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Tuesday, October 23, 2012

Job cuts coming to Dow Chemical, Dupont, Zynga

If todays news is any indication of how the jobs front is looking today, it can't bode well going forward. Last months glitch in the unemployment numbers which dropped from 8.1 to 7.8 may not hold up very long if todays news about job cuts is any indication of things to come. 


Dow Chemical to cut 5% of workforce

Dow Chemical Co. DOW -4.00% unveiled plans to cut 5% of its workforce and shut down 20 manufacturing facilities, as the chemicals giant looks to further reduce costs as it faces a weak macroeconomic environment.
The restructuring efforts are expected to result in $500 million of annual cost savings by the end of 2014. Dow will record a per-share charge between 50 cents to 60 cents in the fourth quarter

DuPont net falls 98%; Unveils revamp, layoffs

 The manufacturer will cut about 1,500 positions globally in the next 12-18 months.
Zynga today announced the layoff of 100. Not a huge Number but with earning coming in weak and revenues of many companies coming in less then expected, could this months unemployment number that will be released just days before the election be a game changer?