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Economy in Brief
U.S. Government Budget Deficit Deepens to the Largest in Six Years
During FY'18, the federal government ran a 779.0 billion budget versus a 665.8 billion deficit in FY'17...
Empire State Manufacturing Index Increases; Prices Decline
The Empire State Manufacturing Index of General Business Conditions rose to 21.1 in October...
U.S. Business Inventory Accumulation Eases
Total business inventories increased 0.5% (4.2% y/y) during August...
Finland’s Inflation Stays Low -- Mostly
Finland is experiencing three distinct forces on the inflation front...
U.S. Home Affordability Improves M/M
The NAR Composite Index of Home Affordability declined 8.3% y/y during August to 141.2...
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 |
