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Economy in Brief

Challenger Layoffs Up Slightly
by Tom Moeller December 5, 2006

Announced job cuts reported by Challenger, Grey & Christmas for November rose 7,596 to 76,773. The three month moving average of layoff announcements continued its earlier uptrend with a rise to 82,088, its highest level since this past March.

During the last ten years there has been an 83% (inverse) correlation between the three month moving average level of announced job cuts and the three month change payroll employment.

Layoffs were higher m/m in the automotive (20.4% y/y), chemical (81.5% y/y), consumer goods (-3.1% y/y), industrial goods (133.3% y/y) and services (9.4% y/y) 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 increased sharply m/m (-34.3% y/y).

Challenger, Gray & Christmas November October Y/Y 2005 2004 2003
Announced Job Cuts 76,773 69,177 -22.7% 1,072,054 1,039,935 1,236,426
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