Worry About a New Wave of Layoffs
By CATHERINE RAMPELL
Not again. That is the plea of many Americans fearful about their jobs as the economy falters.
“I don’t have any more savings or anything like that,” said Terrance Myricks, 21, who was dismissed for the second time in less than three years on Sept. 1. “I’ll probably have to rely on unemployment, which I’d really rather not do. And that’s assuming I can even get it.”
Job growth halted entirely in the nation last month. And as Europe’s debt crisis acts as a drag on global growth and Washington debates another jobs bill, the possibility of a second recession is increasing in the United States along with the prospects of corresponding layoffs. Mr. Myricks’s tale of pain the second time around, economists fear, could become all too familiar.
With headlines like the 30,000 layoffs planned at Bank of America and the United States Postal Service asking Congress to cut 120,000 workers, it is perhaps not surprising that workers’ concerns about job security are near the peak they reached during the last recession, according to a recent Gallup survey. At least one anecdotal study found that layoff announcements were greater in August than a year earlier.
The last workers in the door are often the first out the door. That could make the Americans who have already depleted their support networks and unemployment benefits most vulnerable to layoffs.