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Economy in Brief

Challenger Job Cuts Decline M/M
by Tom Moeller  August 1, 2013

The outplacement firm of Challenger, Gray & Christmas reported that 37,701 job cuts (2.3% y/y) were announced during July, down from 39,372 during June. This latest level remained near the low end of the range in place since last year. Job cuts declined m/m in the computer, education, electronics, energy and insurance 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 fell by 6.0% versus last year. 

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

Challenger, Gray & Christmas Jul Jun May Y/Y% 2012 2011 2010
Announced Job Cuts 37,701 39,372 36,398 2.3 523,362 606,082 529,973
Announced Hiring Plans 9,728 8,774 9,618 -6.0 630,447 537,572 402,638
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