Global| Mar 04 2009Challenger Layoffs Eased Somewhat
by:Tom Moeller
|in:Economy in Brief
Summary
Challenger, Grey & Christmas reported that February job cut announcements eased slightly to 186,350 following 241,749 layoffs during January. Challenger also reported that announced hiring plans reversed much of the strong January [...]
Challenger, Grey & Christmas reported that February job cut announcements eased slightly to 186,350 following 241,749 layoffs during January. Challenger also reported that announced hiring plans reversed much of the strong January gain.
Job cut announcements in the automotive sector surged to 61,288 and the financial business shed 13,550 jobs. Employment in the retail industry fell 18,759. Employment in the industrial goods industry again was quite weak and 19,462 jobs were lost while 3,960 were shed from the computer industry. From the pharmaceutical industry there were 8,806 layoffs and the electronics industry shed another 11,065 jobs
During the last ten years there has been a 67% (inverse) correlation between the three month moving average of announced job cuts and the three month change payroll employment.
Job cut announcements differ from layoffs. Many are achieved through attrition, early retirement or just never occur.
The Challenger figures are available in Haver's SURVEYS database.
The Term Structure of Inflation Expectations from the Federal Reserve Bank of New York is available here.
| Challenger, Gray & Christmas | February | January | Y/Y | 2008 | 2007 | 2006 |
|---|---|---|---|---|---|---|
| Announced Job Cuts | 186,350 | 241,749 | 158.5% | 1,223,993 | 768,264 | 839,822 |
Tom Moeller
AuthorMore in Author Profile »Prior to joining Haver Analytics in 2000, Mr. Moeller worked as the Economist at Chancellor Capital Management from 1985 to 1999. There, he developed comprehensive economic forecasts and interpreted economic data for equity and fixed income portfolio managers. Also at Chancellor, Mr. Moeller worked as an equity analyst and was responsible for researching and rating companies in the economically sensitive automobile and housing industries for investment in Chancellor’s equity portfolio. Prior to joining Chancellor, Mr. Moeller was an Economist at Citibank from 1979 to 1984. He also analyzed pricing behavior in the metals industry for the Council on Wage and Price Stability in Washington, D.C. In 1999, Mr. Moeller received the award for most accurate forecast from the Forecasters' Club of New York. From 1990 to 1992 he was President of the New York Association for Business Economists. Mr. Moeller earned an M.B.A. in Finance from Fordham University, where he graduated in 1987. He holds a Bachelor of Arts in Economics from George Washington University.
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