In August there were announcements of many large companies laying off employees, like the following:
UBS – cut 40,000 jobs
HSBC – cut 30,000 jobs
Barclays- cut 3,000 jobs
Credit Swiss – cut 2000 jobs
The above is the most amount of financial firm job cuts since 2007-2008 before, during and after the big crash. The pattern is similar, and it would seem like everything is just getting worse.
Now in September employers plans to cut 115,730 workers from their payrolls up 126% over August. Leading the job cuts is the U.S Government, financial companies, then education and a whole bunch of other sectors of the economy.
The fourth quarter I believe we will see the unemployment rate in the United States jump higher even closer to 10% , but in reality because the U.S statistic is flawed and doesn’t count people who have been out of work for more than 6 months and have stopped looking…the real uncooked unemployment rate in America is really higher than 20% (60 million people).
Bookmark at:StumbleUpon | Digg | Del.icio.us | Dzone | Newsvine | Spurl | Simpy | Furl | Reddit | Yahoo! MyWeb
