The outplacement firm of Challenger, Gray & Christmas reported that job cut announcements during January jumped to 53,041 (17.6% y/y) from 32,640 in December. It was the highest layoff level since February 2013. Layoffs rose m/m in the aerospace/defense, commodities, computer, construction, consumer products, electronics, energy, entertainment/leisure, financial, industrial goods, retail and transportation industries. Layoffs moved lower in the automotive, chemical, education, food, government, health care, media, pharmaceutical, services, telecommunications, and utility industries. During the last ten years there has been a 68% correlation between the level of job cut announcements and the m/m change in payroll employment.

Challenger also samples firms' hiring plans. Hiring increased in January in the apparel, automotive, construction, consumer products, entertainment/leisure, food, health care, insurance, pharmaceutical, services, telecommunications and transportation industries. Hiring declined in the aerospace/defense, commodities, electrics, financial, industrial goods, media and utility industries.

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