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Economy in Brief

Challenger Layoffs Up A Bit
by Tom Moeller August 3, 2004

Challenger, Gray & Christmas reported that announced job cuts rose 8.1% to 69,572 last month. The gain followed a 12.3% m/m slide in June.

The three month moving average of job cut announcements slipped further to the lowest level since late 2000 (-2.9% y/y).

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.

A new series from Challenger indicated that announced hiring plans in July fell by nearly one-third versus June, but the series dates back only to May.

Challenger, Gray & Christmas July June Y/Y 2003 2002 2001
Announced Job Cuts 69,572 64,343 -18.3% 1,236,426 1,431,052 1,956,876
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