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Economy in Brief

Challenger Layoffs Moderate Further
by Tom Moeller November 4, 2009

The outplacement firm of Challenger, Grey & Christmas indicated that job cut announcements fell further last month to a new current cycle low. Layoffs dropped to 55,679, compared to a high of 241,748 cuts in January 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.

Layoffs have moderated sharply in the chemical, consumer goods, financial, health care, media and telecommunication industries. They picked up modestly in the computer and entertainment/leisure industries.

The Challenger figures are available in Haver's SURVEYS database.

Challenger, Gray & Christmas October September Y/Y 2008 2007 2006
Announced Job Cuts 55,679 66,404 -50.7% 1,223,993 768,264 839,822
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