Unemployment by the Numbers: Layoffs Since November 1

by Derek Hoffman

Lately, I continue to see layoffs popping up in the news on a very consistent basis (again). So, I put together a list of company names and their recent layoff announcements right here as a one-stop-shop to showcase the fact that these people, who are consumers in the global economy, will be very worried about their upcoming holiday time.

Ben Bernanke said recovery? I still smell recession …

Since November 1st, 2009, here are the major layoff announcements which hit the wires:

-Applied Materials (Nasdaq: AMAT) to cut 1,300 to 1,500 jobs;

-AOL (TWX) lays off 100 employees ahead of spinoff ;

-Adobe (Nasdaq: ADBE) to cut about 680 full-time jobs;

-Electronic Arts Inc. (Nasdaq: ERTS) said it is cutting 1,500 jobs, representing about 17 percent of its work force;

-Toyota Motor Corp. (NYSE: TM) is shutting 300 dealerships in Japan over the next three years;

-Lloyds Bank (NYSE: LYG) is cutting or moving 5,000 more jobs;

-Sprint (NYSE: S) plans to cut up to 2,500 jobs;

-Daimler (NYSE: DAI) to cut 1,000 jobs in Germany;

-HSBC (HBC) cutting 1,700 jobs in the UK;

-Paper maker UPM (UPMKY.PK) to lay off 870 workers in Finland;

-Nokia Siemens Networks (NYSE: SI) to lay off up to 5,700;

-Royal Bank Scotland (NYSE: RBS) to cut 3,700 jobs in their UK branch network;

Cost-cutting is good for a company’s bottom line, but it does not support the all-important consumer who contributes to shopping at retail, paying their mortgage, and sustaining their monthly expenses. These numbers indicate people all over the world will be requiring more help from the government, therefore increasing deficits.

If I’ve missed some job cut announcements you have seen, feel free to leave a comment and let me know!

Author's Disclosure: No positions in the companies mentioned.

Comments

[Michael Clark]

I'm glad you wrote this article, because it mirrors my own thinking this week as I saw layoff notice after layoff notice. I guess we'll all be working for the government sooner or later.

2009 Nov 13 04:26 AM

[tvass2]

Hi
Your numbers highlight two more serious and deeper issues than just the decline in consumer spending. First, the destruction of the jobs you cite are not matched anywhere in the U. S. economy by small business job creation. This gap is called the jobless recovery and it ultimately leads to permanent unemployment, just like the situation in Europe.
Second, as the WSJ reported yesterday, if and when an unemployed worker finds a job, the income and benefits are about 1/2 of the prior job. Most American workers are sliding down the ladder to a third world wage and benefits package. This is the ultimate outcome of the disastrous trade policies that confused exporting goods with outsourcing jobs.
The solution, as if the Obama folks actually cared about jobs, is a greatly increased rate of investment in small businesses and a requirement that companies invest 1/2 their profits obtained from global trade back into the U. S. economy.

Thomas Vass
Raleigh, NC

2009 Nov 13 06:02 AM

[Michael Clark]

This is a classic description of deflation. This is what we are headed into, no matter what Bernanke and friends have to say or do. We're going down into the forge, and it won't be easy. We have to be re-made, we have to have our weak metal reforged into a new and better sword.


On Nov 13 06:02 AM tvass2 wrote:

> Hi
> Your numbers highlight two more serious and deeper issues than just
> the decline in consumer spending. First, the destruction of the jobs
> you cite are not matched anywhere in the U. S. economy by small business
> job creation. This gap is called the jobless recovery and it ultimately
> leads to permanent unemployment, just like the situation in Europe.
>
> Second, as the WSJ reported yesterday, if and when an unemployed
> worker finds a job, the income and benefits are about 1/2 of the
> prior job. Most American workers are sliding down the ladder to a
> third world wage and benefits package. This is the ultimate outcome
> of the disastrous trade policies that confused exporting goods with
> outsourcing jobs.
> The solution, as if the Obama folks actually cared about jobs, is
> a greatly increased rate of investment in small businesses and a
> requirement that companies invest 1/2 their profits obtained from
> global trade back into the U. S. economy.
>
> Thomas Vass
> Raleigh, NC

2009 Nov 13 06:45 AM

[Pat C]

This is a classic description of deflation. This is what we are headed into, no matter what Bernanke and friends have to say or do. We're going down into the forge, and it won't be easy. We have to be re-made, we have to have our weak metal reforged into a new and better sword.
Well spoken Mr. Clark, you get it, now for the rest of us.

2009 Nov 13 09:39 AM

[TeresaE]

But with 70% of processed food, 50% of pharmaceuticals and OTC medicine/first aid, not too mention nearly 100% of our clothing and electronics coming from outside our borders, "deflation" is going to feel pretty inflationary for the bulk of our citizens.

And this dollar destruction will be felt long before we lose MORE of our paychecks to forced insurance and Cap and Trade.

The increase in mass layoffs real effect comes when non-reported local stores, vendors and others lay off their staffs - again.

Fewer customers for all. What a brilliant recovery!


On Nov 13 09:39 AM Pat C wrote:

> This is a classic description of deflation. This is what we are headed
> into, no matter what Bernanke and friends have to say or do. We're
> going down into the forge, and it won't be easy. We have to be re-made,
> we have to have our weak metal reforged into a new and better sword.
>
> Well spoken Mr. Clark, you get it, now for the rest of us.

2009 Nov 13 01:35 PM