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Economy in Brief

Challenger Survey Layoff Announcements Decline
by Tom Moeller  December 1, 2016

The outplacement firm of Challenger, Gray & Christmas reported that job cut announcements during November declined to 26,936 (-13.0% y/y) following October's fall to 30,740. It was the lowest level of job cut announcements since December 2015. Layoffs declined in the aerospace/defense, chemical, computer, consumer products, education, energy, entertainment/leisure, insurance, legal, pharmaceutical, services, telecommunications and transportation industries. Layoffs increased in the apparel, automotive, commodities, electronics, financial, government/nonprofit, health care, industrial goods, media, retail 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 to 108,994 last month following a decline to 135,532 in October. It fell in the automotive, computer, consumer products, health care, insurance, media and transportation industries. Hiring rose in the aerospace/defense, electronics, entertainment/leisure (where it surged), financial, food, government/nonprofit, industrial goods, pharmaceutical, retail, services and telecommunications industries.

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

Challenger, Gray & Christmas

Nov Oct Sep Nov Y/Y % 2015 2014 2013

Announced Job Cuts

26,936 30,740 44,324 -13.0 598,510 483,171 509,051

Announced Hiring Plans

108,994 135,532 487,075 987.1 690,751 821,506 764,206
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