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Economy in Brief

Challenger Layoffs Down Last Month
by Tom Moeller April 2, 2008

Job cut announcements in March fell to 53,579 from 72,091 during the prior month, according to the Challenger, Grey & Christmas survey. The three month average of announcements, however, has been stable since early last year.

The three month average of job cut announcements is up sharply in the aerospace, services, government, industrial goods, pharmaceutical, retail and transportation industries but has been stable most elsewhere.

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 down slightly m/m but that the three month average was little changed.

Maps and data that illustrate subprime and alt-A mortgage loan conditions across the United States, from the Federal Reserve, can be found here.

Challenger, Gray & Christmas March February Y/Y 2007 2006 2005
Announced Job Cuts 53,579 72,091 9.4% 768,264 839,822 1,072,054
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