Haven’t panicked yet? WWD reports that Saks Inc. — the people who run the prestigious Saks Fifth Avenue — is laying off 1,100 people, nine percent of their workforce, suspending its 401K contributions, and cutting back inventory. When Saks cuts back inventory, that’s a bad sign. So are layoffs by Neiman Marcus, and at Microsoft and other tech companies. Also, the Bronx Zoo and New York Aquarium are looking at budget cuts and the possible layoff of 130 workers, and just try getting a job as a zookeeper in this economy. The 400,000 jobs Bloomberg promised us yesterday can’t come fast enough, and we mean that literally.
This article from the Village Voice Archive was posted on January 16, 2009