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Economy in Brief

Challenger Indicates Fewer Job Cuts and Increased Hiring
by Tom Moeller  April 5, 2012

The outplacement firm of Challenger, Grey & Christmas reported that job cut announcements fell sharply during March to 37,880, near the recovery's low. Announcements were sharply lower in the transportation, consumer products, computer, health care, services and pharmaceutical industries. 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 which increased modestly m/m to 12,390, the highest level since December led by strength in the computer, automotive, financial, health care and pharmaceutical sectors.

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

Challenger, Gray & Christmas Mar Feb Jan Y/Y% 2011 2010 2009
Announced Job Cuts 37,880 51,728 53,486 -8.8 606,082 529,973 1,288,030
Announced Hiring Plans 12,390 10,720 7,568 14.0 537,572 402,638 272,573
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