US: Challenger Job-Cut Report


Thu Oct 01 06:30:00 CDT 2015

Actual Previous
Announced Layoffs - Level 58,877 41,186

Highlights
A mass 30,000 layoff announcement at Hewlett-Packard skewed Challenger's September count upward, to 58,877 vs August's 41,186. The layoff count is now heading for the highest total since 2009 with the year-to-date count, at 493,431, already higher than all of last year. Challenger's data belie what are very low rates of unemployment and jobless claims.

Definition
This monthly report counts and categorizes announcements of corporate layoffs based on mass layoff data from state departments of labor. The job-cut report must be analyzed with caution. It doesn't distinguish between layoffs scheduled for the short-term or the long term, or whether job cuts are handled through attrition or actual layoffs. Also, the job-cut report does not include jobs eliminated in small batches over a longer time period. Unlike most economic data, this series is not adjusted for seasonal variation.



Description
The job-cut report is basically a rehash of the weekly jobless claims report but provides additional insight into where layoffs are occurring. There is industry and geographic (states) detail that is not available with weekly jobless claims.