January 27, 2010
The other day Wal-Mart announced 11-12K layoffs at its Sam’s Club unit. Yesterday we got word that Verizon is planning on laying off roughly 13,000 employees in 2010. This comes on the back of some pretty significant cuts it made in 2009.
And today Home Depot is announcing 1,000 layoffs.
…and there will be more. Retail sales numbers after Christmas have probably returned to the doldrums.
On top of this, we anticipate that as part of an effort to close budgets, cities and states will begin cutting workers as well, all but ensuring that unemployment numbers remain at elevated levels. A negative sign for commercial real estate, and the economy.
Look for more layoff announcements over the next few weeks.
- 20,000 California State Jobs At Risk
- Sony, Novellus Announce Layoffs
- Cisco Begins “Layoffs” At San Jose Campus
- Layoff Announcements; Expo San Jose Store Closing
- Google, IBM Cut Jobs; Legal Cuts Continue