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Mon Jul 27, 2015, 02:12 PM

Layoffs in US for July 2015 (so far) - 16,000

San Diego-based Qualcomm announces 4,700 layoffs
By Josh Varlin
27 July 2015

Qualcomm Incorporated, a San Diego-based semiconductor company heavily involved in the smartphone market, announced 4,700 layoffs and other restructuring measures on July 22. This was in addition to thousands of other US layoffs announced this month, including technology giant Xerox and Mitsubishi Motors.

Qualcomm—which is the largest producer of LTE chips used in smartphones—plans on cutting $1.4 billion in expenses, including about 15 percent of its global workforce.

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The total announced layoffs in the United States for the month of July so far is approximately 16,000.

Even as jobs are being axed by the thousands, companies are engaging in stock buybacks and other parasitic financial activities. American corporations alone are sitting on about $1.4 trillion in cash, but refuse to productively invest. As a result, US economic growth has largely come to a standstill in the first half of the year, with gross domestic product growing by just .2 percent in the first quarter ...

More here: http://www.wsws.org/en/articles/2015/07/27/qual-j27.html

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