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Massive Layoffs Coming Everywhere
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Massive Layoffs Coming in NYC, Nevada, California, Colorado, Arizona, Everywhere
Cities, states, and municipalities are sinking by the minute. And unless unions agree to concessions (which they won't) massive layoffs are coming everywhere you look.
Jobs That Are Not Coming Back
* Intel's workforce is at 2003 level. * Airlines have cut capacity, which means fewer routes and fewer flights. Total airline employment was down almost 10% through November from two years earlier, according to the Bureau of Transportation Statistics. * Citigroup shed one-third of its employees and unloaded $500 billion in assets. * GE is in the process of condensing its capital-finance unit, once the locomotive of its profit. During GE's conference call on Friday, Chief Financial Officer Keith Sherin mentioned the unit's "focused shrinkage." "GE Capital," he said, "will be a smaller but more meaningful contributor in the future."
The above bullet points from the Wall Street Journal.
Layoff stories are endless, and layoffs in the public sector have barely started. Those layoffs are likely to be staggering unless Obama and Congress are willing to go much deeper in debt, specifically to bail out failed states.
The budget deficit religion in Obama's state of the union message will surely be put to the test.
4th quarter GDP numbers will give one last reason to celebrate. However, that will be the last hurrah. The next GDP report will be nothing more than a rear view mirror look of inventory rebuilding, failed stimulus plans like cash-for-clunkers, and housing tax credits.
Here's a sobering thought for all the stock market bulls: The best of this "recovery" is now likely behind us, the official unemployment rate is still over 10%, and massive layoffs are on the horizon for city and state workers across the country.
Full article here:
[link to globaleconomicanalysis.blogspot.com]
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