|
It’s all very sad – the state of the economy and the unemployment rate. As you know, Rhode Island’s unemployment rate is now the highest in the nation.
Locally, the Bradford Dyeing Association is closing its doors on Monday we think – we are getting conflicting reports.
Rumor has it that current Vice President Nick Griseto will be taking over the company – either buying or leasing it. Under his new management, the company will re-open in January.
Our reports tell us that the best 50 or 60 workers will be back in the New Year and the rest will be laid off for good.
The timing all does seem to coincide with the expiration of Local Union 431’s contract.
It’s certainly good news – that potentially not all employees – will lose their jobs, but add the 60 to 70 people who will be unemployed because of recent events – and it’s a disturbing trend.
When the Paragon Company in Westerly closed down in March, 119 workers lost their jobs.
When the Charbert Mill in Alton closed down in March, 100 workers lost their jobs.
Even Foxwoods recently cut 700 jobs and this was in addition to 200 already cut in June.
The future is looking bleak for area employment. Garrity Industries, the flashlight manufacturer is due to close its operations in Hopkinton in the spring – 53 area jobs will be lost. In this recession, the only retailer that seems to be making a profit is WalMart – and we heard that was primarily due to expanded food sales.
See, people are trying to save money wherever they can and the fact of the matter is food is cheaper at WalMart. Area workers can scrimp and save all they want but if local jobs keep drying up, it won’t make much difference.
Barack Obama’s win in the presidential election gives many people hope for the economy, but we’ll have to wait and see if that translates to more local jobs.
The Rhode Island Governor and initiatives at the state level to make Rhode Island more business friendly are more likely than national policy to translate into local jobs. Again, we’ll have to wait and see.
The only bright spot in the bleak financial picture are the sliding gas prices – but that too is a sign of less demand and a recessional economy.
|
