Earlier today, in the latest laughable attempt to boost confidence in a clearly recessionary economy, the BLS reported that a paltry 277,000 Americans had sought unemployment benefits. Why laughable? Because at the very same time, Challenger Gray which actually tracks layoff notices and announcements, released its own data which starkly contradicted the US department of labor.
As a reminder, what Challenger found was that the third quarter ended with a surge in job cuts, as U.S.-based employers announced plans to shed 58,877 in September, a 43 percent increase from the previous month.
Worse, while one wouldn't know it by looking at Dept of Labor data, some 205,759 job cuts were announced in the third quarter, making it the largest job-cut quarter since the third quarter of 2009, when planned layoffs totaled 240,233.
So according to one data set people are filing for unemployment insurance near the lowest pace in history, according to the other, in the just concluded quarter, we just witnessed the most terminations in 6 years.
Judging by the economy's latest trajectory [9]...
... we think we know who is telling the truth, and who is desperate to avoid the reality of the wreckovery.
So for those eager to push aside the endless government propaganda and concerned about the rapidly deteriorating economy, here is a list of the Top 20 biggest private-sector job cut announcements of 2015.
We previously profiled the top one, that of Hewlett Packard, as dictated entirely by rising stock-buyback considerations. The same can be said about many of the other corporations, where as long as shareholders continue placing their own immediate interests over the long-term interests of the underlying business viability, none of these companies are safe to work for.
Our advice: for anyone who is still employed at any of the following corporations, if you can find a job elsewhere (because the "recovery" and all), do it before you too become a seasonally-adjusted pink-slip.
[10]
