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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 February 12, 2007
Announced job cuts reported by Challenger, Grey & Christmas in January rose 15.2% to 62,975 and reversed about half of the prior month's decline. The three month moving average of layoff announcements nevertheless declined to 64,797, its lowest level since August.
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 fell sharply m/m in the automotive (-92.6% y/y) and chemical (-87.0% y/y) and financial (+20.4% 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 rose 17.9% m/m (-43.4% y/y).
| Challenger, Gray & Christmas | January | December | Y/Y | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|
| Announced Job Cuts | 62,975 | 54,643 | -39.1% | 839,822 | 1,072,054 | 1,039,935 |
