Wednesday, August 31, 2011

Employees Fear More Layoffs - Correctly

as one supervisor I recently interviewed said as he looked out a plant window over a community decimated by closures and layoffs, "Welcome to hell.".

Statistically, he is on the money.

A recent Gallup poll shows that 31% of American employees believe the next layoff will be soon and they will be victims.



US employers announced plans to lay-0ff 51,144 people in August up 47% from a year ago, according to a just completed survey by Challenger Gray.

There were only 90,000 jobs created last month in an economy that needs over 200,000 just to take care of those entering the workforce.

So, it can't be surprising that consumer confidence fell 15 points (6th largest single month drop ever) to levels not seen since the bottom fell put in 2009.

August will close out the markets with a sickening loss of at least 6%, enhancing the altogether correct belief among many employees that "I will never be able to retire."

Home prices are still well below where they were a year ago, and food and clothing are up no matter what government's skewed inflation numbers may indicate to the contrary.



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