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Dec 07

US Economy, still circling the drain as more layoffs announced

This just in, the US Economy continues to circle the drain. While talks over the Fiscal Cliff continue to dominate the press more hardworking citizens are finding out that they will not have a job after the Christmas Season. Children will be opening presents happily while parents attempt to hide the fact that underneath the thin veneer of shared joy they are worried how the next month’s bills will be paid.  While we saw an immediate wave of layoffs following the election the ones listed below were just announced within the last week or so.

Citigroup: 11,000 Layoffs

SAIC Inc: 700 Layoffs

Resolution Copper: 400 Layoffs

Living Social: 400 Layoffs

Santa Barbara Bank and Trust: 468 Layoffs

KDH Defense Systems: 280 Layoffs

Bank of America (Mass): 200 Layoffs

Bank of America (Ca): 281 Layoffs

Northrop Grumman: 200 Layoffs

iVOX Solutions LLC: 120 Layoffs

Anchorage School District: 100 Layoffs

Pratt and Whitney: 100 Layoffs

AM General: 100 Layoffs

I wrote an article a month ago which detailed many of the layoffs taking place in the country, since then more continue to be announced with no end in sight.

Job cuts have now risen for three consecutive months with a total for November that is 34 percent higher than job cuts announced in November 2011. Through the first 11 months of the year, U.S. firms have announced 490,806 job cuts, 13 percent below the pace set in 2011, when 564,297 layoffs were announced through November.

Continue to prepare as best you can because things are only going to continue to get worse.

 

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6 comments

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  1. ParaB

    I’m guessing Obama lets us “go over the cliff”. 1st, he gets more money into the government, 2nd, he gets to blame it on the GOP. He wins either way, and we lose all around. Then the economy really gets worse, and its all down hill from there. Hold on tight brothers and sisters, were going on a ride we may not ever come back from! How did our country ever get so far gone??

    1. PJ

      I believe both “sides” will allow it to happen, content to point their finger at the other side of the aisle. OR…the “compromises” which will be agreed upon to avert the cliff will essentially be so ridiculous they will come under much scrutiny. Make no mistake, the priority here is to find some sort of solution which will allow them to save face in front of their constituents, thus increasing their chances of re-election. And so we will see some watered down reforms which essentially have no punch or can be reversed in a year or two, or something like “we’ll save money on entitlements by raising the retirement age to age 68 by the year 2085.”

  2. Raymac1963

    The bank layoffs need to be looked at differently then the general economy. They are still a result of the massive mergers that were done with the TARP funds. Consolidations in that business will continue for a few more years. The kick in the pants is it was done with tax payers money. We got hosed in that deal.

    1. PJ

      Great points Raymac, thanks for the comment.

      PJ

  3. bob bugout

    So git on out there N make yer own cake. Don’t depend on somebody to give you money like a little kid on an allowance. Frickin’ babies. WORK for yerself. Go git some!

  4. Ryan Key

    Can’t believe Santa Barbara Bank & Trust has so many layoffs, aren;t they supposed to have all the answers? That explains why so many people are moving to the more conservative states and ditching the bankrupt ones.

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