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Economy in Brief

Challenger Job Cut Announcements Jump
by Tom Moeller  November 6, 2014

The outplacement firm of Challenger, Gray & Christmas reported that job cut announcements rebounded to 51,183 (11.9% y/y) during October. Layoffs rose m/m in the computer, electronics, pharmaceutical, retail, financial, food, government, industrial goods, insurance, media, services, consumer products, aerospace/defense and apparel industries. Layoffs declined in the automotive, education, energy, entertainment/leisure, health care, real estate, retail, transportation and utility industries. During the last ten years there has been a 65% correlation between the level of job cut announcements and the m/m change in payroll employment.

Challenger also samples firms' hiring plans. They increased 147,935 (68.3% y/y) due to added hiring in the aerospace/defense, computer, consumer products, electronics, energy, health care, industrial goods and telecommunications industries. These were offset by declines in the retail, media and automotive industries.

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

Challenger, Gray & Christmas

Oct Sep Jul Y/Y % 2013 2012 2011

Announced Job Cuts

51,183 30,477 40,010 11.9 509,051 523,362 606,082

Announced Hiring Plans

147,935 567,705 9,657 68.3 764,206 630,447 537,572
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