Need more evidence that the US economy is not in recovery mode, but slipping further into a recession, one that will likely lead to another great depression? Just look at the miserable job growth numbers, then factor in massive layoffs.
The looming standstill in the U.S. economy has intimidated private sectors into cutting operating costs by handing out pink slips -- thousands of them.
In July, the number of job cuts increased by 60.3% -- approximately 66,414 jobs -- compared to the previous month, according to a report from consultants Challenger, Gray & Christmas, Inc.
Many of the massive workforce downsizing came from sectors who endured fairly well in the past.
Gannett Co: 700
Sears: 700
Goldman Sachs: 1,000
Boston Scientific: 1,400
Delta: 2,000
Credit Suisse: 2,000
Research in Motion: 2,000
Barclays: 3,000
Pfizer: 5,530
Lockheed Martin: 6,500
Cisco: 6,500
Borders: 10,700
Merck & Co: 13,000
HSBC: 25,000
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