Recent News About Job Losses

The economy is on everyone's mind these days. All you need to do is open the newspaper or flip on the TV to hear endless talk about recession, $4 gas, crude oil, foreclosures, etc. Some recent economic and corporate news this week highlighted another problem: jobs are being cut. The ADP report today stated that 79,000 jobs were cut in the private sector in June and the 40,000 gain in May was actually more like 25,000. In the public sector, numerous companies have been reporting plans to cut jobs. Bank of America plans to cut 7,500, Starbucks 12,000, and UnitedHealth 4,000. These are just a small example of what has been happening. We will have to see what the non-farm payroll number is when it gets released tomorrow. Things could get even uglier.