"Economists are pessimists: they've predicted 8 of the last 3 depressions."
--Barry Asmus

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Thursday, May 3, 2012

Challenger Job Cut Report

More properly, this is the Challenger, Gray & Christmas Job Cut Report.
Challenger, Gray & Christmas is an outplacement consulting firm.  They are brought in when a company is laying employees off, to assist those employees in looking for new jobs.  they primarily cater to executives and middle management, but they - rather like ADP - have access to a great deal of information about layoffs as a result.  And, like ADP, they use this information to compile a report about the state of employment in the US.
This report has a rather unique feature as well.  It focuses on the number of layoffs announced in a given month, without regard for when those layoffs will actually occur.  As a result, this report isn't as hotly anticipated as the ADP Employment Situation Report.  Not that it's worthless, but it just doesn't provide a clear lagging or leading indicator.
So, let's turn to the report and see what it does tell us.  US-based employers announced 40,559 job cuts in April, up from the 37,880 announced in March.  Texas is the big "winner", accounting for 29,324 of those planned layoffs.  By Industry, Education has the most planned layoffs (9,027) - nearly as many as the second, third, and fourth place figures combined.

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