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Economy in Brief

Challenger Reports A Slight Rise In Job Cuts
by Tom Moeller  May 3, 2012

The outplacement firm of Challenger, Grey & Christmas reported that job cut announcements rose slightly during April to 40,559. However, they remained near the recovery's low. Announcements remained low in the apparel, construction, consumer products, electronics, financial, government, industrial goods, insurance, pharmaceutical, retail and telecommunication 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 fell m/m to 11,794.

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

Challenger, Gray & Christmas Apr Mar Feb Y/Y% 2011 2010 2009
Announced Job Cuts 40,559 37,880 51,728 11.2 606,082 529,973 1,288,030
Announced Hiring Plans 11,794 12,390 10,720 -80.2 537,572 402,638 272,573
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