Last month employers announced more jobs cuts are expected, a total of 12,000. Several companies are still struggling to generate a profit and are forced to cut staff, close offices or reduce employee salaries and benefits to stay afloat. Thus far 2.6 million people are unemployed.
Eastman Kodak will eliminate 2,000 to 3,000 more jobs this year, Cessna will eliminate 2,000 jobs, Oshkosh will eliminate 1,050, Charles Schwab will eliminate 500 to 600 jobs, AstraZeneca will eliminate 6,000 jobs.
If you hear rumors that your company will have layoffs update your resume, take on additional responsibilities at work and reduce your spending by at least 30% each month. Use the extra money to pay down debt or create an emergency fund.
It is predicted that more jobs cuts will occur before the end of this year. Let's hope things start to turn around before then.
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