One the seventh day of Christmas my employer gave to me, a pink slip and an underfunded pension plan
The Bush Economy roars ever onward:
US employers announced plans in November to step up job cuts, with the total exceeding 100,000 for the third month in a row, an industry survey showed.
Employers posted 104,530 cuts in November, up 2.6 percent from the previous month, according to a survey sponsored by international outplacement firm Challenger, Gray and Christmas.
Government workers were hardest hit, with 21,971 cuts, followed by telecommunications workers, with 21,158 job losses.
“Not only are more companies announcing job cuts, there are more jobs being eliminated in each announcement,” said the outplacement firm’s chief executive, John Challenger.
“This volatility could continue into 2005 as competition forces more companies to consider strategic combinations,” he said in a statement.
Strategic combinations = management making sure that their stock options don’t go under water.
Challenger said a weak labor market could hurt the crucial holiday shopping season.
“The biggest worry for the economy is that the large number of lower-middle-class and middle-class Americans struggling to make it paycheck to paycheck will be short of discretionary income during the holiday shopping season,” he said.
Happy Holidays to all of you Americans who put fear, war, and ‘values’ on your Christmas wish list. Here’s your lump of coal.
Don’t burn it all in one night…