If you've been reading along to this blog, you will note that many of the layoff notices were not for immediate effect. As you can expect many of the prior layoffs are showing up in the numbers finally and will continue doing so for some time. This week's figures push the envelope to a high water mark from 16 years ago. The initial claims figures are at 542,000 this week which hasn't been seen since 1992.
Remember, for every one of those 542,000, a lot more spending will be impacted. Firstly, their family will be consuming less. Secondly, their coworkers who may also be nervous about their jobs will cut back. Finally, many have announced layoffs, but yet to take action. Individuals in that situation will likely scale back consumption.
Related:
Government Bloat Under Scrutiny
Retail Closure and Unemployment
Retail consolidation and more consumers in trouble
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