Corporate layoffs update

Not surprisingly, given the almost daily announcements of corporate layoffs this past month, the Challenger tally of corporate layoffs has shot higher to levels last seen at the peak of the (relatively mild) 2001 recession. If this were to continue for several more months, we would be in trouble. As it is, this is the sort of thing that happens in your typical recession. I'm still willing to guess that we're at or very close to the bottom of economic activity. The news has been bad enough for long enough that only the nimwit CEOs have yet to figure out that they should take defensive action and cut jobs and expenses.