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Economy in Brief

Challenger Indicates Fewer Job Cuts and Less Hiring
by Tom Moeller  August 2, 2012

The outplacement firm of Challenger, Gray & Christmas reported that 36,855 job cuts were announced last month. Job cut announcements fell in the education, energy, telecommunications, pharmaceutical, apparel, computer, construction, consumer products 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 Jul Jun May Y/Y% 2011 2010 2009
Announced Job Cuts 36,855 37,551 61,887 -44.5 606,082 529,973 1,288,030
Announced Hiring Plans 10,350 12,314 7,722 -3.3 537,572 402,638 272,573
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