Major U.S. employers lay off 50,000 workers on Monday, ripple effect in southwest Georgia
Five major companies laid off 50,000 workers Monday and economists say it’s going to get worse before it gets better—nationally and locally.
Darton College Economics Professor Aaron Johnson says the ripple effect from the layoffs will lead to more foreclosures, delinquent payments, and bankruptcies. He says local businesses like restaurants and movie theaters will struggle as long as the economy does. Brown Bean Coffee Manager Jim Leasky says they’ve cut back on weekend hours because of fewer customers in Albany. Cooper Tire laid off 500 workers in Albany on Friday, and Johnson says the struggling auto industry’s ripple effect is partly to blame for Cooper’s troubles.
Home Depot, Caterpillar, Sprint Nextel, Inc., Pfizer, and ING announced layoffs on Monday.
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