The latest layoff data looks like good news at first. According to Challenger, Gray & Christmas, U.S. companies announced fewer job cuts in December and laid out plans for more hiring. At a cursory glance, that data could appear set to calm widespread labor-market dread. But the apparent optimism could also be hiding a familiar late-cycle problem — what companies say they'll do and what they actually do are two different things. Challenger tracks announced layoffs and hiring plans, which are forward-lo ...