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U.S. Home Builder Index Improves
The NAHB -Wells Fargo Composite Housing Market Index rose to 58 during January...
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The MBA total Mortgage Applications Index increased 13.5% (1.4% y/y) during the week ended January 11...
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The headline Final Demand Producer Price Index using new methodology fell 0.2% during December...
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The Empire State Manufacturing Index of General Business Conditions declined to 3.9 in January...
by Tom Moeller June 2, 2005
Job cut announcements jumped in May, however, the 42.2% m/m rise did not reverse all of the prior month's plunge. Therefore, the three month average of job cut announcements fell further to the lowest level since last August.
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 rose sharply m/m in the apparel (+234% y/y), computer (496% y/y) and insurance (321% y/y) industries but fell broadly elsewhere.
Job cut announcements differ from layoffs. Many are achieved through attrition, early retirement or just never occur.
Challenger also reported that announced hiring plans fell for the second month in the last three.
| Challenger, Gray & Christmas | May | April | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Announced Job Cuts | 82,283 | 57,861 | 12.2% | 1,039,175 | 1,236,426 | 1,431,052 |
