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.