Challenger job cuts triple as US Army and Bank of America lay off en masse

What happens when the US Army announces a 50K reduction in troops coming home from Iraq and Afghanistan and mix in a 30K reduction from Bank of America, and what do you get?  An employment bloodbath. 

Bank of America will not be the last bank to undergo significant reductions, they are just the first.  Look for rising unemployment.  Just in time for the 2012 elections. 

Obama is so toast. 

Excluding the US Army and Bank of America, layoffs would have come in under 40k which is on the low end of trend. Still, today's results could be signaling increases ahead for jobless claims.


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