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Economy in Brief

Challenger Job Cuts Rise Slightly But Hiring Surges
by Tom Moeller  January 31, 2013

The outplacement firm of Challenger, Gray & Christmas reported that 40,430 job cuts were announced during January. The latest level was up slightly from December but still near the economic recovery low. 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 surged versus last year. The gain was led by the government and the education industries.

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

Challenger, Gray & Christmas Jan Dec Nov Y/Y% 2012 2011 2010
Announced Job Cuts 40,430 32,556 57,081 -24.4 523,362 606,082 529,973
Announced Hiring Plans 60,585 16,266 28,526 700.5 630,447 537,572 402,638
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