The Truth About Today’s Job Market
July 21st, 2011, Aaron Task for The Daily Ticker, a Yahoo, finance news source reports massive layoffs are on the rise and a grim outlook for U.S. Workers.
“Putting pressure on an already lousy job market, the mass layoff is making a comeback. In the past week, Cisco, Lockheed Martin and Borders announced a combined 23,000 in job cuts.”
Mr. Tasks is not alone in his report and supports his findings with a report made in the Wall Street Journal by Conor Dougherty:
“Companies are laying off employees at a level not seen in nearly a year, hobbling the job market
and intensifying fears about the pace of the economic recovery.
Cisco Systems Inc., Lockheed Martin Corp. and troubled bookstore chain Borders Group Inc.
are among those that have recently announced hefty cuts, while recent government numbers
underscore how companies have shifted toward cutting jobs.”
Mr. Aaron Tasks’ report is focused on the problem of joblessness and the rise of unemployment over the last few months.
“Those announcements follow 41,432 in planned cuts in June, up 11.6% from May and 5.3% vs.
a year earlier, according to Challenger, Gray & Christmas.
Meanwhile, state and local governments have cut 142,000 jobs this year, The WSJ reports, and
Wall Street is braced for another round of cutbacks. This week, Goldman Sachs announced plans to let go 1000 fixed-income traders.”