The outplacement firm of Challenger, Gray & Christmas reported that job cut announcements during November fell to 30,953 (-13.9% y/y) following the prior month's decline to 50,504. The latest level was nearly the lowest of the economic recovery. Layoffs fell in the energy, food, chemical, construction, consumer products, electronics, financial, health care, insurance, legal, pharmaceutical, retail and telecommunications industries. Layoffs rose in aerospace/defense, automotive, computer, education, entertainment/leisure, government, industrial goods, media, services, transportation 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 fell sharply last month to 10,026 after the 86,107 rise in October. The aerospace/defense, computer, construction, consumer products, entertainment/leisure, financial, health care, pharmaceutical, retail, services, and transportation industries reduced hiring. Hiring increased in the auto, electronics, energy, food, industrial goods, insurance industries.

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