Wednesday, November 5, 2008

More People Dust Off the Ole Resume in October

As if you couldn't tell by all the layoff tagged posts here, October was a harsh month for announced layoffs. It seemed that every other earnings report came out with terrible guidance and cost cutting measures including job cuts.

These layoff announcements almost doubled from October 2007 to about 112,000. You can bet there were no announcements of trying to fill 112k vacancies in October or will be in November. It will take a very long time for this vicious cycle to begin creating jobs that are high paying and replace some of these lost souls. In the mean time expect more of these layoffs and in an accelerated manner.

As we covered; the laid off will reduce buying products made or imported by the still working, which will cause those companies to begin laying off, and those that were close to being laid off will reign in spending as well due to fear of future layoff. It really will feed on itself over time and it just started now. There ain't no hope for change on this one.

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