Recessionwatch Update

Job losses over the last few weeks:

  • Motorola: 4,000 jobs today, for a total of 22,000 since December.
  • Lucent: 16,000.
  • Verizon: 10,000.
  • Nortel: 10,000.
  • Compaq: 5,000.
  • Intel: 5,000.
  • Xerox: 4,000.
  • Gateway: 3,000.
  • Hewlett-Packard: 1,700.
  • Dell: 1,700.
  • Amazon: 1,300.
  • 3com: 1,200.
  • Oracle: 800

It’s also rumored that Sun are planning to ditch 10% of their employees, and Cisco are giving 5-10% of their staff unmatchable targets so they can force them to resign without calling it a layoff.

Conventional wisdom is to say that it’s just a “market correction” as technology stocks fall and overblown high-tech companies downsize. So how about:

  • DaimlerChrysler: 26,000.
  • Proctor Gamble: 9,600.
  • Sara Lee: 7,000.
  • Whirlpool: 6,000.
  • J.C. Penney: 5,300.
  • Compaq: 5,000.
  • Xerox: 4,000.
  • Schwab: 3,400.
  • Time Warner AOL Turner: 2,400.
  • Sears: 2,400.
  • Electrolux: 2,000.

And don’t forget, the US balance of payments deficit is now the highest it’s been since the 1980s, and expected to get worse.