Illinois Experiences ‘Summer Of The Pink Slip’

On the heels of recent Survival And Prosperity posts (August 18 and 19) about Illinois not being as business-friendly as it could be comes this doozy from the Chicago Tribune website Saturday morning. Complete with headline:

Layoffs could spell more trouble for Illinois

This may be remembered as the Summer of the Pink Slip in Illinois, which already lags behind its Midwestern neighbors when it comes to job growth.

Thousands of layoffs across the Chicago area range from factory jobs at the Mondelez plant on Chicago’s Southwest Side to white-collar jobs at Walgreens’ Deerfield headquarters. The Mondelez layoffs reflect its efforts to cut costs by shifting positions to more efficient operations in Mexico, but most of the recent cuts have resulted from the elimination of redundant jobs following mergers.

It’s a boom year for mergers and acquisitions activity, commonly referred to as M&A, and the job cuts tend to benefit shareholders of the acquired companies. But the silver lining is harder to find for Illinois, which has been grappling with its own enormous fiscal problems…

(Editor’s note: Bold added for emphasis)

“Summer of the Pink Slip.” Nice.

Greg Trotter went on to talk more about the relationship between layoffs and M&A activity in the state, as well as Illinois appearing to have the worst job growth performance of any Midwest state (Federal Reserve Bank of Chicago). You can read the entire piece on the Tribune website here (registration required to access).

Christopher E. Hill
Survival And Prosperity (www.survivalandprosperity.com)

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Monday, August 31st, 2015 Business, Employment

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