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Economy in Brief
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Japan’s sector indexes showed a solid gain in February...
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The Conference Board Consumer Confidence Index rose to 128.7 in April from 127.0 (initially reported as 127.7) in March...
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Sales of new single-family homes during March increased 4.0% (8.8% y/y) to 694,000 (SAAR)...
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The FHFA index of U.S. house prices rose 0.6% during February...
U.S. Energy Prices Rise Further
Retail gasoline prices increased to $2.80 per gallon last week (14.3% y/y)...
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 |
