If you’re up early in the morning and wonder what’s going to be big news in the United States in the morning, one suggestion is to check out the UK Guardian. This morning, they blamed a hurricane for Citigroups plan to lay off 11,000.
As I read, the 11,000 includes both US and overseas employment. The bulk of the article points to the current economy, additional regulations, the future economic outlook, a weak housing market and low benchmark interest rates as current challenges for the bank. More than 6,000 of the cuts will come from the consumer banking units; those who work in local branches.
The article does not mention the rising cost of healthcare for employees, but it does mention hurricane Sandy.
New employment data today suggested that hurricane Sandy is hurting already tenuous US job growth. …
The ADP estimates suggested that 86,000 jobs were lost due to hurricane Sandy during the month of November, particularly to jobs in leisure, travel and hospitality.
So ADP mentions specific industries in their report and does not include the banking industry, yet the Guardian used the headline “Citigroup slashes 11,000 jobs as Sandy hits US employment growth.” Where is the connection?
I’m certain Sandy did effect employment in New Jersey, New York, Connecticut and Rhode Island, but making the connection to Citigroup’s planned layoff of 11,000 is a stretch, especially when they intentionally left out the rising cost of healthcare.
Is the media – the Guardian in this case – writing to deflect attention from real economic problems in the United States? They could have easily made this two different stories. They certainly could have made Sandy a part of the story, but they put it in the headline. Discuss…