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Economy in Brief

Challenger Layoffs Fall Further To Cycle Low
by Tom Moeller October 2, 2009

The outplacement firm of Challenger, Grey & Christmas indicated that job cut announcements fell last month to the current cycle low. They dropped to 66,404, compared to a high of 241,748 cuts in February of this year.

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.

In addition to fewer layoffs, hiring plans have picked up and were more than double last year's level. There have been strong increase in services, electronics and entertainment/leisure industries.

The Challenger figures are available in Haver's SURVEYS database.
Challenger, Gray & Christmas September August Y/Y 2008 2007 2006
Announced Job Cuts 66,404 76,456 -30.2% 1,223,993 768,264 839,822
Announced Hiring Plans 25,047 13,100 162.6 118,600 365,753 276,525
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