Recent Updates
- France: **France Wages and Earnings Rebased to Q2-2017=100**
- Flash PMIs: Japan, France, Germany, Euro Area, US (Sep)
- Canada: CPI (Aug), Retail Trade (Jul)
- Canada Regional: CPI by Province (Aug), Retail Trade by Province (Jul)
- Norway: International Reserves (Aug), Government Debt (Q2); Finland: Quarterly Sector Accounts, Government Balance (Q2); Denmark: Property Price Indexes (Q2); Iceland: Wage Index (Aug)
- Turkey: IIP & Intl Reserves (Jul); South Africa: Retail Survey (Q4); Mauritius: PPI (Jun); Lebanon: CPI (Aug)
- more updates...
Economy in Brief
EMU Sinks on New Flash PMI Readings
The EMU PMI sank to its cyclical low in mid-2016 then hit its cycle higher in 2018...
U.S. Financial Accounts See Borrowing Ease with Downswing in Federal Government Needs
Borrowing in U.S. financial markets slowed in Q2 2018...
U.S. Leading Economic Indicators Increase
The Conference Board's Composite Index of Leading Economic Indicators increased 0.4% (6.4% y/y)...
U.S. Existing Home Sales Hold Steady
The National Association of Realtors reported that sales of existing homes during August were unchanged at 5.340 million (SAAR, -1.5%)....
Philadelphia Fed Factory Conditions Improve; Prices Weaken Again
The Philadelphia Fed that its General Factory Sector Business Conditions Index rose to 22.9 during September...
by Tom Moeller August 3, 2005
Challenger, Grey & Christmas reported that job cut announcements fell 7.2% in July to 102,971 but that followed sharp gains both in May (42.2%) and June (34.9%). The three month average of job cut announcements rose to the highest level (98,750) since February.
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 in the automotive industry fell sharply after increasing ten-fold in June. Job cuts also fell in the chemical and pharmaceutical industries but increases were quite strong in the financial, insurance, electronics and computer industries.
Job cut announcements differ from layoffs. Many are achieved through attrition, early retirement or just never occur.
Challenger also reported that announced hiring plans rose (1.1% y/y).
| Challenger, Gray & Christmas | July | June | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Announced Job Cuts | 102,971 | 110,996 | 48.0% | 1,039,175 | 1,236,426 | 1,431,052 |
