General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsUS companies post most layoffs since the financial crisis
The U.S. job market has been a growth engine of the U.S. economy since the Great Recession. The unemployment rate in May was 3.6%, near the lowest levels in decades, according to the U.S. Bureau of Labor Statistics. However, economists worry that the recovery may stall because of factors that include slower corporate earnings and the trade war with China.
There is evidence that anxiety is warranted. First-half job cuts were at their highest level since the first half of 2009, according to new research.
Jobs outsourcing firm Challenger, Gray & Christmas has kept layoff data by month for years. Its researchers wrote, "So far this year, employers have announced plans to cut 330,987 jobs, a 35% increase from the 245,179 cuts announced through the first half of last year. This year marks the highest first-half total since 2009, when 896,675 job cuts were announced." Second-quarter numbers were not much better. Cuts for the period rose 34% from the same period in 2018, when the figure was 104,800.
Job cuts in retail continue to be large. They reached 53,248 in the first half, on top of 73,066 in the same period last year. Retailers continue to close hundreds of locations, and it appears that trend will continue for the balance of the year. Retailers closing the most stores already have announced they will close hundreds this year.
https://www.msn.com/en-us/money/markets/us-companies-post-most-layoffs-since-the-financial-crisis/ar-AADNthG?li=BBnb7Kz
Wounded Bear
(58,706 posts)brick and mortar stores are failing.
Norbert
(6,041 posts)I wonder what happened.
Recursion
(56,582 posts)That's nearly three times as many coal miners as there are in the US
blueinredohio
(6,797 posts)After 20+ years he was let go a couple months ago. The plant now has a skeleton crew.
Wellstone ruled
(34,661 posts)My guess is,it was not just his plant,twenty years put's him as a 1999 hire and that was the time frame of massive Injection Molding operations in the Mid West. Several Companies relocated operations into Southern Ohio because of Transportation Costs.
blueinredohio
(6,797 posts)And makes more money. Hopefully he can stay at this for awhile.
Wellstone ruled
(34,661 posts)Backseat Driver
(4,394 posts)when large retail store companies lay-off minimum wage workers - something is rotten in Denmark! Then they have the audacity to wriggle out by claiming they were "indefintely furloughed" not laid off; can't even quality for unemployment insurance, pittance though it might be, and harming those trying to save for big-ticket costs like health insurance, college, or just added income for senior citizens. Greedy is as greedy does! Methinks the chocolates have maga'ts in them.
Initech
(100,102 posts)It's not about jobs, it's about all of our money going into the hands of less than 100 people.
Calculating
(2,957 posts)Apparently bad news is good for stocks because it increases the chances of a rate cut? I'm starting to feel like our entire economic system has become a house of cards built out of debt.