Mike: I hope your weekend went well. There is little economic news to report today, so I’ll just let the news speak for itself today. Sorry about posting this late, but I had a dental appointment that kept me from doing much of anything this morning. More on that later……

Mike: Considering the below story, I was reminded of a great Ronald Regan quote:  “The nine most terrifying words in the English language are, I’m from the government and I’m here to help.

WASHINGTON – Counties suffering the most from job losses stand to receive the least help from President Barack Obama’s plan to spend billions of stimulus dollars on roads and bridges, an Associated Press analysis has found.

Although the intent of the money is to put people back to work, AP’s review of more than 5,500 planned transportation projects nationwide reveals that states are planning to spend the stimulus in communities where jobless rates are already lower.

One result among many: Elk County, Pa., isn’t receiving any road money despite its 13.8 percent unemployment rate. Yet the military and college community of Riley County, Kan., with its 3.4 percent unemployment, will benefit from about $56 million to build a highway, improve an intersection and restore a historic farmhouse.

via STIMULUS WATCH: Early road aid leaves out neediest – Yahoo! News.


Gary Markstein - May 11

Gary Markstein - May 11


* Larger layoff announcements and important economic reports:
US/Canada Job Cuts and News

US/Canada Hiring



Microsoft/Google/IBM and other Rumors & News


dell– WINSTON-SALEM, N.C. — Computer maker Dell Inc. has eliminated 260 jobs at its Forsyth County plant because of the downturn in the economy, company officials told city leaders on Monday.

via Dell reports 260 job losses to NC city council | Latest State headlines from AP | Star-Telegram.com..


msft8– Microsoft has laid off 1 per cent of its India workforce on May 5 as part of the global software maker’s second wave of layoffs. Microsoft India has sent notices to its employees in Bangalore and Hyderabad that it would be eliminating their jobs, informed sources said.


General Economic News


Mike: Over the last few days I have read many stories about the end of the recession being near, because the US lost “only” 539,000 jobs in April. I sincerely hope that is the case, but when that glimmer of hope – as described in the below article – rest on the fact that Census hired 63,000 for temporary employment, I still have my doubts. April’s unemployment report doesn’t include the tens of thousands of upcoming auto related job cuts announced by GM, Chrysler and various parts manufacturers. If we are seeing the end of extreme job losses, I would expect to see hiring from sources outside the Census

Meltdown 101: Unemployment report, by the numbers

GLIMMER OF HOPE            

66,000: Increase in the number of federal government workers in April

63,000: Increase in federal jobs in April attributed to hiring temporary Census workers

1.4 million: Number of workers Census expects to hire by fall 2009

via The Associated Press: Meltdown 101: Unemployment report, by the numbers.


– WASHINGTON — The Obama administration is defending its projection that the economic stimulus plan will save or create 3.5 million jobs in a new report to be released today, saying that the figure is a cautious estimate based on a “relatively conservative rule of thumb” about the national economy.


– Workers who lost a job through no fault of their own, she found, were twice as likely to report developing a new ailment like high blood pressure, diabetes or heart disease over the next year and a half, compared to people who were continuously employed.

Interestingly, the risk was just as high for those who found new jobs quickly as it was for those who remained unemployed.

via Unemployment May Be Hazardous to Your Health – NYTimes.com.



Walt Handelsman - May 11

Walt Handelsman - May 11


– But if unemployment breaches 10 percent, as many economists predict, the rate of uncollectible balances at some banks could far exceed that level. At American Express and Capital One Financial, around 20 percent of the credit card balances are expected to go bad over this year and next, according to stress test results. At Bank of America, Citigroup and JPMorgan Chase, about 23 percent of card loans are expected to sour.

Even the government’s grim projections may vastly understate the size of the banks’ credit card troubles. According to estimates by Oliver Wyman, a management consulting firm, card losses at the nation’s biggest banks could reach $141.5 billion by 2010 if the regulators’ loss rate was applied to their entire credit card business. It could top $186 billion for the entire credit card industry.

via Banks-Brace-for-Credit-Card-Write-Offs: Personal Finance News from Yahoo! Finance.


Government Layoff News


Mike: In my opinion the last group of people that you want to layoff are protective services. In times of economic stress, especially with millions losing their jobs over the past six months, a police presence is important to keep crime at bay. Cutting back on police is encouraging crime to increase – and it will.

– Lansing — The Michigan State Police announced Friday that the 100 troopers whose positions were slashed this week after Gov. Jennifer Granholm announced budget cuts will be laid off June 28.

Those affected are assigned to 48 posts around the state. Hardest hit by the pink slips will be the Flint and Ypsilanti posts, which will each lose five troopers.

via Flint, Ypsilanti state police posts hit hardest by layoffs | detnews.com | The Detroit News.


-HYANNIS — Thirteen positions in the Barnstable Police Department top the list of 26 town jobs that would be either eliminated or reduced under the proposed 2010 Fiscal Year budget that was presented last night to the Barnstable Town Council.

via Police department slated for job cuts | CapeCodOnline.com.


– MORONGO BASIN — Sixteen teachers in Morongo Unified School District will not be returning to their classrooms when school starts here in the fall because of budget cuts.

via Hi-Desert Star > News > District to lay off 16 teachers.


– Between 3,000 and 5,000 public-school teachers in Washington could be out of a job by this fall, at a time when many economists expect the unemployment rate to still be climbing. The cuts will land hardest on the least experienced — many of them young, passionate teachers who have just launched their careers.


– The budget includes several job cuts. Nelson said the city is eliminating a secretarial position in the Housing Department, a school crossing guard position for Adrian Middle School 5-6, 2.5 positions at the wastewater treatment plant and a position in the Parks and Forestry Department. Effective July 1, a custodial position will be eliminated at the Adrian Public Library, and in March a custodial position will be cut at the Piotter Center.

via Job cuts part of Adrian city budget – Adrian, MI – Daily Telegram.


-Four workers received layoff notices at Franklin County last week, and the county’s unions were asked to accept a 5 percent pay cut to help correct a nearly $600,000 budget shortfall.



US and some Canada Layoff News


– Guardian Industries Corp. plans about 130 layoffs at its car window plant in Ligonier, while Advanced Assembly LLC of Columbia City has laid off 200 people from its seat systems factory.


– Gates Rubber reportedly has told eight workers at its Galesburg plant that they will be laid off at the end of this month and has reduced the hours of 60 other workers.

via Gates to cut hours, staff – Galesburg, IL – The Register-Mail.


– The shutting of the plant, which has been operating at 2363 Sandifer Blvd. in Westminster since the early 1980s, leaves 32 employees without jobs.

via upstatetoday.com – Upstate South Carolina’s leading news and information Web site | The Daily Journal, Daily Messenger, Upstate Lake Living, Golden Corner Shopper.


– Last year, CCI Energy LLC of Plymouth was planning a biomass plant at the Munksjo paper mill in Fitchburg. Now, Munksjo is closing the factory, taking 100 jobs with it. But, according to CCI President Jim Sweeney, the wood chip-fueled plant is still set to move forward.

via Paper Plant Closes, Biomass Plan Carries On | Worcester Business Journal.


– “Northfield Laboratories announced today that it has terminated the employment of substantially all of its operational and staff employees at its manufacturing facility in Mount Prospect, Illinois and headquarters in Evanston, Illinois,” the company said in a statement.

via Northfield labs shuts down – FierceBiotech.


delta– ATLANTA — Delta Air Lines., the world’s biggest airline operator, wants to cut an unspecified number of pilot jobs through a program that would give pilots an incentive to retire, according to a memo issued by the pilots union Friday.

via Union: Delta wants to cut pilot jobs USATODAY.com.


– BBDO Atlanta has cut about 30 jobs, or 10 percent of its workforce.

via BBDO Atlanta slashes 30 jobs – Atlanta Business Chronicle: .


dassault– GENEVA (AFP) — French aircraft maker Dassault Aviation said on Monday that it would cut jobs in the United States and send workers in France on forced leave to cope with the economic slowdown.

The terms of the forced leave are under negotiation and should result in about 2,000 production staff in France being laid off for three-and-a-half days a month between end September and the end of the year, said Charles Edelstenne, chairman of the French aerospace group.

In the United States, hundreds of jobs will go from the current staff strength there of 2,500 to 3,000.

via AFP: Dassault to cut jobs in US, output in France.



pilgrime28099s-pride– Update: The Pilgrim’s Pride poultry plant in El Dorado shut down on Friday, putting 800 employees out of work.


-Key Construction today laid off 4 percent of its professional and support staff and 5 percent of its carpenters and labor staff.

The 4 percent of Key’s 280 employees are from its Wichita office.

via Key Construction adjusts staffing levels | Have You Heard? | Wichita Eagle Blogs.


– UTLX Manufacturing Inc. has notified the Texas Workforce Commission that it plans to lay off 142 employees in Houston.

via UTLX Manufacturing to cut 142 jobs – Houston Business Journal: .


crocs– The move will eliminate 37 jobs at the distribution center but will not affect any of the 390 positions at its headquarters campus in Niwot, spokeswoman Tia Mattson said. Employees were notified Monday.



International Layoff News


– Almost 7,000 jobs have been axed by councils in England in the last six months, with further cuts expected, new figures showed today.

bombardier-transportation– TRAIN maintenance company Bombardier Transportation UK has announced plans to cut 86 jobs.

via Further job losses at train maintenance company | Bombardier Transportation UK | Crewe.


– The gravity of the situation could be witnessed from the fact that several industrial groups, mill owners and manufacturers are undergoing intensified downsizing to stem the mounting ebb of economic decline.

via Leading business groups closing down operations | Pakistan | News | Newspaper | Daily | English | Online.


– DURBAN: Metal czar Anil Agarwal-led Vedanta Resources will cut 1,300 jobs at its site in Zambia, taking up the total redundancies to 2,000, as part of its efforts to cut operational costs amid crashing commodity prices.


-Seventy six jobs are to be lost at glassmaker Pilkington’s Merseyside headquarters.

via BBC NEWS | England | Merseyside | Glass company announces job cuts.


– A number of staff left the Addicks this week following confirmation that a series of roles have been made redundant.

via Charlton Athletic .


– Bovis Lend Lease employees are preparing for redundancies after the firm announced a major restructuring this week to take it through the “desert” of the recession.

via More redundancies loom at Bovis Lend Lease – 08/05/2009 – Contract Journal.


– The National Union of Journalists says that five sub-editors, four IT staff and some pre-press workers have been given notice of redundancy as the company looks to move production operations from Bolton to Blackburn, home of the Lancashire Telegraph.

via Journalism jobs and news from Holdthefrontpage.co.uk.


– MORE than 25 jobs could go at a Derbyshire secondary school because it is hundreds of thousands of pounds in the red.

via Job losses at Derbyshire school in the red.


– Birks & Mayors has eliminated another 73 full time staff positions as part of a strategic cost saving exercise, the luxury jeweler said in a filing. The downsizing will save the company approximately $2.5 million a year and follows similar job cuts executed in January.

via Diamonds.net News – More Job Cuts At Birks & Mayors .


-Johannesburg bus parts assembly company Santini had sprung a surprise on its 80 workers when they found the company’s premises empty after they returned from an unpaid three-week break, organised labour said on Friday

via Business Report – Santini staff find factory closed as unpaid leave ends.


– Barloworld Ltd., the world’s largest forklift dealer, plans to cut more jobs in the U.K. after shedding 402 workers across its businesses since June last year to cope with falling sales amid the global recession.

via Barloworld to Cut More Jobs After Shedding 402 Staff (Update2) – Bloomberg.com.


dhl1– UP to 30 people in Limerick are facing redundancy as a result of courier firm DHL’s national cutbacks.

via DHL to cut up to 30 jobs in Limerick – Limerick Leader .


– Industry blog Tech Crunch reported that sources close to the social networking company had leaked the number of redundancies may be smaller than 45, but that MySpace had laid off a significant number of staff.

via MySpace cuts up to 45 jobs – Telegraph.


barclays– Barclays has told its IT staff it is planning to shed more jobs this year as part of its drive to reduce spending.

The warning came from the bank’s IT management today and forecasts that the axe will fall on a further 700 staff this year.

via More Barclays IT staff to lose their jobs – vnunet.com.


– The restructuring will lead to another 300 pink slips taking the total to 750.

via Wireless News » Zain Nigeria outsources 450 jobs to strategic partners – Wireless Federation .


– The government’s car scrappage scheme has lead to the creation of 150 jobs at the Nissan factory in Sunderland.



Hiring News and News You Can Use


– Homegrown telecom company Cbeyond said Monday it will add more than 700 jobs, doubling its work force by 2013.

via Cobb-based call center Cbeyond to add 700 jobs over 3 years | ajc.com.


– But after a hard-fought campaign of union and political pressure, the FAA has decided not to move about 80 to 100 jobs from its regional headquarters in Jamaica.

“It’s definitely a big sigh of relief,” said FAA electronics engineer Nick Paraskevas, 45, who lives with his family in Hollis Hills. “I would’ve quit.”

via FAA cancels Georgia jobs shift: Staff stays in Queens, but openings will be filled down South.


– Over 1,000 new jobs are to be created over the next three years as part of a €350 million expansion programme by the retailer Aldi.

via Aldi to create over 1,000 jobs – The Irish Times – Mon, May 11, 2009.


– SYKES Enterprises Inc. will be expand its presence in South Carolina and create 400 new jobs in Greenwood County.

via SYKES Enterprises to Create 400 Jobs in Greenwood County | WSPA.


– The FDIC is opening a temporary office in Jacksonville, bringing up to 500 positions to assist with failed banks.


– Boeing wants to relocate a repair operation to Cecil Commerce Center from Arizona, a move that would add 60 jobs with an average salary of $60,000 to Cecil.

via Boeing plans 60-job expansion at Cecil Commerce Center | Jacksonville.com.


– DUBAI – Giant Dubai developer Emaar Properties said on Monday it plans to hire 1,600 new employees despite being hard hit by the financial crisis and as thousands are losing their jobs in the emirate.

via Middle East Online.


– General Warranty Services, a Salem, N.H., firm that sells extended warranties to cover car repairs, is close to announcing that it will open a call center in Detroit’s central business district.

A person familiar with talks between the company and city and state officials said the call center could employ 1,000 workers within a year and more in later years. The person asked not to be named because of the sensitivity of the planning.

via Call center may bring 1,000 jobs to Detroit | Freep.com | Detroit Free Press.


Mike: A clam day for jobloss announcements this Monday, but that’s usually the case with Mondays. I hope that this trend continues Tuesday. Till then.……………………..


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Dwane Powell - May 11

Dwane Powell - May 11




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