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Economy in Brief

Challenger Survey Reports Slight Rise in Job Cuts
by Tom Moeller  July 7, 2016

The outplacement firm of Challenger, Gray & Christmas reported that job cut announcements during June rose to 38,536 (-14.1% y/y) following May's sharp decline to 30,157. Layoffs increased in the aerospace/defense, automotive, chemical, commodities, consumer goods, electronics, entertainment/leisure, financial, food, insurance, media, retail, 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. Layoffs fell in the apparel, computer, construction, education, energy, government/nonprofit, health care, industrial goods, pharmaceutical and telecommunications industries.

Challenger also samples firms' hiring plans. Hiring eased 13,564 (+11.4% y/y) after rising 24,732 in May. It fell in the automotive, chemical, computer, education, energy, food, government & nonprofit, health care, industrial goods, insurance, media, retail, telecommunications and transportation industries. Hiring rose in the aerospace/defense, construction, consumer products, electronics, financial, services and utility industries.

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

Challenger, Gray & Christmas

Jun May Apr Jun Y/Y % 2015 2014 2013

Announced Job Cuts

38,536 30,157 64,141 -14.1 598,510 483,171 509,051

Announced Hiring Plans

13,564 24,732 11,557 11.4 690,751 821,506 764,206
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