– Authorities say a man blocked the rear entrance of an immigrant services center with his car, then went through the front door and started shooting. The shooting ended when he committed suicide.
Mike: Good day to all. Today we see the March monthly unemployment report, which is expected to show a month to month loss of 650,000 jobs. Yesterday’s jobless claims report came in at a higher level (669,000) than expected, so that may also prove to be the case with the Employment Situation report.
The Labor Department’s report is fresh evidence of the toll the recession has inflicted on America’s workers and companies.
The latest tally of job losses, released Friday, was slightly higher than the 654,000 that economists expected. The rise in the unemployment rate matched expectations.
Mike: Below the Unemployment Rate graph is a headline that distorts the real unemployment numbers. The reason I say that is because unemployment was calculated differently in 1983 than it is now. So how can they compare the two years when you are using different methods to calculate the unemployment rate?
Here again are the real unemployment numbers as opposed to the reported reported numbers. I do this on a monthly basis to remind my regular readers that unemployment is worse than reported by the government and to inform my new readers of the same. The following graph from John Williams’ Shadow Government Statistics shows REAL unemployment, or unemployment including “discouraged workers” (which were counted in the unemployment numbers prior to 1998) is over 19%! So when you hear main stream media and government officials spout that the unemployment rate of 8.5% is still lower than the 10.8% which occurred in 1983, you will know they are misleading you.
The following graph from John Williams’ Shadow Government Statistics shows REAL unemployment near 20%:
* 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 :
WASHINGTON – The nation’s unemployment rate jumped to 8.5 percent in March, the highest since late 1983, as a wide swath of employers eliminated 663,000 jobs.
via Jobless rate bolts to 8.5 percent, 663K jobs lost – Yahoo! News.
Mike: Here are two versions of what’s to come in the job market. I tend to trust Bill Gross more than most because he has been more on target about other financial matters:
–Naroff: Worst of job losses may be over–
“Way too many jobs are being cut at this point,” says Joel Naroff, chief economist at TD Bank. But we may have seen the worst of the job losses this year. “They’re not going to be great as we move through the spring,”
via MarketWatch TV & Radio podcast.
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– Bond guru Bill Gross sees the unemployment rate jumping to double digits before it improves, and even then the economy will evolve into something we haven’t seen before.
“Perhaps the more staggering number, in my opinion, is the five million jobs lost over the last 15 months,” Gross told CNBC. “That’s a lot of jobs, and a lot of jobs to recoup. Obama’s goal, of course, is three and a half million jobs, either regained or saved. We’ve got a long way to go.”
via Bill Gross: Joblessness Will Get Worse Before It Improves – General * US * News * Story – CNBC.com.
[vodpod id=ExternalVideo.805438&w=425&h=350&fv=]
Walt Handelsman - Apr 3
- Shire drug company to close Owings Mills plant , cut 260
- Insight announces 270 layoffs
- 340 jobs lost: West Point Homes Chipley
- MKS cuts 600 employees
- BofA’s overseas workforce has grown sharply
- Nationwide makes more job cuts – 480 out
- FedEx confirms 1,000 layoffs
- Disney slashes 1,900 jobs
- Kansas City, Mo. cuts 330 jobs
- Pratt and Whitney Canada to cut 1,000
Microsoft/Google/IBM and other Rumors/News
General Economic News
Government Layoff News
US and some Canada Layoff News
International Layoff News
Hiring News and News You Can Use– Microsoft/Google/IBM and other Rumors & News –
– BINGHAMTON — The gunman who went on a murderous rampage in a roomful of immigrants today was himself an immigrant – one who may have been distraught over a recent job loss.
via Hinchey: Shooter was laid off from IBM | pressconnects.com | Press & Sun-Bulletin.
– STERLING FOREST — Assemblyman Gregory Ball, R-C-I-Patterson, said Thursday that another $50 million has been tucked into a state budget bill for retention of IBM jobs in New York, even after the company announced the layoff of scores of New York employees.
WASHINGTON, April 3 (Reuters) – U.S. employers slashed 663,000 jobs in March, lifting the unemployment rate to 8.5 percent, the highest since 1983, official data showed on Friday in a report underscoring the growing distress in the labor market.
via US March payrolls fall 663,000,jobless rate 8.5 pct | Reuters .
The Institute for Supply Management reported Friday that its March non-manufacturing index moved to a reading of 40.8, from 41.6 in February. March’s reading remained contractionary.
via DATA SNAP: Non-Manufacturing Sector Shrinks Again In March.
Ben Bernanke Speaks 12:00 PM ET
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– LOS ANGELES (AP) — Free granite countertops, swimming pools and landscaping aren’t going to convince anyone who’s afraid of losing a job to buy a home. But what about a promise to pay your mortgage if you get laid off?
With the unemployment rate at a 26-year high and home sales still in the dumps, a growing number of homebuilders and even some real estate agents are trying to coax buyers with a kind of mortgage unemployment insurance.
Major builders offering job loss mortgage payment plans include Lennar Corp., Pulte Homes Inc., The Ryland Group Inc. and Toll Brothers Inc.
“We’re literally adding at least one builder a day throughout the country,” said Todd Ludlow, senior vice president of Rainy Day Foundation, a nonprofit organization that administers the programs for many builders.
Builders can pay anywhere from $450 to $900 per customer for the coverage. Some absorb the cost as they would any other sales promotion, while others pass it on to buyers, Ludlow said.
via The Associated Press: Layoff insurance latest carrot for homebuyers.
– WASHINGTON (Reuters) – A record 32.2 million people — one in every 10 Americans — received food stamps at the latest count, the government said on Thursday, a reflection of the recession now in its 16th month.
via One in 10 Americans gets help from U.S. to buy food | U.S. | Reuters
– SALEM — Layoff notices were handed out at City Hall yesterday, as the mayor continued to close a budget gap caused by a midyear cut to local aid.
via City workers laid off – SalemNews.com, Salem, MA.
Mike: Isn’t it comforting to know that the billions of taxpayer dollars given to BOAare going to their offshore recruiting and hiring efforts as they slash the US workforce that has bailed them out from certain collapse? Taxpayers must wake up at some point and demand accountability from institutions who have been given trillions of dollars. Politicians continue to mortgage your children’s future with these taxpayer gifts to financial institutions, yet they don’t demand transparency or accountability.
– Boosted by acquisitions of Countrywide Financial and Merrill Lynch, Bank of America’s offshore operations have grown sharply in the past two years, exceeding 14,000 employees in India, the United Kingdom, Mexico, the Philippines and Costa Rica, documents obtained by the Observer show.
Mike: The following is just another indication of how school boards are out of control and have a severe tendency to coddle superintendents. It’s similar to one of the many boards of directors that increase the salary of the CEO while the company’s value is destroyed. Perez at Kodak or even the smaller story of Watts cuts jobs, boosts exec team’s pay – Boston Business Journal: are just a couple of examples of boards gone wild. Boards want to coddle superintendents and CEOs, since they may be in that position some day and they want the same outlandish overcompensation. Until the voter stands up to these crony school boards, this crony relationship will continue to be a detriment to better educated children.
– After axing 86 jobs because of a budget deficit, the Plainfield School Board approved a pay hike and a new contract for the district’s superintendent last week.
via 86 jobs cut, but raise for superintendent :: Plainfield Sun :: News.
– The Chelsea Soldiers’ Home is laying off up to 20 employees to absorb pending budget cuts.
via Chelsea Soldiers’ Home to lay off up to 20, reduce services – The Boston Globe.
– Higley Unified School District’s governing board Wednesday eliminated 38 fulltime jobs and 1 part-time position and decided that about a dozen teachers and an assistant principal will have to accept other positions if they want to stay on board next year
via Higley schools cutting 40 jobs, 6 due to surge in absences.
– Mary Charles, communications director for the city, confirmed that 141 current positions and 189 vacant positions were eliminated as a result of the city implementing its newly passed budget for fiscal year 2009-10.
via Kansas City, Mo. cuts 330 jobs – Wichita Business Journal:.
Charlotte-Mecklenburg Schools has added 107 more employees to its growing list of layoffs. The newest cuts include math and science coordinators and English as a Second Language assistants.
– US and some Canada Layoff News –
– In a sign that the recession is cutting into Disney’s park business even deeper than originally thought, the Walt Disney Co. today said it eliminated about 1,900 jobs at its domestic parks through job cuts and attrition.
via Disney slashes 1,900 jobs at domestic parks | Company Town | Los Angeles Times.
-FedEx Corp. has confirmed that the company has cut 1,000 jobs worldwide, including 500 in its headquarters city of Memphis, Tenn. The cuts include some at its plant in Winston-Salem, although the company would not say how many. Dell also cut an unknown number of jobs at the Winston-Salem plant in March
via FedEx confirms 1,000 layoffs – The Business Journal of the Greater Triad Area:.
– United Technologies Corp.’s Pratt & Whitney Canada unit will cut 1,000 jobs, or about 10 percent of the small-engine maker’s worldwide workforce, as business-jet production slows.
– Nationwide Mutual Insurance Co. has eliminated 480 information technology jobs, including 150 in Central Ohio, the company said Friday.
via Nationwide makes more job cuts – 480 out – Business First of Columbus: .
AIG subsidiary 21st Century Insurance said Thursday that it had laid off about 7% of its workforce — nearly 500 workers — and that it was losing its Long Beach office and three other locations.
via AIG subsidiary 21st Century Insurance is downsizing – Los Angeles Times.
– Biopharmaceutical company Shire plans to close its Owings Mills plant in phases over three years and lay off 260 workers as it discontinues in-house manufacturing of drugs to treat attention-deficit and hyperactivity disorders and gastrointestinal diseases, a company spokesman said Thursday.
via Shire drug company to close Owings Mills plant — baltimoresun.com.
– WINSTON-SALEM, N.C. — A newspaper reports that a computer maker has made another round of job cuts at its North Carolina plant, this time slicing 50 contract jobs.
via More jobs cut at NC Dell computer plant – North Carolina & Regional – Wire – The Sun News.
– Cascade has taken several steps as a result of the financial crisis including: reducing its global work force by 20 percent, trimming 10 percent of executive salaries, instituting a hiring freeze and more.
via Cascade posts a loss for its fiscal 4Q – Forbes.com.
– Approximately 340 Panhandle residents learned Friday morning that they’re losing their jobs as West Point Homes in Chipley announced it’s closure.
via wmbb.com – 340 jobs lost: West Point Homes Chipley is closing .
– MKS Instruments Inc. on Friday said it cut 600 jobs during the first quarter and reduced its first-quarter outlook, saying the difficult economy continues to hurt customer demand.
– Struggling with declines in retail sales and membership, along with a 30 percent drop in its endowment, Boston’s Museum of Fine Arts laid off 33 employees Thursday.
via Boston MFA lays off 33, eliminates 54 jobs – Boston Business Journal: .
-Insight Enterprises Inc. announced late Thursday it has layed off 270 people, or about 8 percent, of its North American work force.
via Insight announces 270 layoffs as market softness continues – Phoenix Business Journal: .
– Samson Rope Technologies Inc., a manufacturer of high-performance rope, is cutting about 10 percent of its workforce in its Ferndale and Lafayette, La., facilities. Of the 27 positions that have been eliminated, about 20 were in the Ferndale plant
via The Bellingham Herald / News Update / Ferndale rope manufacturer to cut jobs .
– The Catholic college acknowledged this week that 18 workers were laid off earlier this month.
via Sacred Heart University cuts 18 jobs – The Connecticut Post Online .
– San Diego Internet online upstart Veoh Networks said yesterday it has replaced its chief executive and cut 25 employees, or 36 percent of its work force, in an move to streamline operations.
via Veoh Networks changes CEOs, eliminates 25 jobs.
– The job cuts will affect 16 employees in Virginia, including three at a regional sales office in Richmond, Altria spokesman David Sylvia said yesterday.
via Altria unit trimming sales jobs | Richmond Times-Dispatch.
– Thus far, Nelson said, it has eliminated 25 full- and part-time jobs. The membership decline is blamed on the economy.
– Galbreath manufactures waste handling equipment, including dumpsters, for its parent company Wastequip. The plant in Ider currently has 28 employees.
via The Times-Journal.
– Rumors the past few days about additional white-collar cutbacks at Whirlpool Corporation have turned into reality. A Whirlpool spokesperson has confirmed what a newstipper told WSJM News earlier on Thursday — 15 employees in Southwest Michigan have been terminated
via WSJM AM 1400 & FM 94.9 – Whirlpool Cuts 15 Jobs In Southwest Michigan.
– TICONDEROGA — International Paper Co.’s Ticonderoga mill, which employs 600, will shut down for two weeks in the middle of May because of a slowdown in business due to the poor economy.
via In Brief — Page 1 — Times Union – Albany NY.
– MUSCATINE, Iowa — Hon Industries announced additional layoffs Thursday at its facilities across the country, including its Muscatine office furniture plants.
via Muscatine’s Hon Industries announce more layoffs.
– TULSA, Okla. (AP) – Sixty-three employees at the John Zink Co. facility in Tulsa will be laid off during the next 60 days.
via KSWO, Lawton, OK- Wichita Falls, TX: Telemundo – 63 John Zink Co. employees in Tulsa being laid off.
– APAC Customer Services said Thursday it will lay off 95 workers at its Green Bay call center.
– KAHULUI – Kahului Zippy’s has laid off 47 workers less than a year after it opened its first Maui restaurant in August, officials have confirmed.
– ANMOORE — Twenty-seven employees at the GrafTech facility in Anmoore will be laid off this week, company officials say.
via Anmoore Plant to Lay Off 27 Workers – WBOY-TV – WBOY.com.
– A total of 22 employees were laid off Thursday at KMPH (Channel 26) and KFRE (Channel 59).
– Despite a strong alternative energy market, the recession is prompting BP Solar to cut operations and jobs worldwide, including 140 positions at its Frederick plant.
via BP Solar cuts 140 Frederick jobs.
– Bowling Green State University will lay off 15 to 20 classified staff members in a budget-cutting move.
via 1330 WFIN News with Tom Sheldon and Scott Jennings – Findlay Ohio.
-The Pensacola News Journal announced today that they are cutting 84 jobs in their printing operation. The PNJ will outsource the print production of the paper to the Mobile Press-Register.
via PNJ Cuts 84 Jobs, Moving Paper Printing To Mobile Press-Register : NorthEscambia.com.
– MICHIGAN CITY – Sullair Corp. has laid off a number of people from their jobs, effective Thursday.
– Temperature-controlled trucking company Frozen Food Express Industries Inc. says the economic recession has negatively impacted the company, and it expects revenue and earnings for the first quarter to fall below levels attained last year.
viaFrozen Food Express cuts jobs – Dallas Business Journal:.
– Wells Fargo Wealth Management Group, headed by Jay Welker, has let go of roughly 40 private bankers and wealth advisors in Northern California and has eliminated their posts,
via Wells Fargo Cuts NoCal Wealth Group : Wall Street Letter.
– ATHENS, Ohio (WSAZ) — 89 people have been laid off so far at Ohio University; none of them have been faculty members.
via 89 Jobs Cut at Ohio University.
– The University of Hawaii at Manoa announced a plan late Thursday to cut jobs as the school faces a projected budget deficit of $33 million.
via UH Manoa Cutting Jobs Ahead Of Fall Semester | KHON2.com – News, Sports, Weather | Education .
– Bombardier Aerospace will cut another 10 percent of its overall work force — about 3,000 employees — including 470 jobs at its Learjet facility in Wichita, the company said Thursday.
via Learjet to cut 470 jobs in Wichita | Wichita News – Kansas News | Wichita Eagle.
– On Thursday, 80 hourly workers at the MeadWestvaco paper mill in Covington learned they will be laid off on April 20 “for at least a month,” according to the company.
via MeadWestvaco to lay off 80 workers from Covington plant – Roanoke.com.
– A Florida-based sign company that picked this inland city as the site of a new plant after catastrophic storms devastated the Gulf Coast in 2005 closed its Monroeville operation this week, laying off some 50 workers
via http://www.al.com/business/press-register/index.ssf?/base/business/1238750118233720.xml&coll=3
– Family-owned Walker Manufacturing this week laid off 10 percent of its work force and announced a three-week plant shutdown this month to cope with a declining economy.
via Walker lays off workers | coloradoan.com | The Coloradoan,.
– KV Pharmaceutical Co. notified state regulators it was laying off five employees in Plantation and nine employees in Largo.
via KV Pharmaceutical lays off 14 Fla. workers – South Florida Business Journal:.
– Law firm Hogan & Hartson LLP — with offices in Denver and Colorado Springs — has laid of 93 non-legal staff across the country and is cutting pay for some lawyers, who could be the next to get pink slips.
via Law firm Hogan & Hartson cutting jobs, pay – Denver Business Journal:.
– MAGNOLIA, Ark. (AP) – Officials with Albemarle Corp. say the chemical company will temporarily lay off about 70 employees from its three production plants in Magnolia.
The Shaw Group, which provides support services to Albemarle, says it also has laid off an unspecified number of workers.
– Hamilton Sundstrand laid off about 300 workers Thursday in Connecticut and other locations, part of parent United Technologies Corp.’s previously announced plan to cut 11,600 jobs worldwide in 2009.
via Hamilton Sundstrand Lays Off About 300 — Courant.com.
– TULSA, Okla. (AP) – Sixty-three employees at the John Zink Co. facility in Tulsa will be laid off during the next 60 days.
– MONROEVILLE — A Florida-based sign company that picked this inland city as the site of a new plant after catastrophic storms devastated the Gulf Coast in 2005 closed its Monroeville operation this week, laying off some 50 workers and filing Chapter 11 bankruptcy, according to court records.
via 50 workers laid off at Monroeville sign plant – al.com.
– Santa Fe-based Thornburg Mortgage Inc. on Friday announced layoffs of 130 of its approximately 150 staff members.
via NM: Thornburg Mortgage lays off majority of staff – Forbes.com.
– Teachers and administrators at Lake College in Redding say they were laid off Tuesday, and haven’t been paid in eight weeks. Some even tell Action News they were let go without exit interviews or final paychecks.
via North State College Lays-Off Employees – CBS 12 Action News.
– Employees at the Sherwin-Williams Co. plant here were told Thursday that their paint roller and paint tray-making facility will be closed permanently due to lagging sales and deteriorating economic conditions.
via SHW BRIEF: Sherman-Williams plant in Deshler to close.
– The U.S. arm of Dutch consumer-goods maker Unilever said Friday it is closing its Breyers packaged ice cream plant in Framingham, Mass., that employs 201 workers.
via Unilever to close plant with 201 workers – Forbes.com.
– Layoff notices were also circulated to management staff and those not covered under the collective agreement.
In total, approximately 280 plant workers are being let go and 65 office employees.
via The Canadian Press: All remaining employees at Chatham truckmaker given layoff notices.
– Update: LONDON: Norwich Union Life, a part of British insurance group Aviva, will be cutting close to 1,700 positions, both permanent and contract, in the UK by the end of 2009.
via Aviva unit to slash 1,690 jobs in UK– Jobs-News By Industry-News-The Economic Times.
– LONDON/WASHINGTON–SR Technics Wednesday said that approximately 600 employees will be laid off from the company’s soon-to-close Dublin facility on Friday, April 3.
– April 3 (Bloomberg) — Royal Bank of Scotland Group Plc said it will cut more jobs as the bank indicated former Chief Executive Officer Fred Goodwin is considering a request to return part of his 703,000-pound ($1 million) annual pension.
The job cuts will be in addition to 2,700 previously announced by RBS, Britain’s biggest government-controlled bank said before today’s annual shareholders meeting in Edinburgh. Deputy CEO Gordon Pell and Parliament’s Scottish Affairs Committee have sparred over job loss estimates in recent weeks.
via RBS to Cut Jobs as Goodwin Considers Pension Payback (Update2) – Bloomberg.com .
– LONDON -(Dow Jones)- British Airways PLC (BAY.LN) Friday said it is cutting a further 300 jobs as part of a voluntary redundancy scheme.
“We are pleased with the take up and 300 people will leave the airline under this scheme at the end of May,” a British Airways spokesman said in an emailed statement.
via British Airways To Cut 300 Jobs By End May – EasyBourse actualité.
– The National Australia Bank has announced it will slash 113 full-time branch positions in a bid to cut costs.
via NAB to cut 113 jobs – ABC News (Australian Broadcasting Corporation).
– A castings manufacturer in Bendigo, in central Victoria, will cut 22 jobs because of the slowing economy.
via 22 jobs to go at castings factory – ABC News (Australian Broadcasting Corporation).
– As Bosai prepares to release 100 persons from its workforce in Linden, Personnel and Industrial Relations Superintendent Peter Benny said that this was one of the most difficult decisions for the company.
via Stabroek News – Bosai to release 100 workers starting next week .
– (Bloomberg) — General Motors Corp.’s South African unit will cut 700 jobs by June after vehicle sales dropped by more than a third this year
via General Motors South Africa Will Cut 700 Jobs by June (Update1) – Bloomberg.com .
-The retailer is negotiating around 480 redundancies with unions in the two countries. In Finland, four remaining Markantalo shops will be converted into its core Gigantti brand.
via DSG to cut jobs and shut Scandinavian sites – Times Online .
– Fifty-three jobs have been lost out of a workforce of 102 at JH Birtwistle and Co, based on Grane Road, Haslingden.
via Half of jobs go at JH Birtwistle – Business – News – Manchester Evening News.
– These three men are among 62 Toowoomba workers facing job losses after the Federal Government effectively shut down their three employers.
via Sixty-two jobs lost | News | Toowoomba Chronicle | Toowoomba Chronicle.
– Hughes Christensen in east Belfast said up to 90 of its 400 employees faced redundancy.
via Belfast engineering firm axes 90 workers – Ireland, Breaking News – Belfasttelegraph.co.uk.
– The Donegal Gaeltacht has been dealt a massive jobs blow as one of the country’s leading snack food firm’s announced plans to shed a fifth of its workforce.
via The Press Association: Gaeltacht food firm to axe 123 jobs.
– In order to meet the current market situation in the pulp and paper industry, Eka Chemicals has launched a program to optimize sodium chlorate production in Europe which will result in the permanent closure of the plant in Mo i Rana, Norway. 31 employees will lose their jobs, as the company informed Lesprom Network.
via Eka Chemicals to close sodium chlorate production plant in Mo i Rana, Norway – Lesprom Network.
– Hiring News and News You Can Use –
– Hanford contractors say they are making quick work of identifying candidates for at least 600 positions they expect to fill in about the next six weeks with federal money to stimulate the economy.
– FREDERICK – Laboratory supplier Life Technologies Corp. said on Thursday that it will add 50 jobs in Frederick.
via Laboratory supplier to add 50 jobs in Frederick — baltimoresun.com.
– Despite the recession and a 6.2 percent unemployment rate, Kansas is looking outside as well as inside the state to fill thousands of job openings.
Next week representatives from the Kansas Department of Commerce will attend a job fair in Omaha, Neb. It’s not uncommon for them to go to other states to recruit, commerce department spokesman Joe Monaco said.
There are at least 22,000 positions available in Kansas, including 12,000 posted online in the last 15 days, Monaco said.
“There are quite a few jobs still to be filled throughout the state,” he said.
via Kansas Commerce Department looking for workers to come to Kansas – KTKA.com.
Mike: A tragic ending to the week as people were killed in a Binghamton, NY hostage taking. The day started on a sour note with the unemployment rate spiking to 8.5% and the day ends with the horrifying death of many innocents. Till Monday…………..
Tags: COBRA, cut jobs, economic, employment, factory closing, firing, hiring, IBM, job loss, jobs cut, laid off, layoffs, plant closing, positions eliminated, redundancies, staff cuts, unemployment, workforce reduction
