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Economy in Brief

Challenger Layoff Count Back Up
by Tom Moeller March 2, 2005

Challenger, Gray & Christmas reported that job cut announcements rose 17.4% last month and reversed most of the decline in January.

Challenger also reported that announced hiring rose to 41,984 jobs, up sharply from 4Q.

During the last ten years there has been an 85% (inverse) correlation between the three month moving average of announced job cuts and the three month change payroll employment.

Increases in job cut announcements were notable last month in the telecommunications, transportation, insurance, energy and consumer goods industries.

Job cut announcements differ from layoffs. Many are achieved through attrition, early retirement or just never occur.

Challenger, Gray & Christmas Feb Jan Y/Y 2004 2003 2002
Announced Job Cuts 108,387 92,351 40.3% 1,039,175 1,236,426 1,431,052
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