ORIGINAL POST: The most jam-packed period of economic data reports that we can ever remember begins momentarily.
At 7:30 we get the Challenger Job Cuts report, which measures announced layoffs on a year-over-year basis.
There’s no analyst estimate, but last month there was an 11.2 per cent increase.
We’ll have the number right here.
Layoffs surged 66 per cent in May according to Challenger, via Bloomberg.
The 61,887 announced cuts was the biggest rise in 8 months, according to Bloomberg’s Linda Yueh.
Here’s a full table of the layoffs by industry from the report.
Note that 27,754 are from computer-industry layoffs. That’s all about HP. Without that, the number wouldn’t have been quite that bad, although a layoff is still a layoff.