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Economy in Brief

Challenger Indicates A Slight Decline in Job Cuts
by Tom Moeller March 8, 2012

The outplacement firm of Challenger, Grey & Christmas reported that job cut announcements during February slipped to 51,728 and remained near the earlier low. During the last ten years there has been a 67% correlation between the three-month moving average of announced job cuts and the three-month change in payroll employment. Job cut announcements differ from layoffs. Many are achieved through attrition, early retirement or just never occur. Challenger also samples firms' hiring plans and they increased modestly m/m to 10,720.

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

Challenger, Gray & Christmas Feb Jan Dec Y/Y% 2011 2010 2009
Announced Job Cuts 51,728 53,486 41,785 2.0 606,082 529,973 1,288,030
Announced Hiring Plans 10,720 7,568 14,074 -85.2 537,572 402,638 272,573
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