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Economy in Brief


Challenger Job Cut Announcements Fall Back
by Tom Moeller  December 4, 2014

The outplacement firm of Challenger, Gray & Christmas reported that job cut announcements declined to 35,940 (-20.7% y/y) during November. Layoffs fell m/m in the aerospace/defense, apparel, commodities, computer, electronics, financial, food, government, insurance, media, pharmaceutical, retail, services and telecommunications industries. Layoffs increased in the automotive, chemical, construction, consumer products, education, energy, entertainment/leisure, health care, industrial goods, real estate, 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 to 11,291 (-20.4% y/y) due to added hiring in the retail, automotive, chemical, construction, financial, food, health care, industrial goods, insurance, pharmaceutical and telecommunications industries. These were offset by declines in the aerospace, computer, consumer products, electronics, energy and transportation industries.

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

The 2015 Economic Outlook and the Implications for Monetary Policy from the Federal Reserve Bank of New York can be found here.

Challenger, Gray & Christmas

Nov Oct Sep Y/Y % 2013 2012 2011

Announced Job Cuts

35,940 51,183 30,477 -20.7 509,051 523,362 606,082

Announced Hiring Plans

11,291 147,935 567,705 -20.4 764,206 630,447 537,57
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