Employers Planned Nearly 100,000 Layoffs in November
In the midst of a slew of upbeat economic news over the last several days on manufacturing activity, and an anticipated good jobs report this Friday where it is expected that the Labor Department will be reporting that more than 135,000 new jobs were created in November, comes this report from Challenger and Gray. According to the firmís latest summary for a holiday-shortened November, it is being claimed as a victory that there were only about 100,000 planned layoffs in November, as compared to the previous monthís staggering total.
We need solid job growth, and it is hoped that the results on manufacturing, residential construction, and other indicators will carry over month to month so that some of the jobs lost since 2001 can return. It is still staggering though that in the midst of all this good news that US companies still planned to sack nearly 100,000 workers in November, and it makes you wonder exactly where all this job growth is taking place.
Moreover, this recent expansion is being funded with deficit financing, with money taken from Social Security surpluses. When the tax cut stimulus runs out in several months, we can only hope that the expansion has taken enough root to establish a pattern of broadbased job growth in all areas, especially higher paying jobs. If it hasn't, ....