The economy is the number one issue, by a wide margin for voters, in the all-important state of Pennsylvania (Rasmussen Reports “More Americans Optimistic About Economy“).
Unfortunately for Democrats, most Americans are not happy with how the economy is performing, and it appears that conditions have taken a turn for the worse.
The following are 10 signs that the economy is a huge mess:
1. The number of Americans filing for unemployment benefits for the first time just hit its highest level in 12 months, partly due to damage from Hurricane Helen and work stoppages. Initial claims for jobless benefits for the week ended Oct. 5 totaled 258,000, up 33,000 from 225,000 a week earlier, Labor Department data showed.
2. According to Primerica’s latest Financial Security Monitor report, the percentage of middle-income households that “rate their personal financial situation negatively” has reached an all-time high. Primerica’s latest Q3 Financial Security Monitor report found that 55% of middle-income households now rate their personal financial situation negatively, a 6-point jump from the previous survey.
3. Unfortunately, the cost of living crisis is never-ending… You can live the American Dream, but it will cost you. According to Investopedia, the lifetime tab for dreams like owning a home, driving new cars, raising children and taking vacations comes to $4.4 million. That money is far more than the average American earns in a lifetime.
4. The company that makes more French fries than any other in North America is cutting production and laying off workers because of a dramatic slowdown in consumer demand. Lamb Weston, the largest producer of French fries in North America and a major supplier to fast-food chains, restaurants and grocery stores, is closing its Washington state manufacturing plant. In fact, the company announced last week that it would lay off nearly 400 employees, or 4 percent of its workforce, and temporarily cut production lines in response to slowing customer demand.
5. Boeing used to fly high, but now it has decided to lay off about 10% of its workforce. The CEO told employees late Friday that the company plans to cut 10 percent of its workforce “over the coming months.” “Our business is in a difficult position and it’s hard to overstate the challenges we face together,” said Kelly Ortberg, who has served as CEO of the troubled aircraft maker for two months.
6. The banking industry is suffering. So far this year, banks in the United States have closed over 700 local branches forcing thousands to travel hundreds of miles to access vital services. Bank of America closed the most branches of any other bank, 132 between January and September. US Bank was in second place, closing 101 of its own branches.
7. After 75 years, shoemaker True Value was forced to file for bankruptcy and “sell substantially all of its operations to a rival”…
8. Did you ever think you would live to see a day when hundreds of 7-Eleven stores would close? Unfortunately, that time has come.
9. Home Depot apparently thinks tough times are ahead because they’re shedding millions of square feet of warehouse space. As of late August, Home Depot has made nearly 4 million square feet of warehouse space available for sublease, including a 1.3 million SF Phoenix warehouse and a 1.1 million SF distribution center in the Inland Empire, according to CoStar Analytics.
10. At this point, things are so bad that even Disney is laying off workers. Disney is promoting new layoffs as part of a broader “cost-savings initiative.” About 300 employees across all Disney corporate divisions will be affected this week.
Once upon a time, being good at what you do was enough. Unfortunately, the tough economic times we’re going through right now aren’t even worth comparing to the pain to come if we don’t turn things around.
