The 10% Train Getting Longer and Longer
More and more companies are announcing layoffs of 10% or more of the ENTIRE workforce. Right now we are at about 7% unemployment..........and these layoffs are not counted in the figures....you do the math....sure umeployment will only get to 8 or 9% like the economists are telling you.
NEW YORK (MarketWatch) -- Choked-up credit markets have wreaked havoc for construction businesses, shrinking sales and forcing layoffs and plant shutdowns at suppliers Stanley Works and Cummins Engine Co."
While these actions are difficult ... we feel it is imperative to move decisively to manage through the steep global economic decline we are currently experiencing," said Stanley Chairman and Chief Executive John Lundgren in a Thursday statement.
The New Britain, Conn., toolmaker said it would lay off 2,000 people, or about 10% of its workforce, because of the "rapidly deteriorating business conditions" in its construction and industrial segments. The move is expected to save the company about $170 million in costs next year.
Cummins also announced layoffs today.....but only about 4% if its workforce."
Our engine and components segments are seeing the most significant declines with revenues for the fourth quarter down 15% compared to what we anticipated in our previous guidance at the end of October," said Tim Solso, chairman and CEO.
"We do not expect market conditions to improve significantly in the immediate future," he said.
Nor does Alstry....but as soon as I do...you guys will be one of the first to know.