Mid-South workers feeling the effect of layoffs - WMC Action News 5 - Memphis, Tennessee

Reported by Jamel Major

Mid-South workers feeling the effect of layoffs

MEMPHIS, TN (WMC-TV) - The Mid-South is not immune to the economic crisis. There are thousands of people in the Mid-South who have been laid off or lost their jobs.

Kerry Timbes is one of the people trying to get back on her feet during these tough economic times.

Timbes never thought she would be without work.

"It was difficult to try and imagine what I would do. I loved my job and was good at it," Timbes said.

The former trainer for Regions Insurance was recently laid off. 
"Financially it's been a struggle," Timbes said.

Unfortunately, Timbes is not alone. According to the Tennessee Department of Labor and Workforce Development, as of October 2008 there are over 31,000 people in Shelby County who are unemployed. That is out of a workforce of more than 445,000 people. The unemployment rate is up 2 percent in Shelby County from this time last year.

"We have a lot of retail oriented businesses, shops and restaurants and these kind of employers and consumer spending levels are down overall, so that would lead to layoffs as well," investment strategist Davis Waddell said.

Waddell, senior investment strategist with Waddell and Associates, said the situation will probably get worse before they get any better.

"I think the treasury, federal reserve, the Obama administration's plans will improve the situation, but it's gonna take time," Waddell said.

"I'm looking forward to the time when we can get back to living the kind of lifestyle that we're accustomed to," Timbes said.

According to the Manpower Employment Outlook Survey, Memphis area employers expect new hiring rates to slow during the first quarter of 2009.

Click here to e-mail Jamel Major.

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