So far this week, U.S. companies announced over 43,000 job cuts.
*Home Depot announced that it would cut over 19,000 jobs.
*Verizon said it is cutting 13,000 Jobs.
*Sam's Club also said that it would layoff 11,000 people.
We're starting to see the big corporations cut jobs at a faster pace, so this maybe the beginning of the next crash. What do you think?
Home Depot Also Cutting 1,000 Jobs
http://business.theatlantic.com/2010/01/home_depot_also_cutting_1000_jobs.php
Wal-Mart's job-cut moves at Sam's Club make Street sense
http://www.marketwatch.com/story/wal-mart-up-as-sams-club-to-cut-11000-plus-jobs-2010-01-25?reflink=MW_news_stmp
Verizon Job Cuts Just Keep Coming
http://www.dslreports.com/shownews/Verizon-Job-Cuts-Just-Keep-Coming-106620?nocomment=1
"We're starting to see the big corporations cut jobs at a faster pace, so this maybe the beginning of the next crash. What do you think?"
ReplyDelete--Yes. I think so.
Gerald Celente said that more job cuts will be seen across a broad spectrum as the the beginning of this depression initiates.
The first jobs to go in my state were the big pharmas, construction, and some retail; next in line was mental health and all types of social services and even casinos were laying off lots of people; then retail, and even fast food. Now it's encompassing even more avenues: telecommunications and the like, including jobs you wouldn't think would be touched like Sam's Club.
I think this depression will affect almost everybody. Next in line will be chopping state or gov. jobs that once were thought untouchable. If the unions cannot compromise regarding pay cuts, the only alternative will be lay offs.
Scary times.
Couple corrections: Sams club is only cutting more like 2000 because they are OUTSOURCING the jobs to another outfit. 1500 from home depot + 2000 from sams club plus 13,000 from verizon = about 17,000 not 43,000.
ReplyDeleteHi DEMCAD, I just found this on the net:
ReplyDeleteThe recent reauthorization the Recovery Act unemployment provisions (including the federal extensions, additional $25 per week, and COBRA subsidies) by Congress is only in effect until February 2010 - meaning that the extensions and additional support millions of unemployed workers are relying on will soon start to phase out. With so many jobs lost, and periods of unemployment lasting nearly seven months, it's crucial that Congress provide the extensions, additional benefit supplement, and COBRA through the end of the year.
The website is: http://www.unemployedworkers.org/sites/unemployedworkers/index.php
It's important to realise that most people laid off last year haven't even gotten their first extension, especially those laid off in the latter part of 2009.
I think most Americans are pacified right now because they think that if they get laid off they can go on unemployment for years, when in fact, most recently laid off last year and those continuing to become laid off will only receive six months and no more, unless Congress passes a blanket extension.
Thats the thing though, everyone knows congress WILL keep extending it. They have a jobs bill already in the queue. They just need to figure out how much of our money they want to spend. LOL
ReplyDelete