Layoffs were part of the business news yesterday. Enough people lost jobs in a series of three “downsizings” to reminds those who believe unemployment continues to fall that the economy still struggles.
Pacific Sunwear of California (NASDAQ: PSUN) said it would close 200 stores. The company faces competition for the sale of glasses and other personal wear items. Not all retailers will benefit from improvements in sales this holiday season. The news follows a recent announcement that the Gap (NYSE: GPS) will close 200 of its own outlets. For all the retailers who boast that the 2011 holiday season will be strong, several have found otherwise.
AstraZeneca (NYSE: AZN) could not be in a business more different from Pacific Sunwear. But the large pharmaceutical company finds itself in a period of falling sales. It will cut 1,150 jobs in the U.S. Many will be sales staff, which is a sure sign that revenue growth has become troubled. Either the economy has hurt the company or its products have failed in the market. It hardly matters to those who will lose jobs.
On the same day as the other two job actions, McGraw-Hill (NYSE: MHP) announced it would cut 550 jobs in its education publishing division. Sales of textbooks must have dropped.
The three actions, all in one day, are not directly related to one another. It is open to speculation if they would have happened if the economy was in a substantial recovery. The job cuts do, however, remind those who believe that the employment market has recovered that there are still pockets of trouble large enough to cost thousands of jobs.
Douglas A. McIntyre
100 Million Americans Are Missing This Crucial Retirement Tool
The thought of burdening your family with a financial disaster is most Americans’ nightmare. However, recent studies show that over 100 million Americans still don’t have proper life insurance in the event they pass away.
Life insurance can bring peace of mind – ensuring your loved ones are safeguarded against unforeseen expenses and debts. With premiums often lower than expected and a variety of plans tailored to different life stages and health conditions, securing a policy is more accessible than ever.
A quick, no-obligation quote can provide valuable insight into what’s available and what might best suit your family’s needs. Life insurance is a simple step you can take today to help secure peace of mind for your loved ones tomorrow.
Click here to learn how to get a quote in just a few minutes.
Thank you for reading! Have some feedback for us?
Contact the 24/7 Wall St. editorial team.
Latest from 24/7
Our expert who first called NVIDIA in 2009 is predicting 2025 will see a historic AI breakthrough.
You can follow him investing $500,000 of his own money on our top AI stocks for free.