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Economy in Brief

Challenger Layoffs Picked Up Modestly
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
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