| Advertisement |
|
|
All of the layoffs and job cuts that are happening not only here in So far this year 125,000 people around the nation have lost their jobs. Dr. Paul Sommers who is an economics professor at "I think there will be more bad news in the weeks ahead," said Sommers. Dr. Sommers says Wednesday's financial bombshell of massive layoffs at Boeing and cuts at Starbucks is just the tip of the iceberg "I think that means now through the spring you're going to see more layoff announcements in this area," said Sommers. The numbers for job cuts are brutal here in Now, many workers like Carla Grant are worried, if her job is safe. "We're pretty much going to feel the cut we think," said Grant. Nationally, the job loss figures are staggering. Pfizer let go nearly 20,000 workers, Sprint-Nextel 6,000, Home Depot 7,000 employees and Philips Electronics 6,000. Job Seekers like Thomas Ryun say finding employment in "It's hard to, not a lot of people are looking for people right now," said Ryun. Business writer Greg Lamm with the Puget Sound Business Journal says only a few local industries are treading water. "I think if you're not selling food or medicine in this economy your hurting, large companies, small companies," said Lamm. To heal the slumping economy the Federal Reserve is using new tools. The Fed is buying longer term securities to cushion the fallout. It will also help mortgage rates and give lenders a chance to boost slumping house sales. Economic Forecasters say President Obama's Stimulus plan won't offset initial economic losses, but, could improve things down the road. Until then Dr. Sommers says brace yourself. "We were supposed to be the place, the safe place to ride out the recession I don't think we can make this statement anymore. We're looking more like the national picture at this point," said Sommers. Doctor Sommers believes things might change for the better by spring.