·
According to the Challenger, Grey & Christmas survey, job cut
announcements in April surged to 90,015 from 53,579 in March. The three
month average of announcements drifted to its highest level since
November 2006.
· The three month average of job cut announcements in services, consumer goods, and government sectors led the upward drift.
· During the last ten years there has been a 76% (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 rose sharply m/m but that the three month average was little changed.