DuPont layoffs reflect broader job market woes
Other industries shed workers even as the US economy continues to heal.
Bank of America (BAC) recently announced plans to slash 16,000 jobs, and more banking industry layoffs loom as institutions adjust to the changing regulatory environment.
Though it's cold comfort to people who have lost their jobs, the economy is better than it was, which may make finding a new job easier. Economists are forecasting U.S. GDP to grow 1.9% this year and 2.4% next year. While those figures are down from earlier forecasts, at least the U.S. economy is growing at a time when economies in parts of Europe are contracting.
U.S. employers announced plans to cut 33,816 jobs in September, which is a 4.9% increase over August but a 71% decline from a year earlier, according to data from Challenger, Gray & Christmas. The National Retail Federation is forecasting seasonal hiring this year of between 585,000 and 625,000, which is in line with last year. A rebound in the real estate market certainly helps keep the economy on a firm footing.
During his re-election campaign, President Barack Obama has argued that the economy would have been in worse shape were it not for his policies. Though many economists say he is right, that's like telling someone with a broken leg that he should feel lucky that he doesn't have cancer. Though it's not usually fatal, breaking a limb is certainly no fun either.
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
The Federal Reserve and Congressional politics threaten to rain on the market party.
VIDEO ON MSN MONEY
Top Stocks provides analysis about the most noteworthy stocks in the market each day, combining some of the best content from around the MSN Money site and the rest of the Web.
Contributors include professional investors and journalists affiliated with MSN Money.
Follow us on Twitter @topstocksmsn.