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Economy in Brief

Challenger Survey Reports Another Increase in Job Cuts
by Tom Moeller  August 4, 2016

The outplacement firm of Challenger, Gray & Christmas reported that job cut announcements during July rose to 45,346 (-57.1% y/y) following June's increase to 38,536. Layoffs increased in the aerospace/defense, commodities, computer, electronics, energy, government, industrial goods, real estate, telecommunications & 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. Layoffs fell in the automotive, chemical, construction, consumer products, education, entertainment/leisure, financial, food, health care, insurance, media, pharmaceutical, retail, services, and transportation industries.

Challenger also samples firms' hiring plans. Hiring increased to 16,051 last month (37.9% y/y) after falling to 13,564 in June. It rose in the aerospace/defense, automotive, computer, construction, consumer products, education, electronics, entertainment/leisure, financial, food, government & nonprofit, health care, legal and services industries. No industries reported less hiring.

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

Challenger, Gray & Christmas

Jul Jun May Jul Y/Y % 2015 2014 2013

Announced Job Cuts

45,346 38,536 30,157 -57.1 598,510 483,171 509,051

Announced Hiring Plans

16,051 13,564 24,732 37.9 690,751 821,506 764,206
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