Even Before The Recession Has Officially Begun, Some Large U.S. Firms Are Laying Off Thousands Of Workers
Even Before The Recession Has Officially Begun, Some Large U.S. Firms Are Laying Off Thousands Of Workers by Michael Snyder for The Economic Collapse Blog
If the U.S. economy is “booming” and very bright days are ahead, then why are many large U.S. corporations laying off thousands of workers? Layoffs are starting to come fast and furious now, and this is happening even though the coming recession has not even officially started yet. Of course many are convinced that we are actually in a recession at this moment. In fact, according to John Williams of shadowstats.com if the government was actually using honest numbers they would show that we have been in a recession for quite some time. But the narrative that the mainstream media keeps feeding us is that the U.S. economy is “doing well” and that the outlook for the future is positive. Well, if that is true then why are big companies laying off so many workers right now?
Let’s start by talking about Ford Motor Company. On Monday, they announced that they will be laying off approximately 7,000 workers…
Ford Motor said Monday that it is laying off about 7,000 managers and other salaried employees, about 10% of its white-collar workforce across the globe, as part of a restructuring plan designed to save the No. 2 automaker $600 million annually.
The cuts, some of which were previously announced by the company, will be completed by August, Ford CEO Jim Hackett said in an email to employees Monday.
If the U.S. economy was about to take off like a rocket, this move doesn’t make any sense at all.
But if we are headed into a recession, this move makes perfect sense.
Another large firm that is laying off thousands of workers is Nestle…
Nestle SA’s U.S. unit will dismiss about 4,000 workers as it stops delivering frozen pizza and ice cream directly to stores and transitions to a warehouse model that’s becoming an industry standard for Big Food companies looking to trim costs.
And we also recently learned that 3M is planning to get rid of about 2,000 workers…
3M plans to cut 2,000 globally as part of a restructuring due to a slower-than-expected 2019.
The maker of Post-it notes, industrial coatings and ceramics said Thursday that the move is expected to save about $225 million to $250 million a year. The St. Paul Minnesota-based company anticipates a pretax charge of about $150 million, or 20 cents per share, this year.
Did you catch that part about these layoffs being due to “a slower-than-expected 2019”?
Unfortunately, things are slow for a lot of companies out there these days.
Another company that is dumping a large number of workers is MGM Resorts…
MGM Resorts International MGM, -2.09% plans to cut about 1,000 positions by the end of the current quarter amid a cost-cutting and operational overhaul that calls for fewer managers across its properties.
That figure includes some 254 positions that the company moved to eliminate last week.
In addition, Dressbarn just announced that all of their stores will be closing…