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Economy in Brief
U.S. Government Budget Deficit Deepens
The U.S. Treasury Department reported that the federal government budget deficit for February of $234.0 billion...
Wholesale Inventories and Sales Rise
Wholesale inventories increased 1.2% m/m (7.7% y/y) during January...
EMU PMIs Take Grim Turn for the Worse
Manufacturing has continued to plunge while the services metric has stabilized in the past several months by drifting mostly sideways...
U.S. Leading Economic Indicators Rebound
The Conference Board's Composite Index of Leading Economic Indicators increased 0.2% (3.0% y/y) during February...
Philadelphia Fed Manufacturing Index Rebounds but Prices Weaken
The Philadelphia Fed reported in its Manufacturing Business Outlook Survey that the General Business Conditions Index rebounded this month to 13.7...
by Tom Moeller March 4, 2009
Challenger, Grey & Christmas reported that February job cut announcements eased slightly to 186,350 following 241,749 layoffs during January. Challenger also reported that announced hiring plans reversed much of the strong January gain.
Job cut announcements in the automotive sector surged to 61,288 and the financial business shed 13,550 jobs. Employment in the retail industry fell 18,759. Employment in the industrial goods industry again was quite weak and 19,462 jobs were lost while 3,960 were shed from the computer industry. From the pharmaceutical industry there were 8,806 layoffs and the electronics industry shed another 11,065 jobs
During the last ten years there has been a 67% (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.
The Challenger figures are available in Haver's SURVEYS database.
The Term Structure of Inflation Expectations from the Federal Reserve Bank of New York is available here.
| Challenger, Gray & Christmas | February | January | Y/Y | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|
| Announced Job Cuts | 186,350 | 241,749 | 158.5% | 1,223,993 | 768,264 | 839,822 |
