California Recovery? What Economic Recovery? Cisco Systems to Layoff 4,000 Employees

California Unemployment --Chicks On The RightCalifornia Unemployment –Chicks On The Right

(Bloomberg/Businessweek) San Jose based Cisco Systems announced yesterday that they will be cutting 4,000 employees–about 5% of its workforce.

On the 30 July, I wrote here that employees of the San Onofre Power Plant learned that 900 of them would be laid-off by Labor Day.

All of this dismal economic news is occurring while Obama claims that the economy is improving, as personal income dropped 5.3% during the first quarter of 2013 and California lenders filed 25,747 notices of default between April and June, an increase of 38.7% from the previous quarter.

H/T: California Political News

Related: Unemployment & Underemployment Remain High in California

Leave a Reply

You must be logged in to post a comment.