CHART OF THE DAY: American Companies Explain Why They're Cutting Jobs
The U.S. government is in its 15th day of shutdown, and the debt ceiling is just two days away.
The warning signs of the many political fiascos plaguing America today were well-telegraphed last month when Challenger Gray & Christmas conducted its survey of planned corporate layoffs.
"Restructuring and closings continue to account for the bulk of job cuts, with the sequester, government budget cuts and loss of contract accounting for only around 6% of cuts," noted Oppenheimer's John Stoltzfus in a note to clients on Monday.
Indeed, the fiscal cliff, the sequester, Obamacare... none of this stuff out of Washington appears to be having a major direct impact on companies' hiring and firing plans.
Ultimately hiring and firing decisions are driven by demand or micro forces like restructuring.
Of course, should the shutdown persist and the U.S. default on its obligations, the problems manufactured by Washington will surely have an impact on the macro forces behind the labor market.
