Municipal Bankruptcies May Soar – Dimon Warns

JP Morgan Chase CEO Jamie Dimon warned today that more U.S. municipalities may file for bankruptcy in coming months, with five filing in 2010 after 10 filings in 2009. Increased bankruptcy filings could lead to more layoffs. Over the last two years, government and non-profit sector employers announced 313,108 job cuts, 50,667 of which were announced by cities (28,493 in 2009 and 22,174 in 2010). Those figures do not include retirements or furloughs. Moreover, bankruptcy across all sectors resulted in 50,911 job cuts in 2009 and 10,172 in 2010. How at risk are government workers in the coming months? What cost-cutting measures can municipalities make to avoid layoffs? What sectors are likely to stay strong in 2011?

Workplace discrimination complaints soared in 2010, as 99,922 workers filed grievances with the EEOC. Grievances typically increase during an economic slump due to increased downsizing activity and the increased difficulty of finding new employment. Making matters worse is the fact that workplace stress is on the rise as depleted workforces are being asked to maintain high output with less support and fewer resources. For companies that are not quite ready to accelerate hiring, what are some ways to keep existing employees motivated and maintain morale? What can workers do to reduce stress in their jobs?


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