Take a minute to think about your current employment. Do you feel more pressure to perform for less pay? Do you notice some co-workers have not shown up in a while? Particularly, if you work in the financial or retail sectors, you may want to ask around about the latest layoffs. It may be time for a change.
Employment Outlook:
For now leading the way with the most layoffs, future employment for the financial sector looks bleak. Major financial employers, Bank of America and Citigroup plan to cut over 40,000 employees in a few months. While T-Mobile, in the telecommunications sector plans to layoff less than 1,000 employees. Also, some retailers are suiting up to make cuts to their payroll soon. Be surprised if more cuts do not come in the next months.
Consumer Confidence:
Generally speaking, the employment outlook for the next quarter of this fiscal year looks somewhat dim. In a survey conducted by the Conference Board on expectations for future job growth, participants state that they are expecting few new jobs in their current occupations and a small percentage are expecting pay raises. The Consumer Confidence report for March indicates a more than 5% decline in the index based on business and employment conditions.
Implications:
The Consumer Confidence report directly affects prices in the stock market and interest rates posted by the Fed. A 5% decline in the index holds enough significance to hurt the dollar as the public will have less of a demand for the dollar if no jobs are available. Watch out for more news on layoffs and information on the dollar. Feel free to leave comments.
References:
http://www.businessinsider.com/conference-board-consumer-confidence-march-2013-3
Explore the forces behind the U.S. dollar.
No comments:
Post a Comment