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