12-05-2012, 02:53 PM
(12-05-2012, 01:22 PM)Midwest Spy Wrote: Here's the latest today from CNN:
(CNN) -- Across the country, a sudden shift is taking place.
Bobbie Cleave, a retired teacher in Utah, has put off plans to get a badly needed car.
Brian Chandler, a data manager in metro Atlanta, is delaying buying a house, despite needing space for his second child due any day now.
Retired police officer Richard Huffman of Michigan may ditch plans to re-enter the work force.
Businesses are preparing and cutting back too.
Citicorp announced today that they are cutting 11,000 jobs from their worldwide operations. Morgan-Stanley is in the midst of cutting its workforce by 7,000 as well. Financial service and investment banking firms have been restructuring for a while, but these are big cuts.
We saw what happened with production labor-oriented Hostess last month too.
Lots of downscaling across industries and sectors. While leaner is better, imo, whether it be for government, business or households - what concerns me is where are all of these newly unemployed Americans gonna look for work? Between just the 3 companies that I've referenced, it's nearly 35,000 lost jobs.
If Hostess gets purchased by another American company, some of those that lost their jobs will likely be re-employed by the buyer - but almost certainly not all of them, by a long shot.
Expecting the upcoming job/unemployment report to bleak.