US: Challenger Job-Cut Report

Thu Nov 02 06:30:00 CDT 2017

Actual Previous
Announced Layoffs - Level 29,831 32,346

Jobless claims are at historic lows and Challenger's layoff count is at a 20-year low. Layoff announcements in October totaled 29,831 vs 32,346 in September and 30,740 in October last year. The year-to-date count, at 351,309, is down from 466,352 this time last year and is the lowest since 1997. Today's report is another indication of strength for tomorrow's employment report.

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.

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.