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Economy in Brief
U.S. Index of Leading Indicators Fell Again in July
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Inflation Rages in EMU and Hovers Globally
Inflation in the European Monetary Union in July finalizes at 8.8% year-over-year...
U.S. Retail Sales Hold Steady in July; Nonauto Sales Rise
Total retail sales remained unchanged during July (10.3% y/y)...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
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 |