·
Announced job cuts reported by Challenger, Grey & Christmas for
November rose 7,596 to 76,773. The three month moving average of layoff
announcements continued its earlier uptrend with a rise to 82,088, its
highest level since this past March.
· During the last ten years there has been an 83% (inverse) correlation between the three month moving average level of announced job cuts and the three month change payroll employment.
· Layoffs were higher m/m in the automotive (20.4% y/y), chemical (81.5% y/y), consumer goods (-3.1% y/y), industrial goods (133.3% y/y) and services (9.4% y/y) industries.
· Job cut announcements differ from layoffs. Many are achieved through attrition, early retirement or just never occur.
· Challenger also reported that announced hiring plans increased sharply m/m (-34.3% y/y).