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Economy in Brief

Challenger Layoff Count Fell Sharply
by Tom Moeller April 5, 2005

Challenger, Gray & Christmas reported that job cut announcements in March reversed the prior month's jump and fell 20.3%.

Challenger also reported that announced hiring plans fell sharply m/m to 18,509 jobs but the 1Q05 level rose by three quarters versus 4Q04.

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.

Job cut announcements fell sharply m/m in the consumer goods (-18.2% y/y), industrial goods (-27.1% y/y), telecommunication (-96.1% y/y) and transportation industries but declines elsewhere were limited.

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

Challenger, Gray & Christmas Mar Feb Y/Y 2004 2003 2002
Announced Job Cuts 86,396 108,387 27.0% 1,039,175 1,236,426 1,431,052
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