I keep hearing and reading "statistics" that report that the American economy is recovering….ever so slightly. Which companies? Manufacturing? Small businesses? The oil industry? Banking? Who are they?
Gilbert public employees got a huge raise recently, and Gilbert plans to hire more government workers. Gilbert school teachers got a small raise. But growing government destroys wealth. Private workers create wealth.
If you know of some private, not-tax-subsidized companies that are hiring massive amounts of employees, please let me know!
In the meantime, here is a sampling of private industries that are laying off workers.
Mortgage lenders are paring staff as higher interest rates discourage refinancing and cast doubt on how long the housing market rebound will last. Wells Fargo & Co., the biggest U.S. home lender, plans more than 2,300 job cuts, and JPMorgan Chase & Co. may dismiss 15,000. Bank of America’s pending home loans fell 5 percent at the end of June from the previous quarter.
Barnabas Health, the second-largest private employer in the state, said today it was forced to lay off employees because of pressures brought about by healthcare reform.