ALBANY, GA (WALB) - There was more dismal job news Monday. Seven major companies announced tens of thousands of layoffs.
The companies include Caterpillar, Sprint and Texas Instruments. The national unemployment rate already tops 7-percent and some experts predict a double digit rate by the end of the year.
Darton Assistant Professor of Economics Aaron Johnson says the layoffs will cause a vicious cycle.
"When people start being laid off, that leads to other negative things. For one, delinquencies will start to be on the rise, then you have foreclosures and bankruptcies," said Johnson.
A new survey by the National Association for Business Economics says current business conditions are the worst since they started the survey 1982. Nearly 40-percent of businesses expect significant job reductions in the next six months.