When it comes to YOUR MONEY, we want to take it a step further. That's why Mark Grywacheski appears on Good Morning Quad Cities every Monday to give us his analysis of the latest business, economic, and financial news.
Why is Deere & Company laying off workers if our country's economy is strong?
That's the question we asked our Financial Expert, Mark Grywacheski, during our "Your Money" Segment on Good Morning Quad Cities Monday, October 7th, 2019. Last week, Deere announced it would be laying off 163 employees at two of its Quad City factories.
He explained that there's two reasons - there's a significant decline in global economic growth, plus John Deere is highly nuanced with respect to the US-China trade dispute:
"China’s top two targets in this trade dispute with the United States are the U.S. agricultural industry and manufacturing industry, but unlike other bellwether manufacturers like Caterpillar, Boeing, Ford, etc. - John Deere has significant ties to the U.S. agricultural industry," he said.
"John Deere is really getting impacted from both prongs of attack by China."
Mark dove into the weakening global economy and explained the current situation - and future predictions - for the U.S.'s top four trading partners.
Click the video above to see the rest of our conversation.