From 11-hundred jobs lost at Harley Davidson, to 20-thousand at Caterpillar; this week's layoffs have reduced the American work force by nearly 100-thousand jobs.
Though only the 800 GM cuts at Lordstown directly impact Northeast Ohio; economists - including Jack Soper of John Carroll University's Boler School of Business, says layoffs by these high-profile firms will have a ripple effect here.
JACK SOPHER, PhD - John Carroll University:
"We are going to see, unfortunately, a pretty significant increase in unemployment, and that's going to filter into the Cleveland area in more ways than one."
Cleveland State Assistant Professor Bill Kosteas agrees, explaining that as a manufacturing region, cuts elsewhere impact us directly.
BILL KOSTEAS - Assistant Professor, Cleveland State University:
"What's that layoff really mean? It's probably reflecting a cutback in overall production. That means that parts suppliers are going to get smaller orders, that's going to then trickle right down to the second tier suppliers."
Kosteas believes some Cleveland-area industries - such as education, insurance, and health care - should remain relatively stable. Professor Soper isn't so optimistic, saying even `those' jobs are less secure, because constricted consumers will eliminate non-essential costs, `like' insurance, or schooling.
PROFESSOR SOPER:
"They cut back on that. You can see waves of unemployment coming in industries where you don't even expect to see it. The manufacturing stuff is the first that starts to decline, but then there's a whole wave of other stuff."
Both men say Ohio `could' reach double digit unemployment.
Neither would predict just how fast that scenario could occur.
