If you own a Carrier air conditioner, then you’ve probably perked up your ears as presidential hopefuls Donald Trump and Bernie Sanders assume a bit of common ground (for a moment anyway) and trash the company for eliminating 1,400 from its Indiana production plant and moving them to Mexico. Trump vowed that he would not buy anymore Carrier air conditioners “over my life” while Sanders accused the company of betraying both its customers and its workers. However, according to a recent report issued by staffing firm Challenger, Gray & Christmas, Carrier is not nearly the worst offender when it comes to killing American jobs and tanking home values in the area by driving employment opportunities right out of the country.

According to the staffing firm’s report, oil and natural gas drilling-equipment supplier National Oilwell Varco is actually the biggest offender when it comes to cutting American jobs in 2016. The company has already announced nearly 18,000 layoffs. However, that may be due in part to the decline in the oil industry rather than simply shipping those jobs overseas. However, as National Oilwell Varco eliminates jobs, local economies will suffer as workers exit en masse and likely find themselves compelled to depart the area. Energy sector jobs in general are fading these days, with many companies cutting positions as oil prices fall, and the third-worst offender on the list is also an oil company, Schlumberger.

Interestingly enough, discount retailer Walmart, which is generally known for its growth although not particularly popular for its employment practices, announced that it would close 269 stores in 2016 and let about 10,000 U.S.-based employees go. This made it the second-worst offender on the job-killing list for this year. Although Walmart tried to soften the blow by moving some employees to other stores and hiring more greeters, the loss of local jobs when a mega-store like Walmart closes can have a serious and detrimental effect on the economy of an area.

Do these layoffs concern you?

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About the Author (Author Profile)

Carole Ellis is editor in chief of the Bryan Ellis Investing Letter. Under Carole’s leadership, the Bryan Ellis Investing Letter has grown to over 700,000 subscribers, making it one of the largest real estate newsletters in the world. Each day, Carole directly impacts the daily thinking and conversations of real estate investors worldwide by providing thought-provoking analysis and commentary on news topics relevant to serious real estate investors.

Carole has a strong background in research and in the management of respected publications. She holds a degree in English Literature from the University of Georgia, and has substantial research experience in plant biology. She is the former editor of and writer for the University of Georgia’s Research Magazine. She’s also the author of hundreds of articles and multiple books and home study courses published under the names of her clients, many of whom are well known, highly respected real estate entrepreneurs as well.

Carole makes her home in Kennesaw, Georgia with her husband Bryan and 4 children.

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  1. Alexander Gonta says:

    Outsourcing also increases U.S. unemployment. The 14 million outsourced jobs are nearly double the 7.9 million unemployed in the United States. If all those jobs returned, it would be enough to also hire the 8 million who are working part-time but would full-time positions.It is also a fallacy that Americans don’t have the skills of those replacing them.

    Both Bernie Sanders and Donald Trump mention this in their respective platforms. I don’t think either of them will win, but it’s now a front-and-center topic in the Presidential elections and many Americans are hurt by this….and I hope that the new President stays left-of-center as she promised Sanders, stops the T.P.P and other deals that hurt American trade and jobs and only benefit those employers seeking to depress US wages.

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