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Economy in Brief

Challenger Layoff Count Lowest Since 2000
by Tom Moeller May 3, 2005

Challenger, Gray & Christmas reported that job cut announcements in April fell 33.0% to the lowest level since November 2000. The three month average of job cut announcements fell to the lowest level since last September.

During the last ten years there has been an 84% (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 also reported that announced hiring plans recovered some of the prior month's decline with a 21.3% rise.

Challenger, Gray & Christmas April Mar Y/Y 2004 2003 2002
Announced Job Cuts 57,861 86,396 -19.8% 1,039,175 1,236,426 1,431,052
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