Planned job cuts are soaring. Will the unemployment rate be higher next year?
Bank of America reportedly is mulling job cuts of 40,000 employees. Barclays several weeks ago mentioned cutting perhaps 30,000. Other well-known firms are talking about 10,000 or more. Will OBAMA'S “job plan” stop these job cuts?
Wall Street has lowered its GDP growth forecast by 70%, from 3.6% to 1% but hasn’t lowered its corporate profits forecasts.
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