21,000 Jobs Gone In One Day
By Justin Gardner | Related entries in Economy, Jobs
As we’ve heard from nearly every circle, including Obama’s, is that it’ll get worse before it gets better.
This news seems to bear that out.
More than 20 companies said they were cutting jobs, ranging from Amonil SA, Romania’s second-biggest fertilizer maker, to Fiat SpA’s Magneti Marelli auto-parts division. Hertz, the second-largest U.S. rental-car company, said it will cut more than 4,000 jobs, as businesses and consumers slow travel because of the global recession.“What you take away here is just how miserably profitability performed in the final quarter of ‘08,†said John Lonski, chief economist at Moody’s Capital Markets Group in New York, in an interview. “Companies cut back on staff when sales are significantly under expectation.â€
About 2.1 million U.S. jobs will be lost in 2009, Lonski predicted, with 80 percent of the layoffs by the 4th of July.
Couple this with the liquidation of Circuit City and we’re in unchartered unemployment territory…at least in my lifetime.
So, are you looking for work? Share your story below in the comments.
This entry was posted on Saturday, January 17th, 2009 and is filed under Economy, Jobs. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.
