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Economy in Brief

Challenger Job Cut Announcements Increase
by Tom Moeller  May 5, 2016

The outplacement firm of Challenger, Gray & Christmas reported that job cut announcements during April rose to 65,141 (5.8% y/y) following the prior month's unrevised decline to 48,207. Layoffs increased in the aerospace/defense, automotive, chemical, commodities, computer, construction, energy, financial, government/nonprofit, industrial goods and pharmaceutical industries. Layoffs declined in the apparel, consumer products, education, electronics, entertainment/leisure, food, health care, insurance, legal, media, real estate, retail, services, telecommunications and transportation 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 increased 11,557 (-16.8% y/y) after rising 10,997 in March. It rose in the automotive, construction, consumer products, electronics, government/nonprofit, health care, industrial goods, transportation and utility industries. Hiring fell in the chemical, computer, entertainment/leisure, food, insurance, media, pharmaceutical, retail, services, telecommunications industries.

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

Challenger, Gray & Christmas

Apr Mar Feb Apr Y/Y % 2015 2014 2013

Announced Job Cuts

65,141 48,207 61,599 5.8 598,510 483,171 509,051

Announced Hiring Plans

11,557 10,997 7,539 -16.8 690,751 821,506 764,206
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