Friday, December 5, 2008
Job cuts 533K
This is a bit of a shock. I was watching the financial news last night. They had been predicting between 350 and 500K loss. And this is still only the beginning. There are a lot of companies who have scheduled lay offs for 09. Let me see if I have this correct. Construction was first to collapse. That started last December. Mortgage banking followed (in terms of jobs loss although they are tied to construction so about the same time). The financial sector came next. I think they are still bleeding jobs and will continue into next year. The Auto industry is very close to being a thing of the past. Pharmaceuticals and health care are scheduled to cut jobs in 09. With no or lowered demand I'm certain the airlines will be cutting back which of course will hit the airplane builders. And not to forget the farmers who got decked first with high fuel, feed and fertilizer costs then with lower prices for their crops when they went to sell. Did I forget anybody?