Thursday, June 5, 2014

US Economic Data June 5 , 2014 -- Challenger Job Cuts Soar 45%; Most Layoffs Since Feb 2013 .......Initial Claims Miss, Rise 8k On Week

Challenger Job Cuts Soar 45%; Most Layoffs Since Feb 2013

Tyler Durden's picture

Did it snow again in May? It seems the hopes for a pent-up demand-based bounce post the weather doldrums has once again been dashed by the hard data. Challenger, Gray, & Christmas just announced that job cuts soared by 45.5% year-over-year in May, the biggest annual rise in 9 months. However, what is perhaps even more worrisome is theactual number of layoffs, around 53,000, was the highest since February 2013. The layoffs in the South are a disaster, aside from the BP oil spill in Sept 2011, this is the most job cuts since Jan 2010. What no seasonal adjustments?

That is a 45.5% rise YoY...

Charts: Bloomberg

Initial Claims Miss, Rise 8k On Week

Tyler Durden's picture

Despite multi-year high levels of layoffs according to Challenger's data, and ADP disappointing, initial jobless claims continues to ride around the lowest levels since 2007. Seasonally un-adjusted data saw claims drop 12,481 on the week but after the magical adjustment, initial claims rose 8k on the week and modestly missed expectations. Overall, the number of people claiming benefits dropped 40,279 to new cycle lows.