An Unemployment Reality Check
Lately, I continue to see layoffs popping up in the news on a very consistent basis (again). So, I put together a list of company names and their recent layoff announcements right here as a one-stop-shop to showcase the fact that these people, who are consumers in the global economy, will be very worried about their future come Holiday time.
Ben Bernanke said recovery? I still smell recession …
Since November 1st, 2009, here are the major layoff announcements which hit the wires:
-Applied Materials (Nasdaq: AMAT) to cut 1,300 to 1,500 jobs;
-AOL (TWX) lays off 100 employees ahead of spinoff ;
-Adobe (Nasdaq: ADBE) to cut about 680 full-time jobs;
-Electronic Arts Inc. (Nasdaq: ERTS) said it is cutting 1,500 jobs, representing about 17 percent of its work force;
-Toyota Motor Corp. (NYSE: TM) is shutting 300 dealerships in Japan over the next three years;
-Lloyds Bank (NYSE: LYG) is cutting or moving 5,000 more jobs;
-Sprint (NYSE: S) plans to cut up to 2,500 jobs;
-Daimler (NYSE: DAI) to cut 1,000 jobs in Germany;
-HSBC cutting 1,700 jobs in the UK;
-Paper maker UPM to lay off 870 workers in Finland;
-Nokia Siemens Networks (NYSE: SI) to lay off up to 5,700;
-RBS (NYSE: RBS) to cut 3,700 jobs in their UK branch network;
Cost-cutting is good for a company’s bottom line, but it does not support the all-important consumer who contributes to shopping at retail, paying their mortgage, and sustaining their monthly expenses. These numbers indicate people all over the world will be requiring more help from the government, therefore increasing deficits.
If I’ve missed some job cut announcements you have seen, feel free to leave a comment and let me know!
Disclosure: No positions in the companies mentioned.
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