The economy is currently in the middle of a recession and layoffs across the country are still on the rise.
“Home Depot, Caterpillar, Sprint Nextel and at least eight other companies announced on Monday they would cut more than 75,000 jobs in the United States and around the world,” said reporter Catherine Rampell.
Job layoffs started off in home building, mortgage operations and large banking corporations. Now it is affecting technological corporations that thrive on employing well qualified engineers and technicians such as Microsoft that highly invest in their employees.
The lack of sales and needed products is the cause for the lack of work that is needed to be done by paid employees.
The Bureau of Labor Statistics says that, “The United States economy has shed 2.55 million jobs since the recession began, pushing the unemployment rate up to 7.2 percent last month.”
Due to the large number of layoffs, more money is being given to the unemployed and for longer lengths of time through their unemployment checks.
And although stimulus checks are set to be distributed soon, they still may not help employees keep their jobs and get through this recession that is currently upon us.
While these billion dollar corporations are trying to stay in business, the thousands of laid off employees are on the verge of loosing their homes and their stable lives.
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I can definitely empathize with this article. Not only is it difficult for the people that are being laid off, but it is also difficult for the people that have to be the bearers of bad news.
ReplyDeleteI was watching a television show this morning that said that if someone gets laid off, we shouldn't joke about it, but we should give them recommendations to other places of employment. It's hard to imagine that anyone would joke about a person being laid off in a time such as this, but there are people who do.
There is a highly qualified man that works as a stockguy at my place of employment; he has his master's degree in mathematics.
I've heard tell of retail being the safest place to be employed at this moment.
Well written blog, you make very valid points.
The recession is horriblefor sure. I'm so confused about what everyone is going to do in 2009. 2.55 million people laid off as of last month? Thats astonishing! My heart truely goes out to the people and families that fall victim to all this.
ReplyDeleteI've watch it happen to people around me including people in my family and it upsets me very much. Although I am surprised that it took this long to affect Home Depot. Home improvments have definitely been put on the back burner for many households due to it not being impertive.
More people are mainly concerned with putting and keeping food on the table.
It is very sad to see all these companies going out of business or letting go thousands of workers. People have spent their lives working for these companies and to see them cut as simple as this is very disturbing. I understand the recession is to blame, but these companies should still be able to do something at least to help their employees.
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