Mike: The following is the real bad news of the day with 250,000 private employer jobs lost. Last months numbers were revised upward, so there is a possibility that the 250,000 could be exceeded once a final tally arrives. 

NEW YORK (Reuters) – Private employers slashed an unexpectedly high 250,000 jobs in November, the most in seven years, while the service sector that powers most of the economy posted its worst slump on record.

http://news.yahoo.com/s/nm/20081203/ts_nm/us_usa_economy

Mike: Add this to the list of brutal job loss numbers:

U.S. Job Cuts More Than Double From Year Ago, Challenger Says

Firing announcements rose 148 percent to 181,671, the most since January 2002, from 73,140 in November 2007, Chicago-based Challenger, Gray & Christmas Inc. said today. The figures aren’t adjusted for seasonal effects, so economists prefer to focus on year-over-year changes instead of monthly numbers.

http://www.bloomberg.com/apps/news?pid=20601103&sid=aPx3.YS8vkBc&refer=news

Mike: Even the bad news gets worse:

Hanesbrands Inc. plans to shutter a North Carolina fabric textile plant earlier than expected.

Hanesbrands spokesman Matt Hall told WXII-TV in Winston-Salem on Tuesday that its plant in Eden will close by mid-February. It had been slated to close by the end of next summer. The plant is the company’s last large knit-fabric textile plant in the U.S.

http://www.fayobserver.com/article_ap?id=135312

CULLODEN  —  Another local plant is shutting down, putting more people out of work.

Greif Brothers, a Delaware-based company that produces industrial packaging products, is closing its Culloden plant at 2310 Virginia Ave.

The company’s vice president of communications, Deb Strohmaier, confirmed that 41 salaried and hourly employees will be out of jobs by the end of January.

http://www.herald-dispatch.com/news/briefs/x1649868395/Culloden-manufacturer-closing-down

Auburndale, Florida – Fleetwood Enterprises Inc. will close its Auburndale manufactured housing plant. More than 70 people will lose their jobs.

Fleetwood will also close four other manufactured housing plants in Woodland, Calif.; Willacoochee, Ga.; Benton, Ky.; and Pembroke, N.C.

http://www.tampabays10.com/news/local/story.aspx?storyid=95243&catid=8

The Washington Examiner, a free newspaper in the nation’s capital owned by Philip Anschutz’s Clarity Media Group, is closing its printing plant and will reduce staff by 101.

http://www.bizjournals.com/washington/stories/2008/12/01/daily38.html

Delta, which acquired Northwest Airlines this fall, announced Tuesday that it will cut 3 to 5 percent of its international capacity next year as well as 8 to 10 percent of the seats on domestic routes.

The magnitude of the flying cuts will trigger job cuts, but the two airlines didn’t release any estimates. The executives said they will offer voluntary programs to reduce jobs within the combined workforce of 75,000 people.

http://www.startribune.com/business/35364779.html?elr=KArksLckD8EQDUoaEyqyP4O:DW3ckUiD3aPc:_Yyc:aU7EaDiaMDCiUZ

Mike: Unless the feds start cutting checks for all the states facing a budget shortfall, then state job losses will mount:

COLUMBUS — The state will have to cut an additional $640 million from its budget for the current fiscal year — and it faces a shortfall of $7 billion for the coming biennium.

“Basically, over the next two years, Ohio will confront the most serious erosion in revenues that it has experienced in the last 40 or 50 years,” state budget director J. Pari Sabety said Monday.

http://www.vindy.com/news/2008/dec/02/ohio-faces-640m-in-budget-cutbacks/

One month after her layoff, Kathi Finley still cries at the commercials for Mervyn’s going-out-of-business sale.

Finley, of Castro Valley, worked for the Hayward-based chain for 34 years. She was 18 when she started working there. Now she has a son she’s putting through college, and no job.

“It’s like starting over after midlife,” Finley says. “You know what’s weird? I feel like I’m on vacation. I keep looking at the calendar and the spot on Thanksgiving that I had marked as vacation. Dec. 8 says back to work.”

http://www.contracostatimes.com/ci_11096772?source%253Dmost_emailed.26978592730A3B8C7F471EACE0DA4EF2.html

St. Paul, Minn. — U.S. Steel is idling a taconite plant in Keewatin and two other facilities in Michigan and Missouri.

The company says about 3,500 employees will be laid off in total. Amid the global economic slowdown, prices for many steel products have fallen at double-digit rates over the past month.

http://minnesota.publicradio.org/display/web/2008/12/02/us_steel_to_layoff_3500_employees/

Wheaton -The city is eliminating the equivalent of 17 full-time positions from the 2009 budget.

Six of those layoffs are in the public works department. Additionally, the city will also eliminate four jobs currently open in public works.

http://www.dailyherald.com/story/?id=255087&src=2

Dexter Axle Co. intends to lay off 164 workers as it closes its fabricated structural metal manufacturing operations in North Manchester, according to a filing with the Indiana Department of Workforce Development. (Other Indiana layoffs are shown in this article – Mike)

http://www.indystar.com/article/20081202/BUSINESS/81202029

Mike: Between prisoners getting released early because of prison budget cuts and then police getting the pink slip, it looks as though crime stats won’t be decreasing in the months to come:

Budget cuts proposed for Hamilton County’s government will not be final for a few more weeks, but the impact is already hitting the work force.

Eighty-seven Hamilton County deputies are being notified that they will be laid off on Christmas Eve as the sheriff looks to close one of the four jails to balance his 2009 budget.

http://news.cincinnati.com/article/20081202/NEWS0108/812020352

Mike: While Texans have avoided most of the problems facing other states, they are going to be catching up to those financially strapped states faster than they would like:

EDCOUCH — The Edcouch-Elsa school system must lay off 20 percent of its workforce to avert a financial crisis that threatens to bankrupt the district before the end of the academic year, Superintendent Michael Sandroussi said Monday.

http://www.themonitor.com/articles/_20509___article.html/_.html

CHARLOTTE, NC (WBTV) – It looks like the job cuts at Bank of America could be three times as bad as expected.  Business television station CNBC is reporting that up to 30,000 jobs could be cut as Bank of America merges with Merrill Lynch.

http://www.wbtv.com/Global/story.asp?S=9447846

Hard economic times have hit Weyauwega as one of the city’s largest employers announces it will lay off a quarter of its workforce.

At Presto Products, most workers found out Tuesday morning that 110 jobs would be lost starting in January.

Tonight, most of Weyauwega is in shock.

http://www.wbay.com/Global/story.asp?S=9448215

Mike: News media is going to be battered by this economy and the switch from hard copy to electronic media. As a result, the news we get will be more generic, less investigative and less useful. These cutbacks will only benefit the crowd that is more inclined to know the three judges on American Idol than know any three judges on the US Supreme Court. News journalism, at least in print media, is rushing to the bottom of the news barrel. 

The nation’s largest newspaper company, USA Today publisherGannett Co., has begun implementing a 10 percent work force cut announced in October in response to declining revenue.

http://www.forbes.com/feeds/ap/2008/12/02/ap5769911.html

ATLANTA (MyFOX Atlanta) — Mayor Shirley Franklin has announced that hundreds of city employees are being laid off.  Residents will feel the impact on everything from the closing of recreation centers to reductions in trash pickup.

The budget cut is for $13.9 million, and 222 employees will lose their jobs. 

http://www.myfoxatlanta.com/myfox/pages/News/Detail?contentId=7984979&version=2&locale=EN-US&layoutCode=TSTY&pageId=3.2.1

NEW YORK (Reuters) – Tiffany & Co offered voluntary retirement incentives to about 800 U.S. employees, as the upscale jeweler grapples with an economic downturn that has led its affluent customers to cut spending.

http://www.reuters.com/article/ousiv/idUSTRE4B17Q220081202

Dec. 1 (Bloomberg) — Bloomberg’s Abhik Sen reports on the impact of the credit crisis on jobs in the financial-services industry.

Banks and securities firms have cut nearly 170,000 jobs in 2008. Job losses in the industry are likely to double by the end of next year, according to some forecasts. This report includes comments from Shaun Springer, chief executive of Napier Scott Executive Search, Robert Thesiger, CEO of recruitment consultancy Imprint Plc, Professor Alec Chrystal of London’s Cass Business School and Rebekah Fensome, a career counsellor. (Source: Bloomberg)

Video running time 05:40 (Link below)

http://www.bloomberg.com/apps/news?pid=20601100&sid=a5gw8Wmf1E5U&refer=germany

250 people are losing their jobs as a result of the consolidation of JP Morgan Chase and Washington Mutual.

“We’re keeping our footprint in Jacksonville because it’s a good workforce.  They are good buildings, established operations, doing good work”.

http://wokv.com/localnews/2008/12/consolidation-leads-to-250-job.html

Mike: The following article examines how long this current recession, which was just declared a recession, will last and how it compares to other financial slowdowns. This author seems to think that the recession will end next year, but with the damage to the ecoonomy just starting to have an affect, I would think that this recovery will last into 2010 or even 2011. These are unprecedented times that deserve a little more respect than the rose-colored glasses crowd seems to be wearing. 

 

The predictions about this recession lasting through mid 2009 are mostly based on the following simple calculation: Until the NBER’s announcement on Monday, the prevailing view was that the recession probably started at some point last summer and it was likely to be about average in length, by historical standards. Given that the average length of the ten recessions since World War II has been 10.4 months, with a range of 6 months in the 1980 recession to 16 months in the 1981-82 one, the natural “placeholder” time frame for the end of this recession would appear to be the middle of 2009.

However, the fact that the recession is now already 12 months old, and clearly not approaching its trough yet, raises the distinct prospect that it will exceed the length of the 1973-75 and 1981-82 recessions (both at 16 months), making it the longest since the Great Depression (43 months, from August 1929 to March 1933). The crowd fond of making comparisons to the Great Depression will be quick to declare some kind of victory on this one.

Despite a series of false starts with some of those measures by the Treasury, the Fed’s seemingly limitless reserve of innovative actions and the incoming administration’s commitment to put in place a particularly aggressive fiscal stimulus package should gradually gain some traction that will help stabilize the economy within the next three quarters or so.

http://money.cnn.com/2008/12/03/news/economy/karydakis.recession.fortune/?postversion=2008120307

 

Tom Toles - Wed Dec 3

Tom Toles - Wed Dec 3

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