Were any job cuts actually announced today? You’d think there were with headlines like this: Feb. could be worst month yet for jobless claims. Let’s check the headlines:
U.K. Shoe Sellers Stylo, JJB Cut About 3,000 Jobs — Retail jobs aren’t safe in any country.
Brazil Posts First January Job Loss in Seven Years — The BRICs are about to start dropping like one.
Embraer to Cut Workforce by 20%, Deliver Fewer Planes — This is a specific Brazil job cut announcement. Over 4,000 jobs.
Avon to Cut as Many as 3,000 Jobs Over Next 4 Years — Of the headlines, this is the only one that was a major American announcement. It’s over a period of 4 years. That’s not too bad.
As I mentioned earlier today, the headlines discussing the weekly DOL report are a little alarmist. Yes, unemployment is high. Yes, it is going to get worse. This week’s report was not the report to suddenly start worrying about the sky falling. The report wasn’t that bad. There was only one big cut announced today in the US. Things could be a lot worse.
