I don't want to start any conspiracy theories, but do you see any trends or any commonalities in this list of the top ten companies in America that have cut jobs this year?
Here are the year's top 10:
1. National Oilwell Varco: 17,850 jobs cuts. Reason: Low oil prices
2. Walmart: 16,000. Reason: Store closings
3. Schlumberger (SLB): 12,500. Reason: Low oil prices
4. Intel (INTC, Tech30): 12,000. Reason: Restructuring
5. Halliburton (HAL): 10,200. Reason: Low oil prices
6. Dell: 10,000. Reason: Restructuring
7. Chevron (CVX): 7,500. Reason: Low oil prices
8. Buffetts LLC (owns restaurants): 6,000. Reason: Bankruptcy
9. DuPont (DD): 6,000. Reason: Merger with Dow Chemical (DOW)
10. Weatherford International (WFT): 6,000. Reason: Low oil prices.
Something something oil industry cough oil prices falling through the floor, right? Intel and Dell are holdovers from better days, as is Wal-Mart and Buffets LLC. In the case of Buffets LLC, their key demographic is literally dying out because Old Country Kitchen Buffet is where your great grandmother goes so she can have dinner by 4 PM.
If it wasn't for the drop in oil prices, unemployment would be a lot lower. But, if it wasn't for the drop in oil prices, working Americans wouldn't be getting what amounts to a massive reduction in their cost of living. Somewhere, it all evens out.