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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 the actual 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

 

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Thu, 06/05/2014 - 07:41 | 4826055 PR Guy
PR Guy's picture

 

 

We've never had it so good?

Thu, 06/05/2014 - 07:46 | 4826063 negative rates
negative rates's picture

Never, tha'st why I have to bring it up everyday.

Thu, 06/05/2014 - 07:49 | 4826066 GetZeeGold
GetZeeGold's picture

 

 

I'll take Obamacare for a thousand Alex.

 

Don't care what needs to be done.....when you hit 29.5 hours....you have to stop.

Thu, 06/05/2014 - 07:48 | 4826070 max2205
max2205's picture

I thought it was against the law to cut jobs or report bad numbers

 

Wtf

Thu, 06/05/2014 - 08:14 | 4826173 TideFighter
TideFighter's picture

Didn't the Challenger go KA-BOOOM?

Thu, 06/05/2014 - 08:15 | 4826180 The Endless Pump
The Endless Pump's picture

Definitely cause for a new record close today!  Exceptional economic performance everywhere say the economist.

Thu, 06/05/2014 - 07:44 | 4826060 rsnoble
rsnoble's picture

MASSIVE ECONOMIC RECOVERY.  So massive, in fact, that politicians running in the next round of US elections have been warned not to mention anything about it.

Thu, 06/05/2014 - 07:45 | 4826062 B2u
B2u's picture

At least we can blame it on the WEATHER?  Fuck you Draghi.  Fuck you Yellen.

Thu, 06/05/2014 - 07:46 | 4826064 Oldwood
Oldwood's picture

Says all you need to know about the job market. Stagnant.

Thu, 06/05/2014 - 10:38 | 4826750 JRobby
JRobby's picture

Shrinking

Thu, 06/05/2014 - 07:47 | 4826065 gatorengineer
gatorengineer's picture

wait for the seasonal adjustment.......

Thu, 06/05/2014 - 07:47 | 4826067 buzzsaw99
buzzsaw99's picture

we don't need no steenking jobs

Thu, 06/05/2014 - 07:50 | 4826078 asking4it2k
asking4it2k's picture

Free trade and globalization have worked out so well for the American middle class.. NOT !

Until we re-shore jobs and tax foreign made goods we will NEVER see a real economic recovery here in the US.

The FED and the US Government can only lie and do financial accounting tricks for so long..

Thu, 06/05/2014 - 07:52 | 4826089 Hughing
Hughing's picture

"Scotty, I need more adjustments!"

"Dammmit, Jim, I'm a doctor not an adjuster!"

Thu, 06/05/2014 - 08:44 | 4826276 tarsubil
tarsubil's picture

You're confusing Scotty with Bones.

Thu, 06/05/2014 - 09:16 | 4826416 Oleander
Oleander's picture

"In four hours the ship blows up" - Scotty

Thu, 06/05/2014 - 08:32 | 4826234 the not so migh...
the not so mighty maximiza's picture

we dont need data; we got surveys

Thu, 06/05/2014 - 08:39 | 4826256 junction
junction's picture

That Challenger jobs report would be even more troubling if the layoff figures could include the median age, average salary rates and the average prior length of employment of the newly unemployed.  Unlike Zero Hedge, newspapers and the television talking heads concentrate on the activities of the super rich, on Carl Icahn and insider tading, on the latest most expensive house in the USA. 

40 years ago, GE's Jack Welch made a crooked deal with then New York Governor Carey that effectively relieved GE of the cost of cleaning up its illegally dumped PCB wastes in the Hudson River.  Those thousands of tons of carcinogenic PCBs forced the closing of the striped bass fishery, a fishery active for 300 years.  Thanks to that deal, done over the objection of Peter Berle, NY's then commissioner of environmental conservation, Welch got the top job at GE.  Carey fired Berle for following the law. 

Even now, the captive press sings the praises of Jack Welch.  The same press that still ignores covering the massive corruption in American government that has led to the massive job losses over the past 13 years, starting with the RDX caused implosion of the World Trade Center.            

Thu, 06/05/2014 - 09:00 | 4826358 shermacman
shermacman's picture

Chillax peeps! It is only the first week of June! 
The Summer of Recovery doesn't start for another two weeks! 

Thu, 06/05/2014 - 10:40 | 4826761 fishmonger
fishmonger's picture

I'm looking forward to the 6th annual Summer of Recovery!

Thu, 06/05/2014 - 09:06 | 4826385 orangegeek
orangegeek's picture

and the masses are broke

 

but no one who can afford it are buying cars like never before

Thu, 06/05/2014 - 09:14 | 4826411 andyupnorth
andyupnorth's picture

Friends of mine who left Canada to gain wealth in the USA are either returning back or heading out to Northern Europe.

Thu, 06/05/2014 - 09:52 | 4826598 Spungo
Spungo's picture

I blame Bush's weather machine because racism.

Fri, 06/06/2014 - 07:04 | 4829362 Red Raspberry
Red Raspberry's picture

It's the mosquitoes.  They are so bad people won't go outside.

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