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Economy in Brief

Challenger Layoffs Fell Sharply
by Tom Moeller September 3, 2008

Job cut announcements fell a sharp 14.1% last month and reversed roughly all of their 26.4% jump during July, according to the Challenger, Grey & Christmas survey.

The three-month level layoffs also fell but remained near the highest level since early-2006.

The decline in layoffs fell last month was led by fewer job cuts in the entertainment/leisure, media, and financial industries. Large increases were logged in the transportation, automotive and the industrial goods industries.

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 fell sharply m/m but they were up 17.1% y/y.

On the Evolution of Income Inequality in the United States from the Federal Reserve Bank of Richmond can be found here.

Challenger, Gray & Christmas August July Y/Y 2007 2006 2005
Announced Job Cuts 88,736 103,312 11.7% 768,264 839,822 1,072,054
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