U.S. layoffs rise by 44 pct in April vs March-survey

[UpInArms]

Source: Reuters

NEW YORK, May 2 (Reuters) - Planned U.S. layoffs jumped 44 percent in April, led by a surge in financial sector job cuts after Citigroup announced it would eliminate 17,000 positions, an independent report showed on Wednesday.

Announced layoffs totaled 70,672 in April, up from 48,997 in March and about 18 percent more than the 59,688 announced in the same month a year earlier, according to Challenger, Gray & Christmas Inc., an employment consulting firm.

The financial sector now leads all others in job cuts for the year with 50,221. The automotive sector ranked second with 27,570 announced job cuts this year, Challenger said.

<snip>

"Granted, job cuts were dominated by one sector -- financial. However, it is a sector that is critical to the economy and any sign of dramatic change there could indicate wider problems," he said.

Read more: http://today.reuters.com/news/articleinvesting.aspx?type=bondsNews&storyID=2007-05-02T113011Z_01_NAT002667_RTRIDST_0_USA-ECONOMY-JOBS-CHALLENGER-URGENT.XML

[OHdem10]

1. This goes along with some other reports

which to my surprise have not caught the attention of MSM;
especially, since they will directly impact American Lives.

First, almost immediately after the Democrats were brought
into office--last election. Senator Schumer conducted a
hearing on State of American Economy. I believe the President
was giving one of his "big speeches" on the economy and this
hearing was done concomitantly.

The Witnesses for the Hearing were Robert Ruebin, former
Treasury Secretary, under Pres. Clinton. Larry Sommers, Former
Treasury Secretary under President Clinton, and Alan Blinder Former
Vice-Chairman Federal Reserve. Note the positions these very
smart men held. They were most forthright in describing
that we are facing a time of serious job dislocations. Since
they are Free Traders they tend to emphasize Technology as
the cause. They admit however Globalization has its impact
also. The picture they painted over the dislocations should
concern everyone. Any dislocations at one place has ripple
effects.--the local grocery, the gas station, the drugstor
Dept Stores etc. If people lose their jobs, not as much
money to spend. They indicated a serious need for a serious
safty net including Health Insurance and Good Employment
Insurance. These are Wall Street types making these
recommendations.

Last week Charlie Rose had Alan Blinder on his program. Blinder
got specific. At least 45,00,000 (forty-five million) Job
Dislocations. Once again he emphasized the need for serious
safey net in this country. He explained that we have just
about depleted the Mfg jobs. Now with the Internet, Professional
and Highly Skilled Workders will be part of the Dislocation.
With Computers, work can be done anywhere. We all know the
Transnationals chase the lowest wage location. Alan Blinders
interview can be seen at CharlieRose.com either under Alan Blinder
Economics. These are so recent, I find it interesting
they are not covered as news. I hope Washington does not
wait until the crisis is staring us in the face.

[Canuckistanian]

2. I noticed that this post is right next to the Circuit City post

How fitting....

[M155Y_A1CH]

3. Kick

:kick:

[mancandy]

4. Yeah, I've noticed a bunch of reports recently

on how shitty the economy is actually doing despite gains in the stock market. What this means to me is that the gap between the haves and the have nots is increasing to levels never seen before in this country.