Mike: Good day to sll. Friday’s job cut announcements are usually lighter than those on Wednesday and Thursday, so I hope that trend continues. Thursday was especially nasty and needs not to be repeated. Update: Layoff news was bad all day and ended with the Emerson announement of 14,000 job cuts. Good thing the weekend is upon us and we can relax for a couple days.
The big economic news is  the Employment Situation, which tells us that the labor force is still contracting: Bloomberg.com: Economic Calendar.
* WASHINGTON (AP) — The government says employers slashed payrolls by 598,000 in January, the most since the end of 1974, catapulting the unemployment rate to 7.6 percent.

The Labor Department’s report is grim proof the nation’s job climate is deteriorating at an alarming clip with no end in sight.

– Job losses were far worse than the 525,000 economists expected. So was the rise in the unemployment rate, now at the highest since September 1992.

via Employers slash 598K jobs in Jan., most since `74 – Yahoo! Finance.

Mike: The unemployment news is worse than those so called experts predicted, as usual. If those overpaid experts spent anytime reading a newspaper or even this humble blog, they would know that things are worse than they expect


Recession-battered employers eliminated 598,000 jobs in January, the most since the end of 1974, and catapulted the unemployment rate to 7.6 percent.(Feb. 6)

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Mike: The REAL unemployment numbers are much more disturbing that the reported 7.6% that the government reports. The following graph from John Williams’ Shadow Government Statistics shows REAL unemployment near 18%:

The SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated “discouraged workers” defined away during the Clinton Administration added to the existing BLS estimates of level U-6 unemployment.

via Inflation, Money Supply, GDP, Unemployment and the Dollar – Alternate Data Series:

Chart of U.S. Unemployment

* The popularly followed unemployment rate was 5.5% in July 2004, seasonally adjusted. That is known as U-3, one of six unemployment rates published by the BLS. The broadest U-6 measure was 9.5%, including discouraged and marginally attached workers.

Up until the Clinton administration, a discouraged worker was one who was willing, able and ready to work but had given up looking because there were no jobs to be had. The Clinton administration dismissed to the non-reporting netherworld about five million discouraged workers who had been so categorized for more than a year. As of July 2004, the less-than-a-year discouraged workers total 504,000. Adding in the netherworld takes the unemployment rate up to about 12.5%.

The Clinton administration also reduced monthly household sampling from 60,000 to about 50,000, eliminating significant surveying in the inner cities. Despite claims of corrective statistical adjustments, reported unemployment among people of color declined sharply, and the piggybacked poverty survey showed a remarkable reversal in decades of worsening poverty trends.

via Employment and Unemployment Shadow Government Statistics.


Mike: Another excellent presentation of unemployment statistics can bee seen at Calculated Risk:

Until a few months ago, the total job losses were far less than the combined losses in construction, retail and manufacturing, suggesting other areas of the economy were doing OK.

However starting in September 2008, job losses in other areas of the economy started increasing rapidly. Still these three industries have been hit hard:

via Calculated Risk: Employment Diffusion Index.



Microsoft/Google/IBM and other Rumors & News


ibm5* NEW YORK (CNN) — IBM employees being laid off in North America now have an alternative to joining the growing ranks of the unemployed – work for the company abroad.

Big Blue is offering its outgoing workers in the United States and Canada a chance to take an IBM job in India, Nigeria, Russia or other countries.

via IBM’s laid off employees offer jobs overseas – Feb. 5, 2009 .


General Economic News



Robert Ariail - Feb 6

Robert Ariail - Feb 6



Mike: The story below shows both the ineptitude of government oversight and the ability of the banking system to take advantage of your taxpayer handouts. Those same banking CEOs are complaining about having to take salary adjustments, but at the same time they are using taxpayer funds to belly up to the bar to demand additional free shots of money. When in the course of business it’s  not advised to take advantage of the taxpayer and then complain because you may have to sacrifice some salary for driving your company into the ground.


* Feb. 6 (Bloomberg) — U.S. taxpayers are being shortchanged by about $78 billion through the Treasury Department’s bank bailout, the panel overseeing the program said.

The Treasury, when it was headed by Secretary Henry Paulson, received bank assets worth about $176 billion in exchange for capital purchases of $254 billion under the Troubled Asset Relief Program, the Congressional Oversight Panel said in a report today.

“The loss estimate is conservative,” said Representative Alan Grayson, a Florida Democrat on the House Financial Services Committee. “It could turn out that those assets in the end are worthless. These are massive handouts to favored institutions to try to make up with taxpayer money the mistakes they made with investor money.

via Bloomberg.com: Worldwide.




* NEW YORK (CNNMoney.com) — January was one of the worst months for layoffs ever, with nearly a quarter-million job-cut announcements grabbing headlines.

But the real problem in the U.S. labor market today isn’t layoffs. It’s a hiring freeze that is gripping most work places – and has not gotten nearly as much attention as the job cuts.

via Job weakness: Beyond layoffs – Feb. 5, 2009 .


* OTTAWA — The Canadian economy lost a startling 129,000 jobs in January, almost all full-time positions and a record single-month total, Statistics Canada reported Friday.

This brings the cumulative total for the last three months to 234,000 and pushes the unemployment rate to 7.2 per cent from 6.6 per cent.

via Canada’s economy loses 129,000 jobs in January .


delphi* DETROIT (AP) — Troubled auto parts supplier Delphi Corp. has asked a bankruptcy judge to allow it to cancel health care and life insurance benefits for current and future salaried retirees, citing the steep downturn in the overall auto industry in recent months.

The request filed Wednesday with U.S. Bankruptcy Court in New York seeks to cut those benefits to 15,000 salaried retirees as soon as April 1. The Troy, Mich.-based company said the moves would save about $70 million annually, or $200 million through 2011.

via Delphi seeks to end health benefits for retirees – Yahoo! Finance.



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Municipal News


* Winder officials laid off 30 workers Wednesday as part of a government reorganization plan designed to offset declining tax revenue due to the crumbling economy.

via Winder lays off 30 workers in government reorganization | don.nelson@onlineathens.com.


* The layoffs promised by Ross County Sheriff George Lavender when he took office became a reality Monday when seven people lost their jobs to make up for some budget shortfalls.

via Lavender lays off seven to cut costs | chillicothegazette.com | Chillicothe Gazette.


* Winder, Ga. (AP) – Winder has laid off 30 people from city government positions due to the economic downturn and falling tax revenue.

via Live 5 News, Weather Sports, Traffic, and Programming Guide for Charleston, SC | Winder municipal layoffs idle 30.


* Commissioners on Thursday authorized six layoffs at the Ashland County Recycling Center, but six more jobs may have been saved in the county Department of Job and Family Services by a negotiated reduction in work hours.

via Times-Gazette.com – County approves recycling layoffs.


* The Department of Administration, which provides support functions for a host of state agencies, will lay off 138 people on Friday, a spokesman said. The layoffs represent 18 percent of the DOA staff.

via Administration agency lays off 138 due to budget cuts.


* A desperate budget situation and stalled negotiations are taking a severe bite out of crime fighting in Stockton.

The Stockton Police Officer’s Association tells CBS13 that 29 Stockton Police officers will be out of a job on February 28th.

via Stockton Forced To Layoff 29 Police Officers – cbs13.com .


* All 101 employees at the Bright Wood Corporation’s Redmond facility receive 60-day lay off notices. Bright Wood in an official statement cites a 50% decrease in orders over the past year coupled with competition from foreign countries and a weak housing market as reasons for the layoffs.

via Bright Wood Layoffs at Redmond Plant .



Mike Luckovich - Feb 6

Mike Luckovich - Feb 6



US and some Canada News


cisco* On Cisco’s second quarter conference call, CEO John Chambers seemed intent on not doing what nearly every big tech company (except Apple) has done in recent weeks: announce layoffs. But while there has been no across-the-board cut, the company has shed up to 1,000 employees through “realignment and restructuring” efforts over the past six quarters as the company focuses more resources on more promising growth markets. And the company expects 1,500 to 2,000 of its staffers to be similarly dis-employed in this manner in the months ahead.

via Cisco To Restructure Up To 3,000 Employees Out Of Jobs. But Just Don’t Call Them Layoffs. – BusinessWeek.


cisco1* Cisco CEO John Chambers has said he wants to avoid layoffs on the scale seen when the tech bubble burst in 2001, but that will be scant consolation to employees hit by Wednesday’s news that the network equipment maker is cutting up to 2,000 jobs. In our report, Chambers did not rule out the possibility of a major layoff, which he defined as a cut of 10 percent or more workers.

via Trading Places » Blog Archive » Cisco disconnects up to 2,000 jobs | Blogs | .


international-rectifier1* International Rectifier Corp. said Thursday it would close its El Segundo semiconductor plant as part of a plan to slash its global workforce 18%.

The El Segundo company announced the closure after reporting a fiscal second-quarter loss of $186.1 million, or $2.56 a share. The company reported a profit of $313,000 in the same quarter a year earlier.

International Rectifier said it planned to eliminate 850 jobs in the current fiscal year, which ends June 30. More than half of those job cuts have already been made.

via International Rectifier to close El Segundo plant – Los Angeles Times.


international-rectifier* International Rectifier Corp., which reported a big second quarter loss Thursday, said it plans to close its El Segundo semiconductor plant, consolidate operations at its Temecula facility and eliminate 850 jobs.


dollar-general* A spokeswoman from Dollar General’s corporate office says the company is restructuring its distribution work force. The company says 694 people work in the Ardmore plant, and about 95 are being affected by Thursday’s layoffs

via Nearly 100 workers laid off at Dollar General plant in Ardmore / Local News, Weather, Sports, Severe Weather, and Breaking News Coverage for Sherman TX, Denison TX, Ardmore OK, Durant OK, Ada OK .


equistar-chemicals* HOUSTON, February 5, 2009 – Equistar Chemicals, LP today announced that it will be reducing its workforce by approximately 75 people at the PD Glycol plant in Beaumont, Texas, following completion of initial phases of post-hurricane remediation at the site.

via 75 workers to be laid off at PD Glycol plant in Beaumont | lyondellbasell, plant, equistar – Local News – .


* Meadowbrook Farms has temporarily laid off 600 employees at its pork processing plant in Rantoul, joining six other firms in or near the community to either shut down or announce layoffs.

via Rantoul plant lays off 600 workers – The Daily Journal.


* The Grays Harbor Historical Seaport Authority laid off six employees Tuesday and sounded the alarms that a major restructuring effort is under way.

via The Daily World.


* A longtime Ravenna foundry began laying off 125 workers this week as a result of the poor economy.

A lack of orders from automotive suppliers for parts from Ravenna Ductile Iron, 3800 Adams, resulted in the temporary layoffs at the plant that has employed 190 workers. It is just one of several industrial employers in the Muskegon area having layoffs or reduction of work hours.

via Area foundry to lay off 125 workers – MLive.com.


* The consequence of shutting down a single paper-making machine at Domtar’s plant near Plymouth could stretch far and wide, according to Washington County officials.

Domtar Corp. announced Thursday it will shut down one of two paper-making machines at the plant, resulting in the loss of 185 jobs. The layoffs go into effect at the end of the month.

via Washington Daily News Online.


* Nichols Aluminum in Davenport has laid off another 29 people and has temporarily ceased operations of one of its processes at its Rockingham Road facility.

via Nichols Aluminum will lay off 29 more workers / QCTimes.com.


* Eight more full-time employees have been laid off from Aberdeen’s Hub City Inc. because of the poor economy, an official told the American News on Thursday.

via AberdeenNews.com.


* GRANTS PASS, Ore. (AP) – A kitchen cabinets manufacturer has laid off about a third of its workers at a plant in Grants Pass – another victim of the burst housing bubble.

via KTVZ.com Central Oregons News, Weather and Sports Leader – MasterBrand lays off 135 at plant in Grants Pass.


* Blue Mountain Health System announced Thursday it will lay off 22 people and eliminate eight unfilled jobs in an effort to reduce costs amid the national economic downturn.

via Blue Mountain orders 22 hospital layoffs — themorningcall.com.


erickson-air-crane* Erickson Air-Crane laid off 29 employees at its Willow Springs Road plant Tuesday morning as the global helicopter firm moved to cut costs.

via ZZWSG Erickson Air-Crane lays off 29 workers.


* ELIZABETHTOWN – Once Hardin County’s second-largest employer, AGC Automotive Americas announced Thursday a 140-person cut to its Elizabethtown staff as the auto industry continues its slump.

via AGC glass cuts 140 workers – www.thenewsenterprise.com.


* Ad Agency Crispin Porter + Bogusky has laid off 60 of it’s employees noting the economy is bad according to Media Bistro These 60 employees are just a fraction of what’s happening overall in the economy. As hundreds of thousands of Americans are thrown out into the street each week, 10 million of us are sitting on unemployment.

via Ad Agency CP+B mails out 60 pink slips | Tribble Ad Agency : The Advertising Agency of Record.


* Saint Francis Healthcare has cut 40 jobs, becoming the second major hospital group in the area to slash payroll in an effort to cope with the recession.

via Saint Francis Healthcare cuts 40 jobs : Business News : Memphis Commercial Appeal.


morton-metalcraft* MORTON (GHNS) — As the economy has slammed several industry sectors and the companies within, it has taken a toll on Morton Metalcraft Co., an official there said Wednesday.

About 200 of the company’s 1,000-plus employees at its two Morton plants — on Birchwood Street and Detroit Avenue — have been laid off over a period of a few months, and never very many at one time, Ellis said.

via Pekin Times – News.


* The Sarasota Herald-Tribune laid off 48 people from its newspaper and its cable news operation, SNN News 6, Tuesday in another move to reduce costs.

via More job cuts at Sarasota Herald-Tribune – Tampa Bay Business Journal: .


* The soft economy has led to job losses at Kraft Construction, a Naples-based company with offices in south Fort Myers.

via Naples-based Kraft Construction cuts jobs | news-press.com | The News-Press.


komo* SAUK RAPIDS — Komo Machine Inc. in Sauk Rapids laid off employees Wednesday but declined Thursday to say how many.

via Komo Machine says it has cut from work force | sctimes.com | St. Cloud Times.


* EAST MILLINOCKET (NEWS CENTER) — Fraser Paper Limited is shutting down one of its paper machines in East Millinocket. Fraser representatives say the Katahdin Paper Company doesn’t have enough orders to justify keeping the machine on-line full time. 120 to 140 employees will be affected by the layoffs.

via WCSH6.com | Portland, ME | Katahdin Paper Company Announces Layoffs.


* WINDSOR, Ont. — Employees at two auto plants in Windsor, Ont., are facing rotating layoffs.

Workers at the General Motors transmission plant are facing temporary job cuts as the automaker reduces the number of transmissions it produces per day from 3,200 to 2,000.

via The Canadian Press: Rotating layoffs announced at GM, Chrysler auto plants in Windsor.


gsk2* GlaxoSmithKline plans to cut more jobs in a further slimming down of its business, the company said Thursday.

GSK also said that profit fell in the fourth quarter as legal bills racked up and sales of its drugs fell.

via GlaxoSmithKline to cut more jobs – Triangle Business Journal: .


* The Fort Worth Star-Telegram is preparing to cut more jobs, its parent company said Thursday.

The McClatchy Co., the publishing company behind the Fort Worth Star-Telegram, also said it is freezing pension plans and 401(k) matches as the company continues to grapple with a decline in advertising revenue.

via Star-Telegram expected to cut more jobs – Dallas Business Journal:


power-one* Power-One Inc (PWER.O) posted a quarterly profit, helped by a gain from the repurchase of its outstanding convertible debt, and the maker of power supply products said it would cut 22 percent of its global workforce to reduce costs.

via UPDATE 1-Power-One posts Q4 profit on gain; to cut 22 pct jobs | Industries | Industrials, Materials & Utilities | Reuters .


* Employees at Medicine Hat’s Goodyear plant found out this week the company will be slashing 35 full-time jobs effective March 28.

via Medicine Hat News – Jobs cut at Goodyear.


* SAN FRANCISCO—IC test handler provider Cohu Inc. said Thursday (Feb. 5) it would cut an unspecified number of jobs as part of a series of cost-cutting measures that includes pay cuts, reduced work hours, mandatory time off and suspension of the company’s 401(k) matching program.

via EETimes.com – Cohu posts loss; will cut jobs .


* Fowler Contracting, a Cary company that specializes in infrastructure work for construction sites, is shutting its headquarters and laying off 243 employees.

via Fowler to close Cary offices, cut 243 jobs – Business – News & Observer.


* The Kansas City Star will cut more jobs as part of a restructuring plan its parent company announced Thursday.

via Kansas City Star will cut more jobs – Kansas City Business Journal: .


* MOSES LAKE — As part of Genie’s fourth round of employee cutbacks, the aerial lift company is letting go roughly 80 Moses Lake plant employees and reducing company executives’ salaries, the company announced Wednesday.

via Columbia Basin Herald Online Newspaper – Local News – Moses Lake, WA – Grant County : Genie cuts 80 jobs in Moses Lake.


* The Wiremold Co., the West Hartford manufacturer once toured by corporate executives from across the country hoping to model its super-efficient operations, said Thursday that plummeting sales will force it to cut half of its workforce at its landmark factory off New Britain Avenue by early 2011.

via Wiremold To Cut Half Of Plant’s Workforce By 2011 — Courant.com.


* The Telegraph in Macon reports that it will lay off 30-percent of its workforce. The McClatchy Newspaper chain, which owns the paper, says the 58 positions are in the production department. The Telegraph will now be printed in Columbus and driven to Macon for distribution.

via GPB News: Telegraph Newspaper Cuts 30% of Workforce.


* Apartment Investment and Management Co. on Friday offered first-quarter guidance below expectations and said it is implementing a cost saving program including cutting 300 jobs and lowering its dividend.

via Aimco predicts 1Q below analysts, to cut 300 jobs – Forbes.com.


corning* Corning Inc. has begun implementing layoffs as planned in January, and 20 percent of its Perinton work force at Corning Tropel Corp. will be let go.

Corning officials said Corning Tropel’s management met with employees on Wednesday to discuss layoffs of 20 percent of the payroll, or about 40 workers. Corning declined to specify exact numbers of employees.

via Corning Inc. cuts 40 jobs in Perinton | stargazette.com | Star-Gazette.


* 25 employees have been laid off at the Post and Courier of Charleston.



spx* SPX Corp. has laid off 100 employees from its plant in Owatonna. That’s about 14 percent of the workers at the plant, which makes a range of tools, shop equipment and automotive components.

via 100 cut at SPX’s Owatonna operation.


* The Pittsburgh Cultural Trust has laid off 11 staff members, including David R. DeSimone, senior vice president for operations, a marketing department employee and some administrative assistants.

via Pittsburgh Cultural Trust lays off 11, including VP.


weyerh* PINE HILL, Ala. (AP) – Timber, pulp and wood products company Weyerhaeuser Co. is closing its veneer and lumber mills in Pine Hill, Ala., indefinitely, affecting 300 workers.

via WAAYTV.com – Huntsville, Alabama – News Weather, Sports | Weyerhaeuser closes Alabama mills; 300 jobs lost.


sparton-corp* Sparton Corp. (SPA: News ) said it will cut about 1,000 jobs, or 6% of its total workforce, because of the economic and competitive challenges it is facing in the marketplace.

via RTTNews – Quick facts Articles, Positive EPS Surprises, News Analysis, Earnings, Audio News…. .


* Harvard Management Co (HMC), which oversees the Ivy League school’s multibillion dollar endowment, began laying off employees this week. HMC is expected to slash about 25 percent of its staff, or 50 jobs, in the next several months, said John Longbrake, a spokesman for the university.

via Harvard to cut 25 pct of investment unit’s staff | Industries | Financial Services & Real Estate | Reuters .


emerson* Industrial conglomerate Emerson Electric Co (EMR.N) could cut its workforce by up to 14,000 from current levels by the end of the fiscal year that ends in October, Emerson Chief Executive David Farr told an investor meeting on Friday.

via Emerson to cut up to 14,000 jobs | Reuters .


7-11* 7-Eleven will cut about 200 positions, or 10 percent of its nonstore and operations workers in the U.S and Canada, according to online reports from The Dallas Morning News and NBCDFW.com.

via 7-Eleven to cut 200 jobs – Dallas Business Journal: .


allis-chalmers* Allis-Chalmers Energy is laying off 235 workers, reducing some pay rates and employee benefits and terminating two yard leases as it aims to pare costs by about $21.7 million annually, the Houston-based oil field services company said today.

via Houston-based Allis-Chalmers to lay off 235, cut pay | Energy | Chron.com – Houston Chronicle.


* DES MOINES, Iowa – A Des Moines-based insurance company has announced it will eliminate 60 jobs as part of the company’s business plan.

Officials with American Enterprise Group Inc. said on Friday that 51 of the layoffs will come from Des Moines and nine will come from Omaha, Neb. One-third of the layoffs will come from the company’s insurance sales division.

via Des Moines insurance company announces 60 layoffs — chicagotribune.com.


sun* Suncor’s decision to slash capital spending will slice up to $185 million in revenues from two Alberta-based companies.

Flint Energy Services Ltd. said Thursday it will immediately begin laying off construction workers as the company responds to an expected loss of $100 million to $150 million in revenues this year compared to 2008.

via Suncor spending cutback means $185M hit and layoffs .


* Razorfish, the digital advertising agency that Microsoft gained when it acquired aQuantive in 2007, is going through another round of layoffs. A spokeswoman confirmed that the company laid off about 70 people on Thursday on the West Coast, including its Seattle headquarters and offices in Portland, San Francisco and Los Angeles.

via Business & Technology | Microsoft digital ad shop Razorfish lays off 70 | Seattle Times Newspaper.


*Viking Range Corp. has laid off 57 additional employees in response to what a company official described as a “severe downturn in incoming orders” for the upscale manufacturer of kitchen appliances

via Greenwood Commonwealth > News > Top Stories > Viking lays off 57 more workers.


* MENOMINEE – An Upper Michigan manufacturer has laid off 100 employees.

L.E. Jones laid off the workers at its Menominee facility. The layoffs began Jan. 19 and ended this week. Both salaried and hourly employees were affected. Employees are eligible to be recalled for two years.

via U.P. company lays off 100.


* VANCOUVER, Feb. 6 /PRNewswire-FirstCall/ – Avcorp Industries Inc. (AVP on the TSX) today announced that a continuing of the softening order book and rate reductions from its major customers have caused the Company to review operations and terminate approximately 100 management, staff and union employees, representing 12% of its current workforce.

via Customer cutbacks trigger layoffs at Avcorp Industries Inc. .


* Company officials are being tight-lipped about how many people recently lost their jobs at Crown Tonka in Winnebago.

Leslie Mercer, who has worked 12 years at the manufacturing plant, was told he no longer had a job shortly after punching in for work at 3 p.m. on Jan. 20.

via Layoffs hit Crown Tonka – Faribaultcounty Register.


* More layoffs have been made at the Kmart Distribution Center in Bazetta.

Some 33 hourly workers from the center were laid off last month.  The company says the layoffs are due to fluctuations in the freight volumes handled at the center due to the weak economy.

via Kmart Layoffs – 33 News – We Believe in This Valley .


* Pennsylvania-based Armstrong World Industries Inc., a global leader in the design and manufacture of floors, ceilings and cabinets, is closing its Montreal commercial and residential tile factory indefinitely effective May 1.

The 150 unionized workers were informed of the shutdown this week.

via More factory layoffs in Montreal .


* About 70 full-time Clark Atlanta University faculty members and 30 other full-time employees are receiving word today that they have lost their jobs.

via Clark Atlanta University cuts 100 jobs | ajc.com.


* Last week, around 30 New Jersey Marriott timeshare employees started their unemployment paperwork. Federal and state government officials were present to oversee the unemployment pre-filing. The filers will officially be jobless on Valentines Day, February 14.

Marriot Ownership Resorts Inc. also announced that it is closing marketing and timeshare sales offices in Absecon and Galloway Township, NJ. This brings the total layoffs to at least 134.

via More layoffs at Marriott Timeshares | Timeshares Daily.


* In a memo to employees at the Star-Telegram, Publisher Gary Wortel said the newspaper has experienced “an unprecedented loss in advertising revenue with many of our best customers either going out of business or closing locations, and employment advertising dropping to all-time lows.

“In response to these losses, we are developing plans to reduce expenses. Unfortunately, these cuts will include position eliminations,” he said.

via McClatchy plans more cost cutting in 2009 at its newspapers, including the Star-Telegram | Business | Star-Telegram.com.


* More jobs are being cut as ESAB officials confirm 20 salaried employees were laid off throughout the company’s North American locations, which includes a site in Florence.



International News


sharp* TOKYO (AP) — Japanese electronics maker Sharp Corp. said Friday it will cut 1,500 contract workers in Japan by the end of March, and is headed for a billion dollar annual loss, its first in nearly 60 years.

Sharp said it will cut jobs by not extending the contracts of some of its temporary workers, and the cuts will not affect the company’s full-time global work force, which currently numbers about 55,900.

via Sharp to cut 1,500 jobs, forecasts annual loss: Financial News – Yahoo! Finance.


amkor-technology* Electronics company Amkor Technology Inc. has laid off 1,500 workers from its two plants in the Philippines due to declining orders, a company official said on Friday.

The redundancies are the latest blow to the Philippines’ once-booming electronics sector which has slowed since accounting for over 60 percent of the country’s exports between August-November 2007.

via Amkor lays off 1,500 workers in Philippines | ABS-CBN News Online Beta.


* Union bosses yesterday accused Royal Mail of trying to bulldoze through jobs cuts despite making huge profits.

They say Royal Mail is intending to cut up to 16,000 jobs – one in 10 of its workforce – to reduce costs by 10 per cent.

via Royal Mail axes 16,000 jobs in huge cost-cutting plan – mirror.co.uk.


* HVB is planning to cut a total of about 2,500 jobs by 2010, shrinking its headcount to about 20,000 people. Of those jobs, about 1,200 will be in the retail banking business and another 1,000 in administrative areas.

via HVB job cuts to cut ’09 staff costs by 4 pct | Reuters .


intel* TWO weeks after announcing plans to shut its factories in Malaysia, the Philippines and the US, the world’s biggest chipmaker, Intel Corp, yesterday said it is closing a plant in China.

Business Times has learnt that the company’s assembly, test and manufacturing plant in Shanghai – where over 2,000 people are employed – will cease operations by the end of this year.

via Semiconductor International articleXML.


sylvania* The Sylvania company announced yesterday that it would be closing its one of its two plants located in Pavas and laying off workers, although the exact number has yet to be announced.


Hiring News


* KNOXVILLE, Tenn. (AP) — Military contractor BAE Systems Inc. says a new contract to produce body armor for the U.S. Army will allow the company to reopen its Grainger County plant and recall workers laid off last month………..

BAE, a U.S. subsdiary of London-based defense conglomerate BAE Systems PLC, expects to recall 114 employees laid off last month and add 50 new workers at the Grainger County plant.

via BAE Systems to recall more than 100 workers at shuttered Grainger factory – WHNT.


* An estimated 50 new jobs are coming to Forrest City, according to an announcement by Forrest City Grocery Co.

The company has acquired the assets of Galler Wholesale in Memphis, effective Feb. 20, said David Cohn, who owns Forrest City Grocery with Allen Cohn.

via FC Grocery adding jobs to workforce.


Mike: Update: Layoff news was bad all day and ended with the Emerson announement of 14,000 job cuts. Good thing the weekend is upon us and we can relax for a couple days. I’ll see if I have the energy to do a Weekend Update. I’m battling a bug, so it may just be short and sweet. Till then………..


A litrle “Black Friday” from Steely Dan



Mike: If you’re looking for a layoff  laugh or two, pay a visit to  http://www.the405club.com/.  



Mike Luckovich - Feb 5

Mike Luckovich - Feb 5




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One Comment to “February 6 – 598,000 jobs slashed – Unemployment at 7.6% – Emerson disconnects 14,000 – Cisco to continue shedding 3000 – Sharp cuts 1500 in Japan – Sparton chops 1000 – International Rectifier deletes 850 – Royal Mail sending 16,000 pink slips in UK – 7-Eleven unlucky for 200”

  1. Hi,

    thanks for the nice blog. Will visit again.

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