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Economy in Brief
German PPI Accelerates
The German year-on-year PPI has generally been decelerating since early 2017...
U.S. Leading Economic Indicators Signal Continued Expansion
The Conference Board's Composite Index of Leading Economic Indicators increased 0.3% during March...
Philadelphia Fed Factory Conditions Improve; Prices Jump
The Philadelphia Fed reported that its General Factory Sector Business Conditions Index rose to 23.2 during April...
U.S. Initial Claims for Unemployment Insurance Are Little Changed
Initial unemployment insurance claims slipped to 232,000 (-6.1% y/y) during the week ended April 14...
U.K. Retail Sales Fall
U.K. GDP is expected to cool its jets when the first quarter GDP number is released...
by Tom Moeller December 7, 2005
Challenger, Grey & Christmas reported that job cut announcements in November rose for the third consecutive month. The 22.1% rise to 99,279 followed a 13.2% rise the prior month and pulled the three month average of job cut announcements up to 84,139 (-19.7% y/y).
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 differ from layoffs. Many are achieved through attrition, early retirement or just never occur.
The aerospace (+251% y/y) and auto (+42% y/y) industries reported notable m/m increases in layoffs as did the financial (22.0% y/y) and the pharmaceutical (1,046% y/y) industries. These increases were somewhat offset by declines in retail (-31.8% y/y) and telecommunications (-71.2% y/y).
Challenger also reported that announced hiring plans rose sharply (413.8% y/y) for the second consecutive month.
| Challenger, Gray & Christmas | Nov | Oct | Y/Y | 2004 | 2003 | 2002 |
|---|---|---|---|---|---|---|
| Announced Job Cuts | 99,279 | 81,301 | -5.0% | 1,039,175 | 1,236,426 | 1,431,052 |
