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Economy in Brief

Challenger Indicates Fewest Job Cuts Since 2000
by Tom Moeller  September 6, 2012

The outplacement firm of Challenger, Gray & Christmas reported that 32,238 job cuts were announced during August. That was the lowest level since June, 2000. Job cut announcements fell in the retail, services, transportation, automotive, education, electronics, financial, health care 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.

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

Challenger, Gray & Christmas Aug Jul Jun Y/Y% 2011 2010 2009
Announced Job Cuts 32,239 36,855 37,551 -36.9 606,082 529,973 1,288,030
Announced Hiring Plans 12,079 10,350 12,314 -20.5 537,572 402,638 272,573
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