Bad Is The New Good

The Business Journal is reporting that Gannett Co. Inc., the company that owns many of the papers and other media in up state Wisconsin and other places, "sees signs of a rebound" in the economy.

However, the article goes on with this:

Gannett, which has cut jobs, reduced some pay and furloughed many employees to counter falling advertising revenue this year, sees modest payroll reductions next year.

Gannett’s operating assumptions for 2010 say its broadcast division head count “will be down slightly” in 2010. Its digital division will see a head count down in “low-single digits,” a reference to percentage decline. At its publishing division, Gannett sees a work force reduction in the high-single digits, though it says much of that will be carryover from actions taken this year.

Gannett has already announced that most employees at its community newspaper division will be required to take one week furloughs in the first quarter. The latest round of furloughs also include corporate and some digital employees.

“Many of the changes we made throughout the year were necessary in this economic environment, but they also represent necessary permanent changes,” CEO Craig Dubow said at Wednesday’s UBS conference. “Today, we stand as a stronger and better positioned company.”

I hardly think that those being laid off, furloughed or otherwise negatively impacted would really call this much of a rebound. Unless, of course, one compares Gannett to Journal Communications which is actively hemorrhaging employees, much to the detriment of their product.