive industry more than doubled and rose 10 fold in E-Commerce & Dot com to the highest level since January 2003. Government layoffs also surged and layoffs rose in insurance, electronics, services, telecommunication, transportation and energy.