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Tuesday, January 27, 2009

Black Monday - 70,000 Laid Off

Yesterday, Monday, was a pretty sad day - layoffs to the tune of 70,000 employees were announced.  Among those who are letting people go:

texas instruments logo Texas Instruments (TI) is laying off 12% of its employees - 3,400 people.  Demand for their chips has softened, given that virtually every downstream sector that is a customer (including cell phones) is experiencing soft demand, and high inventory.

home depot logo Home Depot is closing its Expo chain, and some other smaller locations, leading to a loss of 7,000 jobs.  I don't fully understand how the housing and repair markets are affecting them - one the one hand, the overall housing market, specially new house building, has been hit hard, and this probably impacts Home Depot.  On the other hand, I would expect home-owners to have started doing a lot more of their own home repairs, which should benefit the Home Depot.

GM logo General Motors hasn't stopped hemorrhaging, and is cutting another 2,000 jobs in Michigan and Ohio plants

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