00:00The challenger report is out and it is a pretty dismal one. 108,435 job cuts announced in the month of January.
00:08That is the highest January total since 2009. As far as the numbers go, it's up 205 percent from December.
00:19There were 5,306 employers announcing hiring plans and that is the lowest January total since 2009 as well.
00:29So some particularly bad news on the challenger front. We don't usually talk about it, but sometimes lately when challenger has come out, we've seen big market moves on the pessimism about what it might mean for the economy.
00:42Who cut the most? Well, transportation was the biggest and that was largely due to UPS announcing 30,000 job cuts, followed by Amazon and their 16,000.
00:50But health care, which is an unusual one to be in this category, was also big.
00:54The caveat, as we always mention with challenger, is these are announcements, not actual job cuts.
01:00And some of those job cuts don't get carried out.
01:03So we'll have to see how this is reflected once we get into the jobless claims numbers and once we get into the payroll numbers, which is now next Wednesday.
01:12How the
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