Mike: When the layoffs start at thr highly profitable tech giants, then you know the job market is going to get tougher. Also, if these contractors are 1099 contractors, then they aren’t eligible for unemployment benefits:
(Reuters) – Internet search giant Google Inc (GOOG.O: Quote, Profile, Research,Stock Buzz) said it is “significantly” reducing the number of contract workers it uses, but has no plans at this time to lay off employees, the Wall Street Journal said.
Mike: The following shows how skewed to the low side are the published unemployment numbers.
Part-time workers mask job losses
HARRY HOLZER: This is one of the categories that we often call the hidden unemployed. That really means that the official numbers aren’t telling you how bad things are getting.
Holzer says official unemployment numbers also don’t count those who’ve given up looking for work.
Mike: In a state that has one of the highest and burdensome tax rates in the country, the Wall Street job loss will only add to the legislative demands for higher taxes and fees in order to fund the pork rich state diet. The most dysfunctional state government in the country doesn’t feel it’s yet time to slow spending on their pet projects.
“In total, New York State may lose 225,000 jobs during this very difficult period,” DiNapoli said.
Nearly 3,000 more Hoosiers are expected to lose their jobs starting early next year, thanks to a flurry of layoffs announced over the weekend.
ASHLAND — The first round of layoff notices affecting 545 employees at the AK Steel plant in Ashland have been sent out, and 100 more pink slips could be in the mail this week, a union official said Monday.
Mike: The bad news is mounting in the Golden state:
When the Internet and telecom bubble burst, Silicon Valley jobs evaporated: by 2005, California’s Santa Clara County – which includes San Jose, Palo Alto, Cupertino, Mountain View and other tech-focused towns – had given up more than 20% of its total job base, a loss of over 200,000 jobs. So how bad will it get this time around?
The Madison Repertory Theatre’s board said management and staffing changes will include layoffs. The number is not being released.
Mike: A slow death for many fine newspapers is occurring more rapidly in these tough economic times:
RICHMOND — The Virginian-Pilot will cut at least 125 positions, about 10 percent of its work force, mostly by laying off staff and closing or selling affiliated publications.
SYRACUSE, N.Y. — Some workers at Crucible Steel are part of a temporary layoff, but the Director of the Steel Workers Union said it is not unusual. The move lasts one week and then workers are back on the job.
Instead, she is scrambling to find another job after being one of seven teachers – and one of eight total Water Valley Independent School District employees – cut Monday by the school’s board of trustees in an effort to close a projected $350,000 deficit.
The city of Tempe may be forced to cut 10 percent of its full-time employees because of an $11.5 million budget shortfall, city officials reported.
Reading City Council raises property tax 5 percent, plans more job cuts
USA Today will cut 20 newsroom jobs, or about 5 percent of its newsroom staff, according to Bloomberg News, citing an employee memo from editor Ken Paulson.
Challenger, Gray & Christmas, the outsourcing consultant company, alerted reporters and analysts today, Nov. 24, that its November jobs report, due Dec. 3, put the number of jobs lost “even closer to the 172,373 job cuts per month averaged during the last recession.”
PEMBROKE — Fleetwood Enterprises Inc., the parent company of Fleetwood Homes, is closing its Pembroke plant in the next 60 days.
The Wells Fargo Home and Consumer Finance Group is laying off 67 employees at its Texas automotive finance facility.
About 120 people will be without a job when JCIM closes its Croswell plant by the end of the year.
General Motors is cutting production at Lordstown and four other factories as the domestic automakers consider much larger changes in their fight for survival.
National Gypsum will be closing it’s Wilmington plant in January.
Mike: I’ll leave you with a little Onion humor this evening: