Wednesday, February 02, 2011
Does Bernanke Read This?
Challenger, Gray & Christmas, Inc. is a unique, veteran outplacement firm whose seasoned principals Your Editor has had the pleasure to encounter over the years.
Now, the good folks at Challenger, Gray also happen to tally and report monthly job cuts based on their own experience in the real world, similar to the way payroll processing giant ADP reports monthly job creation based on its own experience in the real world (see “The Fed in La-La Land” just below).
And today’s job cut report from Challenger, Gray is a head-turner.
Anyone bothering to read the press release will find it includes the phrase: “Lowest January on Record”—and no, they are not talking about job creation, they are talking about job cuts.
But don’t take it from us. Take it from the actual press release yourself:
January Layoffs Down 46% From Year Ago
38,519 CUTS ANNOUNCED; LOWEST JANUARY ON RECORD
CHICAGO, February 2, 2010 – The slow pace of downsizing that marked the second half of 2010 appears to be continuing into 2011, as employers announced plans to cut 38,519 jobs in January. While that is an increase from the previous month, it marks the lowest January total on record, according to the report released Wednesday by global outplacement consultancy Challenger, Gray
& Christmas, Inc.
January job cuts were up 20 percent from December, when planned layoffs totaled 32,004; the lowest monthly figure since June 2000 (17,241). Compared to a year ago, however, last month’s job cuts were down sharply, falling 46 percent from the 71,482 job cuts recorded in January 2010.
The 38,519 job cuts last month represents the lowest January total since Challenger began tracking monthly layoff announcements in 1993…
And that’s just the first three paragraphs. For more color, read the full release at http://www.challengergray.com/press/PressRelease.aspx?PressUid=160
So the Question for Today is, does Ben Bernanke read this stuff?
I Am Not Making This Up
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Posted by Jeff Matthews at 9:10 AM