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Economy in Brief

Challenger Job Cuts Slip M/M
by Tom Moeller  April 4, 2013

The outplacement firm of Challenger, Gray & Christmas reported that 49,225 job cuts were announced during March. This latest level was down m/m but remained up from the the recovery low of 32,239 reached last August. Job cuts declined m/m in the entertainment, financial, automotive, chemical, electronics and media 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 dropped by one-third versus last year. 

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

Unconventional Monetary Policy and the Dollar from the Federal Reserve Bank of San Francisco is available here.


Challenger, Gray & Christmas Mar Feb Jan Y/Y% 2012 2011 2010
Announced Job Cuts 49,255 55,356 40,430 30.0 523,362 606,082 529,973
Announced Hiring Plans 8,115 92,372 60,585 34.5 630,447 537,572 402,638
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