Major job cuts not a trend

In an article in the Boston Globe, Secretary of Labor Elaine Chao said this at the World Economic Forum in Davos, Switzerland:

Job creation is dynamic. When some companies terminate or decrease their payrolls it is not an indication nor a reflection of the general economic times but rather it is an indication of their own company specific challenges and problems.

Reminds me of Abby Joseph Cohen's statement in July of 2000 that "...credit-risk problems were company-specific..."