538,274 jobs lost so far in 2005: "Trouble ahead"

[Bluebear]

ROCHESTER, N.Y. (AP) - In a week where Alan Greenspan said he expected the U.S. economy to keep growing, and Wall Street seemed generally pleased with corporate performance, workers at Eastman Kodak Co., Hewlett-Packard Co. and Kimberly-Clark Corp., among others, were warned about thousands of new layoffs....

...some economy watchers are suddenly concerned that this latest flurry of job cuts - a byproduct of various trends such as outsourcing, mergers, automation, changing technology and consumer demands - might foreshadow some trouble ahead.

"We won't know till afterwards, but I do think we may be seeing a tipping point in the economic cycle that these big layoffs are flagging," said John Challenger, chief executive of Challenger, Gray & Christmas, a Chicago-based employment research firm. "I think it's a sign that leaks are breaking out."

One thing is for certain: It was not a good week for U.S. labor. In fact, it's been an unusually torrid summer in terms of trimming payrolls. U.S. corporations announced plans in June to cut 110,996 jobs - the highest monthly total in 17 months - and July's toll could turn out to be steeper. Overall job cuts are on the rise in 2005, reaching 538,274 through June, according to Challenger's monthly job-cut analysis....

http://www.columbiatribune.com/2005/Jul/20050723News017.asp

[orpupilofnature57]

1. Thanks, you ? % That really pulled the lever for this Idiot!! Security ?

For the 16%, the rest of u.s can eat cake, Shrubs say's the bible tells him so.

[acmejack]

2. You sure he said "cake'?

nt

[SammyWinstonJack]

4. More like a shit sammich.

But CAFTA will be good for the 'Murikan workers. :silly:

[Wetzelbill]

3. But the economy has been turning the corner

Heard that one for almost 4 years now. :)

[Robbien]

5. "I think it's a sign that leaks are breaking out."

what?

He's talking economic cycle here.

[marmar]

6. Alan Greenspan is a useless hack...

all the signs are pointing to something more serious than a recession. 5+ years of absolutely disastrous economic policies have assured that.

:scared: :scared: :scared: :scared:

[ProfessorGAC]

9. Right But Wrong, Then Right Again.

Greenspan is a useless hack. My dog knows more about economic theory and causation than Little Al.

But, this isn't worse than a recession. That's because it IS recessionary. It shows every statistical indication of a recessionary economy, including limited REAL GDP growth, that has been under the mean of the prior 20 years(1981 - 2000) for all but one of the last 20 quarters.

So, you were 100% right in your title, but this is not a depressive economy. Look up the stats for the Depressions in the U.S. and Europe for unemployment, monetary inflation, price inflation, real GDP growth, and corporate profitability. Then you'll see this period doesn't even compare.

Finally, you're right about 5+ years of disastrous economic policies. Silverspoon can certainly take the hit for that!
The Professor

[Roland99]

7. That's a lot of jobs lost!

Good thing CAFTA passed. Just in the nick of time to save us all!

[Deja Q]

8. The corner has been turned?

WHAT corporate performance? They offshore and cut jobs to MAKE it look like their performance has improved.