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Economy in Brief

Challenger Indicates More Job Cuts and Less Hiring
by Tom Moeller  May 31, 2012

The outplacement firm of Challenger, Grey & Christmas reported that 61,887 job cuts were announced this month, the highest level since September. Job cut announcements rose in the computer, apparel, construction, electronics, financial, food, industrial goods, legal, real estate, telecommunications and transportation 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 and they fell to the lowest level since January.

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

Challenger, Gray & Christmas May Apr Mar Y/Y% 2011 2010 2009
Announced Job Cuts 61,887 40,559 37,880 66.7 606,082 529,973 1,288,030
Announced Hiring Plans 7,722 11,794 12,390 -24.6 537,572 402,638 272,573
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