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Economy in Brief

Challenger Job Cuts Rise Again
by Tom Moeller  December 6, 2012

The outplacement firm of Challenger, Gray & Christmas reported that 57,081 job cuts were announced during November, up 19.6% from October and by more than one-third y/y. Job cut announcements rose in the aerospace/defense, apparel, commodities, education, financial, food, government, nonprofit, health care, media, telecommunication 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 which fell reflecting declines in the automotive, financial, retail and transportation industries. Hiring plans soared in government and the computer, insurance and entertainment industries.

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

 

Challenger, Gray & Christmas Nov Oct Sep Y/Y% 2011 2010 2009
Announced Job Cuts 57,081 47,724 33,816 34.4 606,082 529,973 1,288,030
Announced Hiring Plans 28,526 75,065 425,683 -55.1 537,572 402,638 272,573
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