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Business News

Nike is cutting jobs


The world’s largest home improvement chain, Home Depot, is under pressure this morning after they failed to meet expectations in their latest earnings release. The company saw same store sales grow 2.6%, but said the hard winter had an adverse impact on their numbers.  They are looking for 4%-5% growth for all of 2014. (Zachs)

Ten million home owners still owe more than their homes are worth. Affordable homes are three time more likely to be “underwater” than expensive homes.  Thirty percent of home under $100,000 are still under water, 10% of homes $100,000 to $300,000 are under water and 10.7% of those above $300,000 still owe more than they are worth. (Zillow)

Nike employed about 1 million contract factory workers in 2013.  That number was almost 10% lower than the year before and that number is down 17% from its high in 2009.  This steep decline in employment is the result of an aggressive automation push by the company and comes as sales increased 8% last year and 32% since 2009.  This is a good example of the changing job market both here and abroad. (Portland Business Journal)
 


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