Firings Highest Since 2010 as Firms From Ford to Dow Face Slump

[marmar]

(Bloomberg) Ford Motor Co. (F) and Dow Chemical Co. (DOW) joined a growing number of companies firing thousands of workers as sluggish U.S. growth and Europe’s deepening recession lead to a persisting slump in sales.

North American companies have announced plans to eliminate more than 62,600 positions at home and abroad since Sept. 1, the biggest two-month drop since the start of 2010, according to data compiled by Bloomberg. Firings total 158,100 so far this year, more than the 129,000 job cuts in the same period in 2011.

Ford is closing its first European car-assembly factories in 10 years and Colgate-Palmolive Co. (CL) said today it will cut 2,300 jobs, adding to more than 5,500 cuts announced by Dow Chemical, DuPont Co. and Advanced Micro Devices Inc. (AMD) in the past week. The reductions coincide with a majority of U.S. companies missing analysts’ third-quarter revenue estimates and a focus on jobs in the final weeks of the U.S. presidential campaign.

“Companies are saying, ‘Let’s not build up inventories, let’s be lean and mean until we know until we have a better idea of what 2013 is going to look like,’” said Janna Sampson, who helps manage more than $3 billion for Oakbrook Investments in Lisle, Illinois. “There is a fear now as companies see that the economic recovery is not picking up.” .....................(more)

The complete piece is at: http://www.bloomberg.com/news/2012-10-24/firings-reach-highest-since-2010-as-ford-to-dow-face-sales-slump.html

[BeyondGeography]

1. Mr. Whirlpool: “We are operating in a world where demand is still very weak.”

This is sure to improve with more firings.

Hey, I'm 53 and I ain't buying shit anymore unless it absolutely needs to be replaced. If Mr. Whirlpool's party had its way, I'll spend my old age wondering when the next cut is coming (if I can make it there without being fired), so it's voluntary simplicity time. Vicious circle and all that...

[Democratopia]

2. If Obama had used the same austerity measures as Europe and the GOP want

Europe would be in a far worse position and we would still be in recession. So thank you Mr. President.

[JackN415]

3. but... but... we are still bad, Americans are poorer,..no jobs... (sarcasm) n/t

[HughBeaumont]

4. Ah, Unbridled Capitalism.

Or, maybe, just plain "Capitalism", depending on who you ask.

It's where logic dictates that "Hey, not enough people are buying shit, and hey, you can kiss my ass quick if you think I'm paying my workers better so they CAN buy shit. So, the solution is that, in order to meet these ever-important quarterly numbers and this fictional "fiduciary duty to our major shareholders" crap that we sell to the moderates and right wingers, let's fire more workers and close MORE plants and keep all of the money. Hey, I'm not being taxed on my profit much, so why not just take it more and more and more? I don't have to hire because you're not making me . . . think I'm-a give me a lottery bonus fer my brainz!! You underlings? Well . . . good luck! Austerity . . . win-win . . . laissez-faire . . . rising tide . . . global economy . . . something."

IT MAKES PERFECT SENSE!!! All you need is a frontal lobotomy to believe it!