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Economy in Brief

Challenger Job Cut Announcements Move Lower; Hiring Surges
by Tom Moeller  October 2, 2014

The outplacement firm of Challenger, Gray & Christmas reported that job cut announcements declined to 30,477 (-24.4% y/y) during September, the lowest level since June 2007. Layoffs declined m/m in the electronics, pharmaceutical, services, energy, health care, industrial goods, insurance, financial, government, telecommunications industries. Layoffs increased in the education, entertainment/leisure, food, media, real estate, retail, transportation, consumer products and utility industries. During the last ten years there has been a 62% correlation between the level of job cut announcements and the m/m change in payroll employment.

Challenger also samples firms' hiring plans. They surged to 567,705 (27.7% y/y) due to seasonal jumps in the transportation and retail industries, as well as gains in the government, media, automotive, computer and electronics sectors. These were offset by declines in industrial goods, insurance, consumer products, entertainment/leisure, financial, food and health care industries.

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

Options-Based Expectations of Future Policy Rates from the Federal Reserve Bank of San Francisco can be found here.

Challenger, Gray & Christmas Sep Jul Jun Y/Y % 2013 2012 2011
Announced Job Cuts 30,477 40,010 46,887 -24.4 509,051 523,362 606,082
Announced Hiring Plans 567,705 9,657 16,544 27.7 764,206 630,447 537,572
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