U.S. job cuts just spiked to a five-year high. Find out who got pink-slipped and which businesses will get the axe.
Last week, I wrote to you about some of the little numbers that will trump Washington’s trillion-dollar cash bomb. Today, I’d like to draw your attention to another small figure that has been relegated below the fold.
Actually this number isn’t all that small: 159,000. That’s the number of American workers that were sacked in September. That’s the most jobs we’ve lost in over five years.
There are several things about this figure that ought to really shake a body up.
First off, it was about 59% higher than Washington and Wall Street’s cheerleaders were figuring. That’s not a rounding error, folks, that a swing and a miss.
What’s more, this figure is not an anomaly caused solely by all the craziness going these past few days. Rather, it is part of a really ugly trend.
While Washington has been arguing that we aren’t quite in a recession yet, because they can magically round up GDP one month out of three, American businesses have netted out job losses for nine straight months.
And I’d love to tell you that these cuts have been restricted to overpaid Wall Street CEOs, but it just ain’t so.
Yeah, the ailing finance biz accounts for some 17,000 lost jobs, 8000 of which came directly out of the securities and investment side of the house.
However, the damage is as wide as it is deep.
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In September alone…
- Factories fired 51,000 lever pullers, welders and wrench spinners.
- Construction companies pink-slipped another 35,000 hammer swingers and cement pourers.
- Retailers showed 40,000 clerks and floor sweepers the door.
- And hotels, spas, casinos and cruise ships shoved 17,000 desk clerks, masseuses, and lounge singers off the deck.
Wall Street may be stunned right now. But Main Street is bleeding. And they don’t have a clue where the next blow will come from.
For a while now, regular folks have worried about the way Wall Street was chewing up their hopes of retiring before they turn 80.
But now their worries are a heck of lot more personal. Like “Will my house get foreclosed?” or “Will my bank shut down?” How about “Can I feed my kids this week?”
Hey, Washington! Want to know why the folks back home said no to the bailout? Their paychecks have not met the grade for years now. But at least they had work.
What can a fella take away from this kludge? Last week, I suggested that retail would certainly be a victim here, and suggested shorting companies like Sears (SHLD:NYSE) and Kohl’s (KSS:NYSE).
Perhaps I was not clear: Christmas is going to stink this year. The slick guys in retail will try to spin it eight ways from Friday. They’ll tell you crap like “At least the numbers are beating expectations” or “We can’t be sure till all the gift cards in.”
But in the end, the American consumer is broke and petrified. A new dishwasher for Mom? A new bike for Junior and designer jeans for Sissy? That just isn’t happening this year.
Sincerely yours,
Adam
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