LA Times: Deluge of layoffs hits U.S. economy

[marmar]

Deluge of layoffs hits U.S. economy

By Jerry Hirsch and Maura Reynolds
January 27, 2009


U.S. companies slashed nearly 60,000 jobs Monday, adding impetus to the Obama administration's efforts to reach agreement on a plan to pump $825 billion into the economy over a two-year period.

But it's unclear whether even that massive influx of funding and tax cuts would be enough to get companies hiring again in the near term.

The cuts by firms including Caterpillar, General Motors, Texas Instruments, Home Depot, Sprint Nextel and Pfizer brought the total of jobs shed so far this month to 187,550, more than November or December and well over double the number of January 2008, according to employment firm Challenger, Gray & Christmas Inc.

Analysts believe that Obama's strategy of pouring money into state and local governments could prevent layoffs and furloughs of public sector employees, including teachers, police officers and other government workers.

Economists have estimated that the plan will protect or create 3 million to 4 million jobs in the next two years.

But the U.S. economy lost 2.6 million jobs last year and could lose 2 million more during the first half of this year. .........(more)

The complete piece is at: http://www.latimes.com/news/printedition/front/la-fi-layoffs27-2009jan27,0,7385039.story

[wartrace]

1. I was told today I am on the street May 1st.

Eighteen years down the drain.

[marmar]

2. So sorry to hear that......

..... I hope everything works out for you. It's nasty out there right now.

[wartrace]

3. It's a good thing.

I am OK -House paid for, no bills & I hated the job.