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Thu Feb 6, 2014, 03:28 PM

Job Cuts Surge In January, Up 47 Percent From Previous Month

Source: UPI

CHICAGO, Feb. 6 (UPI) -- Job cuts announced by U.S. employers jumped 47 percent in January from December's 13-year low, a private outplacement firm said Thursday.

Layoff announcements jumped from 30,623 in December to 45,107 in January with the retail sector leading the pack in the month after the holiday season, Challenger, Gray & Christmas reported.

Poor earnings during the holiday season prompted the heavy retail job cuts, the outplacement firm said.

Layoffs were announced in January at Macy's, Sam's Club, JCPenney, Sears, Best Buy and Target, as retailers in total cut 11,394 positions, a 71 percent increase over cuts announced in January 2013.


Read more: http://www.upi.com/Business_News/2014/02/06/Job-cuts-surge-in-January-up-47-percent-from-previous-month/UPI-81021391702513/

11 replies, 1055 views

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Response to Purveyor (Original post)

Thu Feb 6, 2014, 03:32 PM

1. Heck of a recover we got going on here

The middle and bottom will meet soon.

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Response to Purveyor (Original post)

Thu Feb 6, 2014, 03:42 PM

2. Yeah, there's nothing like an unamed source

for accuracy.

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Response to Mr.Bill (Reply #2)

Thu Feb 6, 2014, 03:48 PM

3. "Challenger, Gray & Christmas reported" Here is your unnamed source as found in the OP. eom

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Response to Purveyor (Reply #3)

Thu Feb 6, 2014, 03:56 PM

4. Thanks.

I read it too quickly and didn't see that.

Still, figures from a private company who may or may not have a political agenda are not reliable to me.

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Response to Purveyor (Original post)

Thu Feb 6, 2014, 04:20 PM

5. it happens every year

No really, doesn't the extra holiday help get lay off notices this time every year? Is this a big OBAMACARE SCARE, or normal extra holiday help......

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Response to rtracey (Reply #5)

Fri Feb 7, 2014, 12:46 AM

11. retailiers cut 71% more this January compared to LAST JANUARY. It doesn't happen every year that

there is a big increase in cuts in January compared to the previous January 12 months before.

From the OP:
retailers in total cut 11,394 positions {{in January 2014}}, a 71 percent increase over cuts announced in January 2013
.

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Response to Purveyor (Original post)

Thu Feb 6, 2014, 04:24 PM

6. Makes sense - a lot of the help hired on for the holidays isn't needed now.

It happened to my son last year.

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Response to Purveyor (Original post)

Thu Feb 6, 2014, 04:47 PM

7. whoever woulda thunk it! Traditional post Christmas layoffs with historically bad weather in Jan-Feb

While the Republicans have obstructed 4.2 million jobs, they can't take credit for a historically bad cold snap and mega snowfalls affecting 23 states nor the traditional post-Christmas lay-offs phenomenon.



Regardless of historically bad winter weather in January- February period, ADP expects jobs added in January to be 175,000. Since the Republican Trickle Down Deregulation Disaster began the average net change for the month of January is -44,000 - jobs lost (which includes the loss of 794,000 jobs in January 2009, at the beginning of the Supply Side Surprise courtesy of the GOP (with special ignominy going to Alan "Mr. Magoo" Greenspan and Phil "Deregulator REX" Gramm - Dr. FrankenGramm's monster: the Commodities Futures Modernization act 2000)).





Dr. FrankenGramm's monster: the Commodities Futures Modernization Act - 2000


~~
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In other words, three of the nation's largest financial institutions had made more bad bets than they could afford to pay off. Bear Stearns was sold to J.P. Morgan for pennies on the dollar, Lehman Brothers was allowed to go belly up, and AIG, considered too big to let fail, is on life support thanks to a $180 billion investment by U.S. taxpayers.

"It's legalized gambling. It was illegal gambling. And we made it legal gambling…with absolutely no regulatory controls. Zero, as far as I can tell," Dinallo says.

~~
~~

The vehicle for doing this was an obscure but critical piece of federal legislation called the Commodity Futures Modernization Act of 2000. And the bill was a big favorite of the financial industry it would eventually help destroy.

It not only removed derivatives and credit default swaps from the purview of federal oversight, on page 262 of the legislation, Congress pre-empted the states from enforcing existing gambling and bucket shop laws against Wall Street.

(MORE!)



Alan "Mr. Magoo" Greenspan
http://www.theguardian.com/business/2012/aug/06/financial-crisis-25-people-heart-meltdown



Greenspan's super-low interest rates and consistent opposition to regulation of the multitrillion-dollar derivatives market are now widely blamed for causing the credit crisis. Under Greenspan's tenure the derivatives market went from barely registering to a $500 trillion industry, despite billionaire investor Warren Buffett warning that they were "financial weapons of mass destruction".

His rock-bottom rates encouraged Americans to load up on debt to buy homes, even when they had no savings, no income and no job prospects.

These so-called sub-prime borrowers were the cannon fodder for the biggest boom-bust in US history. The housing collapse brought the global economy to its knees.

He was given an honorary knighthood in 2002 for his "contribution to global economic stability" (in true Marx Brothers style comedy_Bill USA), but in 2008, at a Congressional hearing investigating the causes of the financial crisis, Greenspan finally admitted he "made a mistake in presuming" that financial firms could regulate themselves.
(more)



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Response to Purveyor (Original post)

Thu Feb 6, 2014, 09:45 PM

8. NAFTA, CAFTA, AFTA ...

Trickle Down, bay-bee!

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Response to Purveyor (Original post)

Thu Feb 6, 2014, 10:47 PM

9. Why isn't it possible for the middleclass to succeed

and the upper-class to suffer (financially)? It just never happens. It really sucks.
The middle and lower classes either suffer, or have a little bit of improvement.
While the upper-class either has mild improvement or vast improvement. And if they do ever suffer, that's called a depression.

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Response to Purveyor (Original post)

Thu Feb 6, 2014, 11:27 PM

10. But hey ... Unemployment claims are down!

The recovery is gaining steam!

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