U.S. Facing Massive Job Losses

Monday, 08 Aug 2011 11:07 AM
By Michelle Smith

At a time when the American public and global investors are desperate for any sign of economic growth, major U.S.-based companies are eliminating tens of thousands of jobs.

Outplacement firm Challenger, Gray & Christmas is forecasting a loss of 66,414 jobs in coming months.

Companies are shedding jobs for different reasons. Borders, for example, is closing all of its remaining stores, which will put nearly 11,000 people out of work. Lockheed Martin reportedly blames its release of thousands of employees on government spending cuts and a weak economy.

According to a Los Angeles Times article published Aug. 8, many companies are “beginning to give up on the American consumer as a source of future growth.â€