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More US Layoffs: Dec. 21, 2008
Executive Summary – Below we are listing the mass layoffs that occurred in December 2008. After that we have a discussion with some predictions for you to hopefully gain from.
Job Layoffs during the week of December 15th through the 19th,, 2008.
- Omnicom – 3,000
- Cooper Tire Company– 1,400 (new car sales down)
- Western Digital – 2,500
- Aetna Insurance – 1,000 (people out of work do not buy or pay for insurance)
- Bristol-Myers Squibb Corp.– 800
- Sirius Radio – 458 (disposable incomes down)
- Las Vegas Sands Hotel – 200 (tourism down)
Job Layoffs during the week of December 8th through the 12th, 2008.
- Bank of America - 35,000 (No wonder)
- Rio Tinto - 14,000
- Sony Corporation - 8,000 (they need a cheaper yen)
- Dow Chemical Corp - 5,000
- Anheuser-Busch Brewery - 1,400 (surprise alcohol beverage company doing abd in these times)
- National Public Radio - 85 (contributions down).
Job Layoffs during the week of December 1st through 5th, 2008.
- AT&T: 12,000 (cell phone sales and payments down)
- JP Morgan/Washington Mutual: 9,200 (bad loans)
- DuPont - 2,500
- General Motors -2,000 (car sales down)
- State Street -1,600 to 1,800
- Viacom - 850 (people cutting back on cable and having trouble paying bills)
- Sanofi-Aventis - 650
Discussion – The above represents the commercial sector job layoffs during the month of December, so far. You can see this is over 100,000 jobs. Remember we are only looking at large employer layoffs here. The total expected layoff count for December is around one million for the month only. Please bear in mind many firms will try hard to not layoff until after January first for obvious reasons. We expect January to be worse. The retailers will be announcing more closures and the malls will get hit. Look for our article on public sector layoffs.
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