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Economy in Brief

Challenger Survey Reports a Decline in Layoff Announcements
by Tom Moeller  September 1, 2016

The outplacement firm of Challenger, Gray & Christmas reported that job cut announcements during August dropped to 31,188 (-21.8% y/y) following July's increase to 45,346. Layoffs declined in the aerospace/defense, chemical, computer, electronics, financial, food, real estate, retail and services industries. Layoffs rose in the apparel, automotive, commodities, construction, consumer products, education, entertainment/leisure, government, health care, industrial goods, insurance, media, pharmaceutical, telecommunications, 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 increased to 9,101 last month (-22.7% y/y) after rising to 16,051 in July. It rose in the aerospace/defense, apparel, computer, entertainment/leisure, insurance, pharmaceutical, telecommunications and transportation industries. Hiring fell in the automotive, construction, consumer goods, education, electronics, financial, government, health care, industrial goods, legal, media, retail and services industries.

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

Challenger, Gray & Christmas

Aug Jul Jun Aug Y/Y % 2015 2014 2013

Announced Job Cuts

32,188 45,346 38,536 -21.8 598,510 483,171 509,051

Announced Hiring Plans

9,101 16,051 13,564 -22.7 690,751 821,506 764,206
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