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Economy in Brief
U.S. Mortgage Loan Applications Post Another Strong Increase
The MBA total Mortgage Applications Index rose 1.6% (-13.2% y/y) during the week ended December 7...
EMU-Area IP Is Slowing But Still Growing; IP Makes Modest Rebound
EMU IP gained 0.2% in October after a 0.6% decrease...
U.S. Producer Prices Edge Higher
The headline Final Demand Producer Price Index using new methodology ticked 0.1% higher (2.5 % y/y) during November...
U.S. Financial Accounts Show Moderate Borrowing, Average Ratio to GDP
rowing in U.S. financial markets slowed in Q2 2018, according to the Federal Reserve's Financial Accounts data...
U.S. Small Business Optimism Diminishes
The NFIB Small Business Optimism Index declined to 104.8 during November...
by Tom Moeller December 5, 2007
Challenger, Grey & Christmas reported that job cut announcements in November picked up slightly to 73,140 from 63,114 during October. The number of job cut announcements has moved roughly sideways this year at a level reduced from prior years.
Job cut announcements rose sharply m/m in the auto industry (-5.8% y/y) and energy (637.2% y/y) but showed little up or down movement in most others.
During the last ten years there has been a 79% (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.
Challenger also reported that announced hiring plans were roughly stable with the prior three months.
| Challenger, Gray & Christmas | November | October | Y/Y | 2006 | 2005 | 2004 |
|---|---|---|---|---|---|---|
| Announced Job Cuts | 73,140 | 63,114 | -4.7% | 839,822 | 1,072,054 | 1,039,935 |
