I didn't want to call it a Black Monday, after last week's was much
darker with tens of thousands of jobs lost from some of America's
most prominent and stable companies.
But it's not getting any better, unless hearing the doctor say,
"You're bleeding much less than earlier" counts as progress.
In the biggest news of the day, but not at all a surprise after
December's report for retailers, Macy's announced it would eliminate
7,000 jobs (4 percent of the work force), which continues an earlier
announcement promising store closings and the loss of 1,000 jobs.
Many people locally complain about job losses while investors get
dividends; however, Macy's also announced the dividend would be cut
from 13.5 cents to 5 cents a share.
Also cutting, Lincoln Electric Holdings said it would cut 10 percent
of its work force, estimated at 9,000 total employees, and reduce
executive compensation. With those cuts, the welding products
manufacturer also will stop paying into the 401(K) funds for employees.
And adding to the misery is Morgan Stanley, the Wall Street firm that
will cut 1,500 to 1,800 jobs, likely this month. These losses add to
the 7,000 lost jobs in 2008 for the company.
The second month of the new year and new administration continues to
provide worsening news about an economy that I hope can be fixed.