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Economy in Brief

Challenger Layoffs Fell Back
by Tom Moeller January 3, 2008

Challenger, Grey & Christmas reported that job cut announcements in December fell back to 44,416 after 73,140 during November. The number of announcements was the lowest since the middle of last year.

Job cut announcements fell sharply m/m in the auto industry (+6.7% y/y), electronics (-65.5%) and the construction industries but rose sharply in the retail (89.7% y/y) industry.

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 December November Y/Y 2006 2005 2004
Announced Job Cuts 44,416 73,140 -18.7% 839,822 1,072,054 1,039,935
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