NJ residents brace for layoffs due to economic troubles

? Due to the economic meltdown, many New Jersey companies have announced that they will be cutting thousands of jobs. Officials say Microsoft, Intel, United Airlines, Home Depot, Sprint/Nextel and Caterpillar

News 12 Staff

Jan 28, 2009, 12:30 AM

Updated 5,654 days ago

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? Due to the economic meltdown, many New Jersey companies have announced that they will be cutting thousands of jobs.
Officials say Microsoft, Intel, United Airlines, Home Depot, Sprint/Nextel and Caterpillar are among the companies that will eliminate employees.
According to the New Jersey Department of Labor, employment numbers have dropped by 15,200 jobs in December 2008, boosting the state?s unemployment rate to 7.1 percent.
News 12 New Jersey financial analyst Bob Plunkett says the proof is in the planning in the Garden State.
?In our local area, if you start to look at the local businesses that are trying to line up for bankruptcy protection and re-organization, we are not immune to this,? says Plunkett.
A recent Rutgers economy study reveals that New Jersey lost 7,900 financial jobs in 2007 and another 5,700 through September 2008.
In addition to the financial industry, other companies are cutting back employees, leaving many New Jersey residents wondering if the ax will fall on their job.
?It is so important to get a fast start, be into the job market, open to changing industries, to moving to a new location, taking a part-time job maybe that will turn into a full-time job once they see how you work,? says John Challenger, CEO of Challenger, Gray and Christmas.
Analysts say if you do have a job but know that layoffs are coming to the company, the best thing to do is to take on roles that nobody else can do by working long hours to make the company see that you?re indispensable.


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