Mike: Good day to all and thanks for visiting The Layoff List. The S&P Case-Shiller HPI is the big economic news story of the day and many seem elated that the rate price collapse eased in April. To get some great expert opinion on this months S&P Case-Shiller HPI, I urge you to read the updates posted at: Calculated Risk: Case-Shiller: House Prices Fall in April.
– This is near the worst year-over-year price declines for the Composite indices since the housing bubble burst started.
NEW YORK (CNNMoney.com) — Home prices continued to tumble in April, falling 18.1% from a year earlier — but the month-over-month change in a closely watched real estate gauge narrowed sharply, indicating that housing markets may be starting to turn.
Mike: I agree with the following sentiment. I recommend that you visit The Big Picture at http://www.ritholtz.com/blog/ and that you read his excellent commentary and analysis:
And once the various government stimuli gets withdrawn — very low rates, $8,000 first-time home buyer tax credit — we can expect even these weak reports to turn south.
via Case Shiller Index Falls 18% | The Big Picture.12:08:34
Mike: More poor news on the housing front and it shows how prime loans are going belly-up. I was getting tired of hearing certain types blame this whole financial mess on poor people buying homes they couldn’t afford because Fannie and Freddie demanded that banks lend to the poor. It was a lousy excuse and these numbers show that the poor were merely the canary in the coal mine:
Prime mortgages 60 days or more past due climbed to 2.9 percent of such loans through March 31 from 1.1 percent at the same point in 2008, the Office of the Comptroller of the Currency and the Office of Thrift Supervision said today in a report. First-time foreclosure filings on the loans rose 22 percent from the fourth quarter, the report said.
Mike: For a comprehensive review of June housing and economic graphs, take a look at:
Here is a collection of real estate and economic graphs for data released in June …
– Larger layoff announcements and important economic reports:
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
– A report by the Gannett Blog on Friday references a memo from Gannett CFO Gracia Martore that projects 4,500 newspaper layoffs throughout the Gannett chain in July as well as a 10 percent pay cut for its broadcast employees. The Gannett Blog report also says Gannett workers will not face any more furloughs this year.
– Yahoo has laid off much of its video staff, seen many video executives leave, and shut video properties such as Yahoo Live and Jumpcut. While its actions might indicate otherwise, spokeswoman Terrell Karlsten said via email “[V]ideo initiatives remain a priority for Yahoo!, both for its consumer and advertising experiences.”
9:45 AM ET
Manufacturing activity improved in the Chicago region in June after a disappointing drop in the prior month. The Chicago purchasing managers index rose to 39.9% in June from 34.9% in May, according to a survey of corporate purchasing managers released Tuesday. Economists surveyed by MarketWatch had expected the index to rise to 39.0%. Readings below 50% indicate overall business contraction.
10:00 AM ET
Mike: Must be the hangover is taking effect after the stimulus party failed to keep spirits artificially high.
A private research group is reporting Tuesday that consumers’ confidence in the economy has fallen unexpectedly in June as shoppers fret about job security.
The New York-based Conference Board says its Consumer Confidence Index stands at 49.3, down from its revised May level of 54.8. Economists surveyed by Thomson Reuters were projecting a reading of 55.
Mike: There is some justice after all:
– NEW YORK _ One hundred and fifty years.
Bernard Madoff showed no emotion when U.S. District Court Judge Denny Chin on Monday sentenced the convicted Wall Street swindler to the maximum for pulling off the largest Ponzi scheme in history.
“Symbolism is important to deter future crimes and as retribution,” Chin said. “Mr. Madoff’s crimes were extraordinarily evil.”
– NEW YORK (AP) — General Motors Corp. said Monday it is ending its joint venture with Toyota Motor Corp. at a Fremont, Calif., manufacturing plant, bringing to a close the first partnership of its kind between a U.S. and foreign automaker as GM continues to downsize under bankruptcy…….
GM announced it was phasing out the Pontiac brand earlier this year. The facility will cease production of GM vehicles in August, the company said. A Toyota spokesman said the Japanese automaker is weighing its next move for the plant, which employs about 4,600 workers.
– WASHINGTON (AP) — Unemployment rates rose in all the largest U.S. metropolitan areas for the fifth straight month in May.
The Labor Department says jobless rates in May rose from a year earlier in all 372 metropolitan area it tracks.
– Nearly eight months after voters went to the polls, the Minnesota Senate race has finally yielded a winner: Democrat Al Franken.
Republican Norm Coleman conceded his loss in a press conference Tuesday afternoon, saying he has called to congratulate the former comedian on his victory. His statement came after the Minnesota Supreme Court unanimously rejected his appeal of a lower court ruling in Franken’s favor.
-Detroit Public Schools, struggling with a multiyear deficit, will cut 700 more employees and is even considering bankruptcy, emergency financial manager Robert Bobb said Monday.
But even the cuts, including a work force reduction of 2,451 — almost 18 percent — won’t eliminate a “legacy deficit” of $259.5 million, said Bobb. He said the district overspent its budget for seven years and that eliminating the deficit in one year would be too harmful to students.
– O’Shea was to begin meeting with more than 70 staff members at AID Monday afternoon to let them know they’ve been laid off. Six contract psychiatrists and about 200 respite staff members hired by AID families also will be cut.
– Elk Island Public Schools is predicting a surplus in its 2009/10 budget, but is cutting approximately 13 staff.
– The six firefighter layoffs take effect July 13, yet Wagner and others looked ahead to future public events that may require a fire department response.
– PORTLAND, Maine — Nine Portland fire employees will lose their jobs Wednesday after the union didn’t agree to a collective bargaining agreement with the city.
– Instead of working 5 8-hour days, city employees will work 4 9-hour shifts starting this week. City Manager Richard Wilson explained that the City of Santa Cruz is facing a $9 million deficit. “We’ve had multiple millions in outright cuts and layoffs and we realized there was just no way for us to get through that kind of a total unless we had compensation and reductions across the board.
– HOUGHTON LAKE — Facing declining student enrollment and a general fund shortfall for the 2009-10 school year, the Houghton Lake Community Schools Board of Education approved several staff reductions at a June 29 special meeting.
– The resolution will also reduce the amount of hours worked per day from eight to seven for 12 employees; reduce the amount of days worked annually from 251 to 249 days for 11 employees; and reduce the amount of days worked annually from 255 days to 251 days for 13 employees. The resolution will also reduce the combined total hours worked weekly from 15 hours to 10 hours for two employees.
– On Friday, Driscoll-Shaw, Mary Hardy, Tia Podraza and Lee Stump were delivered termination letters, which stated that the decision was based on the township not having enough of a workload to support their positions.
– RENO, Nev. (AP) – Washoe County is cutting 300 more jobs because of the economic downturn.
The county already has more than 200 unfilled positions that have accumulated over the past three years for a total of 500 jobs and $100 million cut from county spending.
– 3M Co. management told employees Monday that it eliminated 1,000 jobs worldwide during the second quarter that ends today.
Most of the job losses were in western Europe and Asia, but the size and scope of those job cuts were not disclosed until Monday. That 1,000 figure doesn’t include 700 U.S. employees who accepted early retirement packages this spring.
– 3M Co. on Monday confirmed plans to eliminate 100 jobs in its information technology division over the next 12 months, the latest in a series of cuts at the Maplewood-based company.
Most of the jobs being eliminated are in the Twin Cities, said company spokeswoman Jacqueline Berry. Information technology employees first heard of the cuts Friday.
-GE Capital Corp. has laid off 127 employees at a Bedford operation in the past three months, and the company said staff reductions may continue through mid-September.
– Informatix Inc., a California-based company, is laying off 48 workers today, General Manager Adolph Domenic Mazzei said.
– The 430,000-square-foot Lea/American Drew facility on Armory Road, North Wilkesboro, officially closed as a furniture manufacturing plant on Friday, leaving about 190 people without jobs.
– Winston-Salem State University is laying off 16 people and eliminating 30 vacant positions as part of a restructuring plan that will cut $7 million to $9 million from its current budget, school officials said today.
– Tampa Fox affiliate WTVT-Ch. 13 is the latest TV station to feel an economic pinch, laying off six workers on Thursday including four staffers from its newsroom.
OKEMOS – Delta Dental of Michigan has cut 30 workers and plans to trim 30 more by August after General Motors Corp. and Chrysler LLC eliminated retiree dental coverage.
– Aurora Health Care plans to eliminate about 90 jobs, becoming the most recent health care system to reduce its workforce amid the economic downturn.
– The cost-cutting move will eliminate 25 full-time and 18 part-time positions, publisher Belinda Gaudet said.
– The broadcaster is planning to lay off two employees on Wednesday, which is the start of the fiscal year. An additional five vacant positions, which have opened during the past six months to a year, will remain unfilled. Two other positions have been changed from full-time to half-time jobs this year.
– Publisher THQ, much like the entire games industry, has been forced into making some tough decisions over the past year or so. Top of the list must be their job cutbacks, reaching a total of 550 people from across the many facets of the company.
-The merged company said it has decided to keep National City Mortgage in Miami Township, but the mortgage loan servicing operation might experience some job losses.
The company said it is looking to eliminate more than 5,000 positions throughout the country, but has not said how many local workers will be cut.
– MOLINE, Ill. — Deere & Co. said Tuesday about 800 salaried workers have decided to leave the world’s largest farm machinery maker under a voluntary separation program.
The number of workers taking the offer was about four times as many as the company expected when it announced the program in April and represents about 3 percent of Deere’s overall salaried work force.
– Navistar International Corp (NAV.N) is set to significantly reduce its presence in Canada as it shifts much of its heavy-duty truck production to more cost-competitive locations in the southwestern United States and Mexico.
– The SMCDSB’s 2009-2010 budget, passed last Wednesday night, calls for the reduction of 15 fulltime equivalent education assistant (EA) positions. This can be achieved with no layoffs of permanent EAs if positions are reallocated and current temporary positions and leaves or vacancies aren’t replaced.
via Alliston Herald .11:59:19
– DURHAM — American Airlines will lay off five baggage handlers at Raleigh-Durham International Airport by July 18, according to a local union official.
via heraldsun.com: American Airlines to lay off five at RDU .15:34:40
– ST. PAUL, Minn. — The St. Paul Pioneer Press laid off nine newsroom employees Tuesday, the paper’s editor told the staff.
– Smithfield Foods, as part of its cutting back operations, is to lay off 140 workers from Dalhart, Texas, a Murphy-Brown facility.
– Avera Queen of Peace Health Services announced Monday in a news release that it will eliminate “approximately 12” positions as part of a budget reduction plan.
– The company will cut about 1,400 jobs in Group Operations and 700 positions in wholesale banking, all of which are in the U.K., the London-based bank said today in a statement. About 700 jobs will also go through “natural attrition” and 350 new positions will be created at the wholesale unit.
– Japan’s Canon Inc (7751.T) said it would cut about 700 jobs at its chip equipment operations, underscoring a bleak outlook for the sector as the global economic crisis hits demand and forces chip makers to curb capital spending.
-SKF, a Swedish bearing company founded in 1907, is taking further actions to both adapt manufacturing to the lower demand, the company said in a statement on Tuesday.
As a result, 900 people globally will lose their jobs.
via SKF to cut 900 jobs.
– The company, which has 170 employees at its Israel development center, and in sales and support for the country, will notify half of the staff that they are being fired in the next few days.
– VTB Group may lay off as many as 1,000 employees at its retail banking operations as overdue loans threaten to reach 8 percent of its portfolio, executives said Monday at the annual shareholders meeting.
– Nottingham-based Gala Coral today said it planned to close five clubs and shed backroom staff, putting around 300 jobs at risk.
– The facility, located in Gosford, New South Wales, employs 61 people. The closure will be completed by June 2010, and the facility’s production will be shifted to St. Stephen, S.C., according to the company.
– Clothing manufacturer Pacific Brands Ltd will close its Palmerston North factory in New Zealand next month with the loss of 50 jobs, after efforts to sell the factory failed.
– Germany’s second largest bookselling chain DBH is to make some 600 booksellers redundant across its three main businesses, Hugendubel, Buch Habel and Weltbild.
– Staff at the Air Products factory near Wrexham have been told the site is to close, with the loss of 200 jobs.
– There are fears this evening of further job losses at Bausch and Lomb in Waterford city.
The multinational company, which makes eye care products, is expected to announce around 120 redundancies tomorrow.
-COLORADO SPRINGS, Colo. (AP) — Affiliated Computer Services is expanding its operations in Colorado by adding 600 jobs at a new facility in Colorado Springs.
– Trovix.com is trying to make searching as easy as possible.
Enter the city you live in and thousands of job listings instantly appear, or you can narrow the search with the type of job you would like.
Mike: There wasn’t a lot of good news form the economic or the layoff fronts this day. State and municipal budgets are due in many locations and that’s leading to quite a few layoffs as budgets get tighter due to lower property and sales tax receipts. Till Wednesday…………….
To see a variety of websites, pay a visit to: http://alphainventions.com/
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