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Economy in Brief
U.S. Mortgage Applications Continued to Slide Amid Higher Rates
The biggest declines have been in refinancing activity, while applications for purchase are just starting to crack...
UK Inflation Jumps
Inflation is at the highest rate since the series began in January of 1989...
U.S. Industrial Production Much Stronger than Expected in April
The increase in manufacturing output in April was once again led by motor vehicle and parts production...
U.S. Retail Sales Posted Solid Rise in April
Notwithstanding falling real incomes and declining confidence measures, consumer spending posted a solid increase...
U.S. Home Builder Index Took a Steep Drop in May
This is the fifth straight month that builder sentiment has declined...
Viewpoints
Commentaries are the opinions of the author and do not reflect the views of Haver Analytics.
Profits and Margins Plunge In Q1: Expect More Margin Contraction As Fed Squeezes Inflation
The Many Links of Inflation Cycle: Hard Landing Is Needed to Crack Them
Peak Inflation & Fed Policy: A Relationship Which Should Worry The Fed And Scare Investors
Why Have the Yields on TIPS Been Negative in the Past Two Years?
by Tom Moeller July 6, 2011
The outplacement firm of Challenger, Grey & Christmas
reported that job cut announcements during June again rose slightly.
Nevertheless, the 11.6% m/m increase to 41,432 left them still near
the cycle low. The uptick in announcements was led by the utility, automotive,
construction, entertainment/leisure, food, health care, media,
pharmaceutical and services industries. During the last ten years
there has been a 67% correlation between the three-month
moving average of announced job cuts and the three-month change in
payroll employment. Job cut announcements differ from layoffs. Many
are achieved through attrition, early retirement or just never
occur.
Challenger also samples firms' hiring plans which rose slightly to 15,498 but still near the recovery low.
The Challenger figures are available in Haver's SURVEYS database.
| Challenger, Gray & Christmas | Jun | May | Apr | Y/Y % | 2010 | 2009 | 2008 |
|---|---|---|---|---|---|---|---|
| Announced Job Cuts | 41,432 | 37,135 | 36,490 | 5.3 | 529,973 | 1,288,030 | 1,223,993 |
| Announced Hiring Plans | 15,498 | 10,248 | 59,648 | 32.1 | 402,638 | 272,573 | 118,600 |
