The Obama economy is facing thousands of looming layoffs, according to multiple media reports.
The Associated Press reports ConocoPhillips is expected to layoff roughly 1,810 employees — 10 percent of its workforce — due to a decrease in oil prices, which are nearing all time lows.
“The biggest proportion of the job cuts will be in North America, the company said Tuesday. ConocoPhillips plans to eliminate more than 500 jobs in Houston, where it is based,” noted the Associated Press.
ConocoPhillips blamed the job cuts on the energy industry, saying in a press release that the industry’s in a “dramatic downturn.”
The company has already let go 1,000 employees this year. As of June 30th, ConocoPhillips employed 18,100 individuals.
Target will also be issuing more job cuts.
Roughly 275 jobs will be cut from Target’s Minneapolis-based tech department, according to a recent media report.
Target has let go more than 2,000 employees since March.
Deere and Company let go 180 workers last month. Local news reports suggest the job cut “also impacts the local economy. When John Deere isn’t doing as well, many of their suppliers also experience a slump, having to lay off employees of their own,” noted KWQC-TV.
Journalists aren’t safe either in this economy.
Bloomberg News is expected to let 90 journalists go, according to the New York Times.
It reported that Bloomberg’s new editor in chief, John Micklethwait, is making the cuts to organize coverage “and in part from an effort to avoid duplication in some jobs.”