Massive Unemployment Building Up!!!

Posted by M ws On Tuesday, May 21, 2013 0 comments

Over the last 12 months, Fortune 500 companies such as Hewlett Packard (HP), EMC and Cisco have terminated 30,300 jobs globally. The initial lay-offs began with the announcement in CNN Money that HP prepares to announce mass layoffs on May 23rd, 2012. Quoting from the announcement:

The layoffs will be “in the ballpark” of 25,000 workers, the source said, which would amount to about 7% of HP’s global workforce. The nation’s largest technology company by revenue currently employs 349,600 people worldwide, according to its latest regulatory filing.

Later, on Thursday, May 24th, 2012, the number of layoffs grew to 27,000, although it was planned to be implemented over a 2 year time period – this from the Wall Street Journal, in the article H-P Shows Age With Layoffs.

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