I’d like to update the previous list I posted on which companies have laid off workers – how many jobs have been cut since the October stock market drop.
Since then, there was one day in which more than 75,000 jobs were cut in a single day alone! The current number of confirmed layoffs since November 2008 is
418, 414
Recent layoffs include:
February 17 – Smithfield Foods – 1800 jobs
February 16 – Delphi – 800 jobs
February 13 – TRW Automotive Holdings – 375 jobs; WalMart – 400 jobs
February 11 – United Technologies – 1000 jobs; Caterpillar – 22,000 jobs
February 4th – Hudson’s Bay Company (big Canadian retailer) – 1,000 jobs; Panasonic – 15,000 jobs!
And then the fact that U.S. layoffs hit 7-year highs in January. “Industries that at first appeared to be immune to downturns, such as computer and pharmaceutical, are now rapidly shedding workers,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas, an outplacement company.
Apparently the financial sector layoffs had already hit their highs back in December 2008, when total financial job losses amounted to 39,604 – compared with just in 1,458 January 2009. A report by ADP Employer Services showed private U.S. employers cut 522,000 jobs in January.
As disheartening as many of these numbers are, just remember that this means we’re in the end of an economic cycle and this is a sign that “the cold is making its way out of the system.” Call me an optimist, but economists agree that layoffs happen in the end of an economic cycle. It’s not even a matter of agreement – just as no one has to agree that the sun rises each day.
It’s still a good time to think about setting yourself up for future savings and a better future by enrolling in a dividend reinvestment plan, a really cheap vehicle where you can invest as little as $25/month with no commissions in stocks. And good, reliable stocks too – like Johnson and Johnson. Here’s why I think it’s a great idea no matter what your situation.
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{ 2 comments }
It seems that there are no sectors that will be left untouched.
Even the biggest and strongest companies will suffer because of the way money moves through economy.
You can have a good business with good partners, but when the partners of your partners will get into trouble it will eventually carry on to you!
Looks like Canada is getting hit hard by this tough economy in the U.S. Things are tough when the whole globe is feeling the pinch.
Good point Roman about the way money and business trickles between companies, affecting everyone.
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