In my inbox this morning courtesy of the Wall Street Journal:
Johnson & Johnson announced plans to cut as much as 7% of its global work force of 120,000 in an effort to cut costs through 2011. The company will book a restructuring charge of up to $1.3 billion in the fourth quarter. Earlier this year, J&J cut about 900 jobs from its U.S. pharmaceutical unit, and in August it consolidated its management structure.
2 comments:
Can't speak necessarily for the overall economy. I will say in my own little small business world that things are not turning up. People are not confident with their finances. Not moving ahead with "treatment" in my case. Layoffs in a small small sector have not really happened in 40-50 years. I'm holding out but most of my friends have already laid off 1-3 folks.
I think it's part of the "New Normal". Less consumer demand as people cut expenses and try to save more (and in many cases, cut debt). That's interesting that deferral of purchases reach the leave of medical treatment. We should have a better idea of things during the Christmas shopping season.
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