Return of Mass Layoffs a Grim Sign for U.S. Workers

[uscitizen]

Putting pressure on an already lousy job market, the mass layoff is making a comeback. In the past week, Cisco, Lockheed Martin and Borders announced a combined 23,000 in job cuts. (See: Another Retailer Bites the Dust: Borders Doomed by Amazon Deal, Davidowitz Says)

Those announcements follow 41,432 in planned cuts in June, up 11.6% from May and 5.3% vs. a year earlier, according to Challenger, Gray & Christmas.

Meanwhile, state and local governments have cut 142,000 jobs this year, The WSJ reports, and Wall Street is braced for another round of cutbacks. This week, Goldman Sachs announced plans to let go 1000 fixed-income traders.

If these trends continue, we may soon be talking about losses in the monthly employment data -- not just disappointing growth, says Howard Davidowitz, CEO of Davidowitz & Associates

"Everything in business is confidence," Davidowitz says. "You lose confidence and businesses can't deal with that [and] who could have confidence with what's going on in Washington?"

Davidowitz is bipartisan in his criticism, calling the U.S. political system "dysfunctional and deranged."
Return of Mass Layoffs a Grim Sign for U.S. Workers | Daily Ticker - Yahoo! Finance

I know here come the Obama blamers. I however predicted this regardless of which party won in 2008.

 

[xsited1]

Well, Obama and his cronies have to accept a lot of blame for this. There is just too much uncertainty in Washington right now with the debt talks, Obamacare, etc.

 

[uscitizen]

Uncertanties? Ohh you mean the fear mongering of the right is working?

Potatoes, potatoes.

 

[Sallow]

Well I got got..last month..

Laid Off On Wall Street: Lowest-Paid Workers Losing Jobs

13 years..and out.

Oh well.

 

[uscitizen]

Well I got got..last month..

Laid Off On Wall Street: Lowest-Paid Workers Losing Jobs

13 years..and out.

Oh well.

Lowest paid? Must be that minimum wage thing causing this?

 

[xsited1]

Uncertanties? Ohh you mean the fear mongering of the right is working?

Potatoes, potatoes.

In case you haven't noticed, fear mongering is coming from both sides of the aisle, but go ahead and place the blame squarely on the Right if it helps you sleep at night. But back to my point, the Democrats had the power for at least a couple years and they did nothing. Shame on them.

 

[Sallow]

Well I got got..last month..

Laid Off On Wall Street: Lowest-Paid Workers Losing Jobs

13 years..and out.

Oh well.

Lowest paid? Must be that minimum wage thing causing this?

Relatively.."lowest paid". I was doing six figures..but I was a techie.

In the food chain..that's basically a mouse.

 

[High_Gravity]

Well I got got..last month..

Laid Off On Wall Street: Lowest-Paid Workers Losing Jobs

13 years..and out.

Oh well.

Lowest paid? Must be that minimum wage thing causing this?

Relatively.."lowest paid". I was doing six figures..but I was a techie.

In the food chain..that's basically a mouse.

You got laid off Sallow?

 

[Sallow]

Lowest paid? Must be that minimum wage thing causing this?

Relatively.."lowest paid". I was doing six figures..but I was a techie.

In the food chain..that's basically a mouse.

You got laid off Sallow?

Well..technically..Reduction in Force..

The speech was:
"Personally I want to say you did an extraordinary job here. Unfortunately, your job has been eliminated. It was not your job performance. Things are tough industry wide and the company must make changes to reflect the economy."



Last year I worked on a migration that had me in the office 12-16 hours a day..6 days a week. I got all kinds of praise for it. Then they moved me to second shift. Then they moved me to third shift. Then they bumped a manager down to my level and had me train him. I knew it was over when that happened.

 

[uscitizen]

Uncertanties? Ohh you mean the fear mongering of the right is working?

Potatoes, potatoes.

In case you haven't noticed, fear mongering is coming from both sides of the aisle, but go ahead and place the blame squarely on the Right if it helps you sleep at night. But back to my point, the Democrats had the power for at least a couple years and they did nothing. Shame on them.

Yep and the repubs had total power for what 6 years?

Be partisan if you want, but I blame both sides, but the hypocirsy of the right is louder than that of the left.
And I do believe they are intentionally holding back things just to hurt the other side with no regard for what is best for America.

 

[High_Gravity]

Relatively.."lowest paid". I was doing six figures..but I was a techie.

In the food chain..that's basically a mouse.

You got laid off Sallow?

Well..technically..Reduction in Force..

The speech was:
"Personally I want to say you did an extraordinary job here. Unfortunately, your job has been eliminated. It was not your job performance. Things are tough industry wide and the company must make changes to reflect the economy."



Last year I worked on a migration that had me in the office 12-16 hours a day..6 days a week. I got all kinds of praise for it. Then they moved me to second shift. Then they moved me to third shift. Then they bumped a manager down to my level and had me train him. I knew it was over when that happened.

Damn man I'm really sorry to hear that, I was laid off before when I lived in Virginia, they used to give us quarterly bonuses and I knew it was over when they eliminated the bonuses. What are you going to do now?

 

[Si modo]

Putting pressure on an already lousy job market, the mass layoff is making a comeback. In the past week, Cisco, Lockheed Martin and Borders announced a combined 23,000 in job cuts. (See: Another Retailer Bites the Dust: Borders Doomed by Amazon Deal, Davidowitz Says)

Those announcements follow 41,432 in planned cuts in June, up 11.6% from May and 5.3% vs. a year earlier, according to Challenger, Gray & Christmas.

Meanwhile, state and local governments have cut 142,000 jobs this year, The WSJ reports, and Wall Street is braced for another round of cutbacks. This week, Goldman Sachs announced plans to let go 1000 fixed-income traders.

If these trends continue, we may soon be talking about losses in the monthly employment data -- not just disappointing growth, says Howard Davidowitz, CEO of Davidowitz & Associates

"Everything in business is confidence," Davidowitz says. "You lose confidence and businesses can't deal with that [and] who could have confidence with what's going on in Washington?"

Davidowitz is bipartisan in his criticism, calling the U.S. political system "dysfunctional and deranged."
Return of Mass Layoffs a Grim Sign for U.S. Workers | Daily Ticker - Yahoo! Finance

I know here come the Obama blamers. I however predicted this regardless of which party won in 2008.

No surprise.

 

[High_Gravity]

It appears that the longer we go on there are less and less jobs, and our population is growing, we are going to have alot of angry people with no jobs...

 

[editec]

Well I got got..last month..

Laid Off On Wall Street: Lowest-Paid Workers Losing Jobs

13 years..and out.

Oh well.

Soory to read it, Sal.

Big fish gobbling up the little ones.

In the wake of a $700 billion taxpayer bailout, as Wall Street compensation came under scrutiny, firms reduced bonuses for employees -- but also boosted base salaries. Those fixed costs have made banks less flexible when hard times strike, experts say. Now, with trading activity anemic, those banks are scrounging around for savings.

"If you're eliminating the lowest x percent, you have more to spend on the top x percent. That is just a natural thing," said Wendi Lazar, a partner at the law firm Outten & Golden, where she co-runs the transactional practice group.

"We saw it with Lehman and Bear -- there was an enormous amount of house-cleaning," said Lazar, who represents financial executives. "It's an opportunity to get rid of people who are not at the top of the food chain."

Sooner or later most people in the larger corporations come to discover that they are thought of as merely cogs in the greater machine, and that they're easily replaced or their jobs, thanks to changes in business model, or techo;logy, or merely the fact that they're making too much, by comparison to what new hire will cost the firm, are replaceable.

When you're thirty, maybe even 40 something, you might be able to recover your career path.

But as one grows longer in the tooth, your market value declines no matter how much more you have to offer in experience.

This is all part of the grander trend toward the devaluation of work, and the domination of capital over labor, of course.

 

[del]

Uncertanties? Ohh you mean the fear mongering of the right is working?

Potatoes, potatoes.

In case you haven't noticed, fear mongering is coming from both sides of the aisle, but go ahead and place the blame squarely on the Right if it helps you sleep at night. But back to my point, the Democrats had the power for at least a couple years and they did nothing. Shame on them.

Yep and the repubs had total power for what 6 years?

Be partisan if you want, but I blame both sides, but the hypocirsy of the right is louder than that of the left.
And I do believe they are intentionally holding back things just to hurt the other side with no regard for what is best for America.

maybe you're a little deaf in your left ear

 

[Sallow]

You got laid off Sallow?

Well..technically..Reduction in Force..

The speech was:
"Personally I want to say you did an extraordinary job here. Unfortunately, your job has been eliminated. It was not your job performance. Things are tough industry wide and the company must make changes to reflect the economy."



Last year I worked on a migration that had me in the office 12-16 hours a day..6 days a week. I got all kinds of praise for it. Then they moved me to second shift. Then they moved me to third shift. Then they bumped a manager down to my level and had me train him. I knew it was over when that happened.

Damn man I'm really sorry to hear that, I was laid off before when I lived in Virginia, they used to give us quarterly bonuses and I knew it was over when they eliminated the bonuses. What are you going to do now?

Enjoy the summer..of course.

We've had several parties at my new digs.

I have a pretty good set of skills...I ain't to worried.

Worse comes to worse..I will drive a truck again.

 

[uscitizen]

It appears that the longer we go on there are less and less jobs, and our population is growing, we are going to have alot of angry people with no jobs...

And socialism is bad and this is the result of capitalism so what to do?
Let them eat Twinkies?

 

[High_Gravity]

It appears that the longer we go on there are less and less jobs, and our population is growing, we are going to have alot of angry people with no jobs...

And socialism is bad and this is the result of capitalism so what to do?
Let them eat Twinkies?

I really don't know, I don't think its a good thing to have alot of people but hardly any jobs.

 

[High_Gravity]

Well..technically..Reduction in Force..

The speech was:
"Personally I want to say you did an extraordinary job here. Unfortunately, your job has been eliminated. It was not your job performance. Things are tough industry wide and the company must make changes to reflect the economy."



Last year I worked on a migration that had me in the office 12-16 hours a day..6 days a week. I got all kinds of praise for it. Then they moved me to second shift. Then they moved me to third shift. Then they bumped a manager down to my level and had me train him. I knew it was over when that happened.

Damn man I'm really sorry to hear that, I was laid off before when I lived in Virginia, they used to give us quarterly bonuses and I knew it was over when they eliminated the bonuses. What are you going to do now?

Enjoy the summer..of course.

We've had several parties at my new digs.

I have a pretty good set of skills...I ain't to worried.

Worse comes to worse..I will drive a truck again.

I hope things work out for you, I know how it is be unemployed.

 

[Si modo]

It appears that the longer we go on there are less and less jobs, and our population is growing, we are going to have alot of angry people with no jobs...

And socialism is bad and this is the result of capitalism so what to do?
Let them eat Twinkies?

What capitalism is this the result of?