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Economy in Brief

Challenger Job Cut Announcements Decline to 2000 Low; Hires Rise
by Tom Moeller  January 7, 2016

The outplacement firm of Challenger, Gray & Christmas reported that job cut announcements during December fell to 23,622 (-27.6% y/y) following the prior month's decline to 30,953. The latest was the lowest since 2000. Layoffs fell in the aerospace/defense, computer, construction, consumer products, education, electronics, energy, government, health care, industrial goods, media, retail, services, transportation and utility industries. Layoffs rose in the apparel, automotive, chemical, entertainment/leisure, financial, food, insurance, legal, pharmaceutical, real estate and telecommunications 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.

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 increased last month to 11,465 after a decline to 10,026 in November. Hiring rose in the computer, consumer products, financial, government, realss estate and transportation industries. Hiring fell in the automotive, construction, electronics, energy, food, health care, industrial goods, insurance, pharmaceutical, retail, services and telecommunications industries.

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

Challenger, Gray & Christmas

Dec Nov Oct Y/Y % 2015 2014 2013

Announced Job Cuts

23,622 30,953 50,504 -27.6 598,510 483,171 509,051

Announced Hiring Plans

11,465 10,026 86,107 56.4 690,751 821,506 764,206
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