As larger American companies continue to deal with the current state of the economy, leading communications company Clear Channel announced they will be laying off 590 employees. Clear Channel will be cutting jobs in their radio programming department and will suspend its current company-wide 401(k) match agreement. Clear Channel runs many of the US’s leading radio programs and is responsible for many high profile radio shows including the infamous Rush Limbaugh program.
This is the 2nd round of layoffs for Clear Channel employees who experienced more than 1,800 layoffs back in January. Insiders attribute these cutbacks and layoffs to diminishing ad sales. “Dozens of media companies, hard-hit by the advertising slump, have announced similar layoffs and 401(k) matching-fund suspensions,” reports the Wall Street Journal.
The current national unemployment average is still growing and 93% of Americans believe the economy is in bad shape, according to ABC News. I usually don’t like to report on these types of statistics because all they do is tell you the obvious. We all now that the economy is in bad shape, but what can we do to help fix it. It’s good to be informed, I just think that we should be looking for more solutions than problems.
