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Economy in Brief

Challenger Reports A Rise In Job Cuts
by Tom Moeller  October 4, 2012

The outplacement firm of Challenger, Gray & Christmas reported that 33,816 job cuts were announced during September, up 4.9% from August but down by nearly three-quarters versus September 2011. Job cut announcements rose in the automotive, computer, education, electronics, energy, financial, government, nonprofit, industrial goods, insurance, retail, and services 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 sharply reflecting jumps in the health care, retail and food industries.

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

Challenger, Gray & Christmas Sep Aug Jul Y/Y% 2011 2010 2009
Announced Job Cuts 33,816 32,239 36,855 -70.8 606,082 529,973 1,288,030
Announced Hiring Plans 425,683 12,079 10,350 456.1 537,572 402,638 272,573
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