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Highlights
Layoffs edged higher in November, results of the monthly Challenger report that will not raise estimates for Friday's November employment data. Layoffs announcements rose to 76,773 vs. 69,177 in October. November's total is below 99,279 in November last year but lay-off announcements ran higher in 2005. Challenger's data are not seasonally adjusted so it's important to look at year-on-year comparisons especially given strong seasonal swings in categories like retail and autos.
Hiring intentions rose to 63,233 in November vs. 13,012 in October, but the November-December holidays are a big hiring season. Hiring intentions in November 2005 were stronger at 96,282. The report said seasonal hiring at shipper UPS boosted the latest total. But the report offered no commentary on the retail sector, where Challenger's data are sparse. Strength of hiring in the retail sector offers a signal on the strength of retailer expectations for holiday sales. The indicator run-up to Friday's employment report is busy with ADP's data out tomorrow morning.
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