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Economy in Brief

Challenger Layoffs Remained High
by Tom Moeller November 3, 2004

Reported job cut announcements in October remained high according to Challenger, Gray & Christmas. At 101,840, announcements were at the third highest level of the year and off just 5.6% from September when they surged 45.5% m/m.

The three month moving average of job cut announcements rose to 94,618 (-13.5% y/y), the highest since February.

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.

Challenger, Gray & Christmas Oct Sept Y/Y 2003 2002 2001
Announced Job Cuts 101,840 107,863 -40.7% 1,236,426 1,431,052 1,956,876
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