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The Body Count is Rising: Job Cuts Continue

Mac Slavo
January 23rd, 2009
SHTFplan.com
Comment (1)
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While many analysts suggest we are at, or are nearing, a bottom, here at SHTF we believe the bottom is nowhere in sight.

Retailers continue to get hammered by lowered consumer spending, resulting in a steady stream of seemingly never-ending job losses. And as more jobs get vaporized, there are fewer consumers left to keep spending. This negative feedback loop will continue for months, perhaps years.

Contrary to popular belief spewed by our mainstream media, we are just in the opening stages of this mess. The body count will go higher, more retailers will go bankrupt. This will inevitably lead to a meltdown in the commercial real estate sector, namely traditional mall and strip mall operators.

The latest counts from the Wall Street Journal:

Company name Date of announcement Number of jobs cut Percent of work force
Microsoft 01/22/2009 5,000 5%
Huntsman 01/22/2009 1,175 9%
Intel 01/21/2009 6,000*** 7%
UAL 01/21/2009 1,000 2%
Eaton 01/20/2009 5,200 6%
Bose 01/20/2009 1,000 10%
Rohm & Haas 01/20/2009 900 5.7%
Clear Channel 01/20/2009 1,850 9%
ConocoPhillips 01/16/2009 1,300 4%
Circuit City 01/16/2009 30,000 100%*
Pfizer 01/16/2009 3,200** 3%
AMD 01/16/2009 1,100 9%
Hertz Global Holdings 01/16/2009 4,000 13%
Wellpoint 01/16/2009 1,500 3.6%
Saks 01/15/2009 1,100 9%
MeadWestvaco 01/15/2009 2,000 10%
Autodesk 01/15/2009 750 10%
Motorola 01/14/2009 4,000 6%
Barclays 01/14/2009 2,100 1.3%
Neiman Marcus 01/13/2009 375 3%
Cummins 01/13/2009 800 2%
Seagate Technology 01/12/2009 800 10%
Cessna 01/12/2009 2,000 N/A
Boeing 01/09/2009 4,500 7% (of commercial-airplane staff)
Walgreen 01/08/2009 1,000 9%
Lenovo Group 01/08/2009 2,500 11%
EMC 01/07/2009 2,400 7%
Logitech International 01/06/2009 500 5%
Alcoa 01/06/2009 15,000 14.5%
Cigna 01/05/2009 1,100 4%

*Company in liquidation
**Includes announcements of 2,400 cuts on Jan. 16 and 800 layoffs on Jan. 13.
***Number of employees affected by plant closures, not all will lose jobs

Author: Mac Slavo
Date: January 23rd, 2009
Website: www.SHTFplan.com

Copyright Information: Copyright SHTFplan and Mac Slavo. This content may be freely reproduced in full or in part in digital form with full attribution to the author and a link to www.shtfplan.com. Please contact us for permission to reproduce this content in other media formats.

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One Comment...

  1. Gerald Celente: Like nothing we've ever seen in our life time - Glen Beck Show February 10, 2009 says:
    February 11, 2009 at 10:30 am

    [...] discussed this in previous articles including The Body Count is Rising: Job Cuts Continue and Commercial Real Estate Under Threat – The Next Bubble at Critical Mass. This is a serious mess, [...]

    Rate This Comment: Thumb up 0 Thumb down 0

    Reply

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