This Is What A Recession Looks Like – Here Are 12 Big Companies That Are Conducting Major Layoffs
This Is What A Recession Looks Like – Here Are 12 Big Companies That Are Conducting Major Layoffs by Michael Snyder for The Economic Collapse Blog
Do you remember what it was like in 2008 when it literally felt like no job was truly safe? It was a terrible time, and many fear that we could soon be facing a similar scenario. In recent days, big companies all across America have been laying off workers at a frightening pace. As economic activity has slowed down, a lot of firms are feeling compelled to slash their payrolls, and if a deep recession is ahead of us then what we have seen so far could be just the tip of the iceberg. In 2008 and 2009, millions of Americans lost their jobs very rapidly, and it could very easily happen again.
As I have been conducting research over the past few days, I have been struck by the stunning number of layoff announcements that are suddenly popping up in the news. Here are 12 of the most prominent examples…
#1 HP Inc: “U.S. personal computer maker HP Inc said on Thursday it will cut up to 16% of its workforce as part of a restructuring plan aimed at cutting costs. The company will cut about 7,000 to 9,000 jobs through a combination of employee exits and voluntary early retirement, it said in a statement.”
#2 WeWork: “WeWork, the co-working business once valued at $47 billion, is expected to announce significant layoffs this month, Bloomberg reports. This follows reports the company was looking to slash as many as 5,000 roles, or one-third of its workforce.”
#3 Kroger: “Kroger is laying off hundreds of employees across the family of grocery stores it owns, a person familiar with the situation tells CNBC.”
#4 Sports Illustrated: “The revered 65-year-old Sports Illustrated magazine is in a state of bedlam. In meetings Thursday afternoon, managers told staff members that about half the newsroom would be laid off, according to two people present at the meetings.”
#5 Uber: “The 435 employees cut from Uber include members from its product team and engineering team.”
#6 John Deere: “John Deere is set to layoff more than 150 workers at two of its plants in the Quad-Cities.”
#7 Bayou Steel Group: “According to Market Realist, Bayou Steel Group filed for bankruptcy on Tuesday and the company laid off 376 workers. U.S. Steel and ArcelorMittal also curtailed some of their facilities. U.S. Steel idled two of its US blast furnaces earlier this year and the company expects those blast furnaces to be idle until at least the end of the year.”
#8 Elanco: “Elanco Animal Health Inc. which went public a year ago, on Monday said it plans to lay off 250 workers to save $12 million in 2020.”
#9 Lazard Asset Management: “Lazard Ltd. is cutting up to 7% of its employees in its asset-management division and closing some investment funds by year’s end, people familiar with the matter said, amid a tougher climate for money managers.”
#10 Advance Engineering Corporation: “Advance Engineering Corporation, Elgin, permanent closing due to relocation affecting 114 employees. First layoff date is Nov. 4, with layoffs to be completed by Dec. 31.”
#11 Daimler Trucks North America: “The company is laying off 450 workers at its Mount Holly plant and about the same number at its plant in Cleveland.”
#12 Genesis Healthcare: “Genesis Healthcare, in a statement to McKnight’s on Wednesday said it has reorganized its therapy gyms in response to PDPM and other industry changes. The company laid off 585 out of about 10,000 Genesis Rehab employees.”
This isn’t what a “booming economy” looks like.
In fact, this is precisely what we would expect to see as the U.S. economy plunges into a major economic downturn.