Big Companies Are Still Axing Jobs With A VengenceGene Koretz
The recovery is now more than two years old, but the drumbeat of announcements of permanent staff cuts by major U.S. companies actually appears to be getting louder. That's the view of economist Edward S. Hyman Jr. of International Strategy & Investment Group Inc., who has been monitoring such reports for several years.
Hyman's survey of major newspapers and business publications indicates that the number of layoff announcements through Apr. 26 of this year hit 142, some 13% more than in the same period in 1992. What's more, the total number of jobs slated to be eliminated has averaged nearly 56,000 a month so far this year. "When you remember that payroll employment is up by only 84,000 a month over the past year," he says, "that's a big number."