How bad will things get????
DETROIT -- General Motors Corp. is looking to cut its U.S. salaried headcount by 15%, or around 5,000 workers, by Nov. 1 as part of a plan to trim $10 billion in annual expenses, according to people briefed on the plan.
Bennigans lays off 9000.
Aiming to lower labor costs, Nissan Motor Co. offered buyout packages to 6,600 workers at two Tennessee plants, in the latest sign of declining wages in the U.S. auto industry.
Sealed Air cut its annual earnings outlook and said it plans to eliminate 5% of its work force.
We havn't even started to discuss the job cuts from state and local governments. Things are just starting to perculate in this arena.
For anyone thinking that there is a recovery in commercial real estate....CB Richard Ellis pretty much ended any thoughts in that direction today.
So let's think about this, the outlook for Airlines, Autos, Banking, Residential Real Estate, Commercial Real Estate, Retail, and Restaurants is terrible and the market goes up almost 500 points in a couple days.......