Layoffs above 100,000 3 months in row

[UpInArms]

http://cbs.marketwatch.com/news/story.asp?guid=%7BA3AC0AB3%2DCEF6%2D4FF7%2D888B%2D2A433DED9476%7D&siteid=mktw

WASHINGTON (CBS.MW) - U.S. corporations announced plans to eliminate 104,530 jobs in November, the third month in a row that planned layoffs exceeded 100,000, according to a tally kept by outplacement firm Challenger, Gray & Christmas.

Announced jobs cuts increased 2.6 percent in November from October's 101,840, and were up 5.1 percent from November 2003's 99,452, the firm said Tuesday.

It's the first time since early 2002 that layoffs were above 100,000 for three months in a row.

Through the first 11 months of 2004, announced layoffs totaled 930,690, down 19 percent year-to-date. It's likely that announced job cuts will exceed 1 million for a fourth straight year in 2004.

The 12-month average of announced job cuts rose to 85,309 from 84,886 in October.

"The biggest worry for the economy is that the large number of lower middle-class and middle-class Americans struggling to make it paycheck-to-paycheck will be short of discretionary income during the holiday shopping season," said John Challenger, CEO of the outplacement firm.

...more...

[74dodgedart]

1. Colgate just announced a big "restructuring"

[tk2kewl]

2. 12% reduction in workforce

[BlueJazz]

3. Don't you just love "Corporate Speak" ?

I remember when I worked for Kodak and a memo came around saying that
"Foreign adjustments will be forthcoming"......3 weeks later they sent tons of Tech jobs to India.....@$#%$^#$ :)

[barb162]

13. my favorite is "rightsizing" like they're getting it straightened out and

everyone including those laid off should appreciate it

[barb162]

14. when the memo came did everyone "know" that was what it meant

[74dodgedart]

9. Interesting article on job numbers

http://www.nypost.com/business/35862.htm

[area51]

4. income

Those laid off will be short of more than just "discretionary income"; they won't have any income unless by some miracle they get a severance pkg. or the paltry amount of unemployment compensation that this country gives; not everyone laid off gets either one of those. Challenger, Gray & Christmas acts like one can just go out & get another job, but getting employment in this dying economy is next to impossible.

[xchrom]

5. mission accomplished!

culd bushco and corporate america try any harder to fuck up the standard of living for the middle class in this country?

[The Zanti Regent]

6. but we got JESUS, don't we?

Is Jesus going to pay the bills of the newly unemployed?

Is Jesus going to keep a roof over their heads?

Is Jesus going to put food on the table?

How many times do people have to be hit on the head before some common sense gets knocked in?

[Bigmack]

10. "When Will Jesus...

... Bring The Porkchops"

Title of George Carlin's new book. On the Bestsellers list.

Great Fun!

[Anakin Skywalker]

18. Thanks! I will look for it.

I didn't know he had a new book out before I saw your post.

[Supersedeas]

11. but but but the Mainstream Media says 'Merican like Laura more than Teresa

love how the Press is all but silent about issues like the economy prior to the election and now mentions here and there the signs of imcompetence from this Administration.

[Just Me]

7. Talk about bleeding,...the job market is bleeding profusely.

Geez,...I feel so badly for middle-class Americans.

[Rose Siding]

8. The govt used to track this

Bush ended it a couple of years ago. Is anyone familiar with Challenger, Gray & Christmas? I ask because suppose it's even higher. How would we know?

[barb162]

12. I suspect it is far higher. So many companies now who got bad

publicity for big layoffs now lay off a few workers every day; then they are under the radar screen.

[UpInArms]

15. Challenger, Gray & Christmas

have been around for a long time - can't remember exactly how long - here's their website

http://www.challengergray.com/

[fertilizeonarbusto]

16. We're done

What was that old Bette Midler album, "Songs for the New Depression"?

[orpupilofnature57]

17. we'd need 51% unemployment before shrubers would see the dark.

[michaelwb]

19. Unpatriot companies

""The biggest worry for the economy is that the large number of lower middle-class and middle-class Americans struggling to make it paycheck-to-paycheck will be short of discretionary income during the holiday shopping season," said John Challenger, CEO of the outplacement firm."

Yeah those companies should wait until after folks have done their xmas shopping before laying them off. Maybe xmas eve.

Gheesh!


Discretionary income is not as big of a concern as actual income for many folks!