Mike: A good Thursday to one and all. Today’s Jobless Claims report came in at 631,000, which is 14,000 less than expected. That’s decent news, but it should not be taken as the final word, since the revised numbers have been higher each week for the past six months. On the other hand, a reduction in the four-week moving average does portend a stabilizing trend in job losses. I’ll have more on these numbers tomorrow.
– Fewer Americans filed first-time applications for unemployment insurance last week, indicating the pace of job losses is slowing even as the total number of people on benefits continues to break records.
Initial jobless claims decreased by 14,000 to a less-than- forecast 631,000 in the week that ended April 25, from a revised 645,000 the prior week, Labor Department figures showed today in Washington. The number of people staying on jobless benefit rolls increased by 133,000 to 6.27 million, the 13th straight week the figure has set a record.
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- 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
-Rocked by the slumping PC sales, the semiconductor industry really doesn’t need more bad news. However, reports indicate that Apple is making a surprising move that likely has some of its cell phone silicon partners reeling — it is forming its own team design chips for its future iPods or iPhones.
– The surprise is that Flickr was hit especially hard by these cuts, losing a number of its few remaining engineers.
8:30 AM ET
– First-time claims for state unemployment benefits fell to their lowest level since early April, the Labor Department reported Thursday. The number of initial claims in the week ending April 25 fell 14,000 to 631,000. It’s the lowest level since the week ended April 11. The consensus forecast of Wall Street economists was for claims to rise to 645,000. Claims in the previous week were revised to an increase of 32,000 to 645,000 compared with the initial estimate of a rise of 27,000 to 640,000. The four-week average of initial claims fell 10,750 to 637,250. Meanwhile, the total number of Americans receiving state jobless benefits set a record for the 13th straight week. Continuing claims rose 133,000 to 6.27 million.
Mike: Even Mr. Perez of Kodak is so embarrassed by his leadership that he is cutting his multi-million dollar pay. These types actually may have some shame after all. It’s either that or they’re worried that the board may take action first – Nah, that will never happen, I just had an ethical moment.
– The company will stop paying a dividend to conserve cash, and Chief Executive Officer Antonio Perez will reduce his salary by 15 percent, Kodak said today. Salaries of directors and senior managers will be cut by 10 percent. All other U.S.-based Kodak employees will take one week of unpaid leave this year.
– WASHINGTON – Chrysler will file for bankruptcy after talks with a small group of creditors crumbled just a day before a government deadline for the automaker to come up with a restructuring plan, two administration officials said Thursday.
– Despite the efforts, however, more homeowners fell into default in March. Servicers initiated foreclosure proceedings against 290,000 mortgage borrowers, a jump of nearly 20% from February’s 243,000, and the highest monthly total since the coalition began tracking data in mid-2007. Starts have risen by more than a third since January.
– Issaquah School Board members voted unanimously to lay off 158 of its 1,097 teachers April 22, after district officials presented their reduction in force plan.Teachers can expect to receive layoff notices by May 1.
– That change will leave Fort Wayne Community Schools more than $6 million in the hole and in turn force officials to cut 108 teachers.
– Atascadero officials on Wednesday laid off at least five employees and eliminated an additional 10 positions as a way to close a $775,000 budget gap created by plunging revenues.
– Twenty-eight teachers at Airport Community Schools are being laid off this spring due to declining enrollment and revenues, but virtually all of them are expected to be hired back.
– Those deficits translate into anywhere from 512 to 854 layoffs for teachers. Hundreds of other school staff would also get pink slips.
-FLINT, Mich. — The Flint school board has approved a budget that includes closing eight schools over the next two years and giving layoff notices to more than 200 staff members.
– LEETONIA- The Leetonia school board instituted an athletic participation fee schedule and suspended the contract of five teachers in cost-saving maneuvers at its regular meeting Wednesday night.
– While the lost positions — 13 legal clerks and 2 prosecuting attorneys — will create new demands on her legal staff, Miller said the move was necessary because of the need to find about $2 million in reductions by the end of the year.
– Faced with a 2009 operating budget that is expected to fall far short of balanced by the end of the year, Brookfield’s village manager announced Thursday afternoon that he has laid off seven full-time and two part-time employees.
– Swiss bank UBS (UBSN.VX: Quote, Profile, Research)(UBS.N: Quote, Profile, Research) said on Thursday it had axed 2,000 U.S. jobs as part of its latest mammoth round of job cuts announced earlier in April.
– At the same time, the Providence, R.I.-based company has reportedly decided to ramp up its job cuts by an additional 2,100 jobs.
– The oldest, smallest and most recognizable supplier of Anheuser-Busch has called it quits after being outbid for a job they have been doing since the 1960s.
Now dozens of people are unemployed.
– Update: Henrico County-based Philip Morris USA announced yesterday it will cease production at its Cabarrus County, N.C., plant by the end of July, months earlier than initially expected. Most of the plant’s remaining 1,100 employees will be laid off as the company consolidates its manufacturing operations at its South Richmond cigarette plant.
– TRW Automotive plans to close its Kelsey-Hayes Co. plant in Ettrick, in western Wisconsin, affecting about 70 employees.
– MORAINE — The DMAX truck engine plant is ceasing production for seven weeks, a plant spokeswoman said today, April 29.
The plant’s 563 employees will be laid off for that time, said Courtney Strickler, DMAX spokeswoman.
– The Heritage general manager says he and the rest of the employees — about 25 in all — were told Tuesday that they’re losing their jobs. Employees at Ozark Dodge tell KY3 News they received the same news of closure.
– COLUMBUS — Cessna Aircraft, which is trimming employment nationwide and closing an Oregon plant, has notified 89 workers in Columbus that their jobs will be eliminated in two months.
-Stewart Information Q1 loss widens, cuts 170 jobs
– OrangeSoda, a fast-growing American Fork company that helps small and midsized businesses drive potential customers to their Web sites, said Wednesday it had laid off 13 percent of its staff of 224. Other recent layoffs have included Move Networks of American Fork, Orem-based iMergent, Digital Technologies International of Springville and Novell of Provo.
– DCI Inc. of St. Cloud has laid off 25 of 200 workers in response to the recession.
– The Reading Hospital has laid off 106 more workers in the final phase of its efforts to reduce its workforce of 6,400 by 3.9%.
– Nineteen employees of General Cable in Scottsville and 16 from TieTek in Marshall recently joined the ranks of the unemployed, laid off due to decreasing demand for product, according to company officials. Of those laid off at TieTek, six have been rehired.
– Four bank employees in Baraboo are among 116 people losing their jobs in Wisconsin and Illinois as Amcore Bank restructures itself after taking a $30 million loss last quarter.
– CHATTANOOGA, Tenn. (AP) – The Chattanooga Times Free Press has laid off 15 people in newsroom cuts that editor and publisher Tom Griscom attributes to the economic slump.
– The hotel, operated by Starwood Hotels & Resorts Worldwide Inc., will be laying off 176 of its employees on June 30.
– Nearly four months after laying off 10 lawyers, Chicago’s Wildman, Harrold, Allen & Dixon has taken the job-cutting ax to another 10 associates.
– Stung by falling sales of optical networking products, Sycamore Networks Inc. will lay off 30 percent of its workforce, or about 140 employees, while Acushnet Co. plans to lay off 169 workers, due to a sharp drop in sales of its Titleist golf balls.
– U.S. Steel Corp. already has let go of 384 employees at Minntac. By the end of this week, up to another 250 workers at the Mountain Iron taconite processor are expected to join the ranks of laid-off miners.
– Stung by falling sales of optical networking products, Sycamore Networks Inc. of Chelmsford will lay off 30 percent of its workforce, or about 140 employees.
– 39 employees will be leaving, with 43 remaining. Presstime’s last print edition will be May 2009 but it will continue in a digital form.
– SPX Process Equipment is closing a North Buffalo process equipment facility with 46 employees, the company announced.
– The spokeswoman says JDSU is laying off some but not all of the Louisville, Colo., employees; some will remain in Colorado working from home. (JDSU isn’t giving up specific numbers.) The Picolight closure should be completed by September 2010, CEO Thomas Waechter said on yesterday’s call.
– NEW ALBANY, Ohio —NBC 4 has learned that there will be 170 jobs eliminated at Abercombie’s New-Albany-based home office.
– The retirement, insurance and financial services company said it is cutting 75 jobs in its global asset management division. Most of the workers facing layoffs are in Des Moines, where the company is based.
– MetroHealth Medical Center announced today that has cut 400 jobs, or 6 percent of its work force, to generate $20 million in savings as the hospital continues to shore up its finances.
– By the end of today, many of the 120 people employed at the Kankakee production facility of American Spring Wire Corp. will be out of work.
– The biggest hit, however, will be the $710,000 cut to personnel costs. In all, six full-time positions will be eliminated along with four part-time positions and a reduction in work hours for 17 other jobs. The job cuts affect mostly academic support positions and part-time faculty members.
– (Crain’s) — Motorola Inc. is cutting an additional 500 jobs as the recession’s impact spills over into its non-phone businesses.
The company said Thursday it will cut 7,500 jobs by June 30, instead of the 7,000 jobs announced in two previous cutbacks.
– Corel Corporation, the Ottawa-based software company, said Thursday that 20 of the 80 jobs it’s cutting globally will come from the Ottawa region.
– “We’re focused on having a very smooth transition,” she said. Eshet declined to say how many jobs will be lost in the closure.
– A Fontainebleau Resort spokesman today said construction workers are being laid off because of financing problems at the $2.9 billion resort on the Strip.
– FAIRBANKS — Seven people are being laid off at the Geophysical Institute, which is part of the University of Alaska, the second-largest employer in Fairbanks.
– Squire, Sanders & Dempsey LLP laid off seven attorneys in its Cleveland office, the firm’s largest, and about 23 in offices throughout the United States and nine other countries.
– Principal Financial Group said it is cutting 75 jobs in its global asset management division, due to challenging markets.
– Wichita Clutch, founded here in 1949, laid off 23 employees late Tuesday afternoon.
– The work has been shifted to Fort Bragg, affecting at least 200 contractor employees. Many of them, though, already have gotten other jobs.
– Among those cut were general assignment reporter Joanie Lum and entertainment reporter and film critic Bill Zwecker, as well as assistant news director Todd Woolman and other behind-the-scenes staffers.
– About 50 engineering and other research and development employees at ABB Inc.’s facility in Wickliffe will lose their jobs in the coming 12 to 18 months.
– The Federal-Mogul Ignition Co. plant at Dumas will be shut down and 107 jobs lost, Sammye Owen, executive director of the Dumas Chamber of Commerce, confirmed on Thursday afternoon.
– Sony Hawaii Co. will cut its staff by 44 percent at its 960 Mapunapuna St. offices through buyouts and layoffs beginning in June.
– NIWOT, Colo. — Crocs Inc. laid off 38 employees at its Niwot headquarters this week, spokeswoman Tia Mattson confirmed Thursday.
– Tokyo: Japan’s Fujifilm Holdings Corp. said Thursday it would lay off or redeploy 5,000 workers as part of its streamlining efforts to weather the global economic slump.
– BASF, the world’s largest chemicals company, is cutting its workforce by at least 2,000 after suffering a slump in profitability.
– ST-Ericsson, the wireless technology company created in February by French-Italian group STMicroelectronics and Sweden’s Ericsson, have announced the loss of 1,200 jobs worldwide due to a slowdown in demand.
– Defence giant BAE Systems is to close three factories in the UK, resulting in the loss of 500 jobs.
– The Engineering, Printing and Manufacturing Union has been advised of a proposal to make 67 redundancies at Caravans International Munro in Hamilton.
– Reed Business Information (RBI) has launched a voluntary redundancy programme in the UK, as part of plans to cut 50 staff.
– CHEMICAL giant Croda is to close its Bromborough factory with the loss of 115 jobs.
– Despite the recent surge in boat arrivals, about 700 jobs will be cut from the department, which has 7000 staff in 100 locations in Australia and worldwide.
– Ukraine-focused oil and gas firm Cadogan Petroleum Plc (CADP.L) said on Thursday it would cut 126 jobs, or 27 percent of its workforce, effective July 1, as part of an ongoing operational review.
– Insurance giant Clerical Medical is axing 115 jobs at its Clevedon office.
The company, now owned by banking giant Lloyds TSB, is merging its sales and support teams for Scottish Widows and Clerical Medical – and said yesterday it would be making 305 people redundant in the UK by July 1.
– Zinc producer Nyrstar has announced it will slash 60 jobs over the next 18 months at its Hobart smelter to cut costs as the recession bites.
– British supply chain group Wincanton (WIN.L) is axing up to 283 jobs at its home delivery unit following a strategic review, the company told Reuters on Thursday.
– A total of 4,195 jobs have been cut since December, said Anglo Platinum, in line with a plan to reduce the payroll by 10,000 positions by the end of this year. The CEO said in February the company would fire contract workers and not replace permanent staff who left.
– Workers at Hamilton-based Caravans International Munro may find out next week if a further 67 jobs are to go, two months after the company’s last round of redundancies.
– Japanese banking giant Nomura has cut up to 12 legal positions in London as the bank nears the end of restructuring its in-house team in the wake of its takeover of Lehman Brothers’ European and Middle East equities and investment banking operations.
– Construction equipment company JCB is to cut another 17 posts in Wrexham.
– FRANKFURT, April 30 (Reuters) – Commerzbank’s (CBKG.DE) real estate financing unit Eurohypo is set to cut around 300 jobs in Germany and overseas, sources familiar with the plans told Reuters.
– MUMBAI: Jet Airways, India’s largest private airline, laid off 60 of its cabin crew members late on Thursday night.
Mike: Are you interested in knowing what the unemployment rate is in your neck of the woods or thousands of miles away? This little tool from Google lets you do just that: Google Public Data .
– Teleperformance USA is looking for 350 full-time customer service representatives for its Fairborn call center, the company said Wednesday, April 29.
– Delta Air Lines is adding as many as 500 jobs in Atlanta as a result of its merger with Northwest Airlines, even as it cuts thousands of positions throughout its system through buyouts.
– To help with your job search, Forbes digs through the U.S. Department of Labor’s lists of open jobs to find the highest-paid professional positions and posts them every other week. Along with the title, we’ll tell you a little about each job and its salary range and provide a direct link to the official listing and online application.
– The $10 million in stimulus money sailing into Saugatuck harbor will bring with it more than 275 jobs.
– OMAHA, Neb. (AP) – PayFlex Systems USA plans to add 100 new jobs in Omaha, and it will use a $337,500 state grant to help pay for the new employees’ training.
-NEWPORT NEWS — More than 1,000 jobs are being created with the opening of Canon Virginia’s new manufacturing plant in Newport News.
– Atlantic.Net Inc. plans to set up two new data centers this year and add up to 60 new information technology jobs that pay an average of $58,000 annually.
– The U.S. Department of Labor today announced a $2 million grant to assist 240 workers who lost their jobs when Fleetwood Enterprises Inc. closed plants in La Grande and Pendleton..
Mike: I hope you all have a fine evening and I’ll give some further details on today’s jobless claims numbers tomorrow.…………………
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