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Economy in Brief

Challenger Layoffs Down Last Month
by Tom Moeller March 5, 2008

Challenger, Grey & Christmas reported that job cut announcements in February fell to 72,091 after 74,986 cuts during January. The average of announcements so far in 2008 is slightly below the 2007 average.

Job cut announcements rose m/m in the aerospace industry but fell in the auto industry. Layoffs in construction and computers also rose but they fell in electronics, financial and in the retail industry.

During the last ten years there has been a 76% (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 up slightly m/m but they were down sharply y/y.

Challenger, Gray & Christmas February January Y/Y 2007 2006 2005
Announced Job Cuts 72,091 74,986 -14.2% 768,264 839,822 1,072,054
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