· Challenger,
Grey & Christmas reported that job cut announcements in November
picked up slightly to 73,140 from 63,114 during October. The number of
job cut announcements has moved roughly sideways this year at a level
reduced from prior years.
· Job cut announcements rose sharply m/m in the auto industry (-5.8% y/y) and energy (637.2% y/y) but showed little up or down movement in most others.
· During the last ten years there has been a 79% (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.
· Challenger also reported that announced hiring plans were roughly stable with the prior three months.