Macys cuts more jobs.

[moneysense]

Macys is cutting 7000 jobs, and slashing dividends.

When Macys cuts these seven thousand jobs, it will be almost 4% of their work force. They are also going to cut capital spending, and reduce their contributions to employees retirement funds, and slash their dividends.

And this seems to be a country wide problem. So many job layoffs everywhere, and the economy being so bad isnt going to go away any time soon.

[carol b]

There seems to be a trend going on here. I was listening to the radio yesterday and the man said FedEx is laying off people too.

FedEx will be laying off some 900 employees. Nothing was said about what positions would be lost. They did say that it would be from multiple facilities.

They also said that FedEx has also decided to halt 401 match contributions for a year. This is sad but at least you will have your own money going into it.

The layoffs come after consumer demand dropped in recent months. They can not keep people to do jobs we don't ask them to do. Are we doing our selves any favors here?

Cutting back saves us a few dollars but we are cutting our own throats. We need to ensure that what we do doesn't make us jobless in the near future.

[Empty Wallet]

I heard that one town in Penn. there jobless rate is at 15%~ and that by the end of 2009, the US jobless rate will be at 10% nationwide. That is scary and i hope something gets done soon to start changing our history