Planned Layoffs Shift Higher

Payroll growth has been strong and jobless claims have been low but Challenger's layoff count has shifted higher over the last six months. The count for January comes to 52,988 with retail, a sector going through accelerated transformation, representing not quite half of the total and the liquidation of children's apparel chain Gymboree not quit half of that. January's total ranks as the 21st highest of the last 24 months. Whether, however, this points to a weakening in the government's labor market data is uncertain.