So How Fragile IS the Economy?
Macy's in Holladay is finally closing. Congratulations, Holladay, you've finished the job of turning a regional mall into a cow pasture. For those of you keeping score, Macy's is also closing the Layton Hills store and the stores at the Three Rivers Mall in Kelso and the Everett Mall. Sixty-eight stores, over 10,000 jobs. Lowe's is chopping 2,400 full-time employees in effort to cut costs by using more part-time workers, in the further Walmartification of the US job market. The Limited has filed Chapter 11, but it isn't reorganizing, it's liquidating. American Apparel is gone, along with its 110 stores. Albertsons is shutting down stores all over the territory. Sears is closing the Vernal, Layton, and Tacoma K-Marts and the Alderwood Mall Sears (I'm waiting for the K-Mart next to Ivy Place to go.). And in local tech news, Endurance International Group, which went public in 2013 and is still trading below the IPO price, is closing its Bluehost business in Orem (I wonder if Governor Available is going to mention that while bragging about all the jobs he's brought in.).
These aren't just lost jobs. They're a sign that people aren't buying because they can't buy. And as more people lose their jobs, more people can't buy. That's called "spinning in."