Mike: Good day to all. Today is starting out quiet for layoff announcements and the economic calendar is light, so here’s the latest news:
Mike: Bailing out these financially and ethically bankrupt institutions was a huge waste of trillions of taxpayer dollars, yet the bailouts continue to drain taxpayer funds that could be used for worthwhile causes that produce jobs. The way things have gone so far, the feds will give BOA the $4 billion, so BOA can give it back to the feds.
“The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.“
– Regulators contend Bank of America owes at least part of a $4 billion fee it agreed to pay in January — even without a completed legal document — because the company benefited from implied U.S. backing on about $118 billion of Merrill Lynch assets, such as mortgage-backed bonds, people familiar with the matter said. The Charlotte, North Carolina-based bank says it owes the Treasury nothing, according to the people, who declined to be identified because the negotiations are confidential.
Bank of America, ranked first by assets and deposits in the U.S., “got a moral commitment for insurance without tendering a check, so it appears they got something for nothing,” said Representative Brad Sherman, a California Democrat on the House Financial Services Committee. “If the government takes the risk, the government needs to be paid.”
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
– There have been many reports today (Friday) regarding the Thomas Weisel call for more layoffs out of Cisco Systems Inc. (NASDAQ: CSCO), which was never really clear or certain if the layoffs were new or were part of an earlier round of layoffs. The 1,500 to 2,000 layoffs have been clarified to us by an external Cisco spokesperson. While it is true that the layoffs have been ongoing and while some workers might still be getting pink slips as a part of this, these layoffs are not a new development and are a part of what has already been telegraphed.
-NEW YORK — In what could be his first test in office, pay czar Kenneth Feinberg will decide whether to give beleaguered global insurer American International Group approval to pay out $2.4 million this week, and another pending $235 million in retention bonuses in coming months, to its employees.
When AIG paid $165 million in retention bonuses in March, there was widespread public outrage because the government had bailed it out with more than $180 billion in taxpayers’ money. CEO Edward Liddy appealed to employees to return at least half of those bonuses as he was given a dressing down by lawmakers at a congressional hearing. Liddy has since decided to step down.
Mike: I’m not sure why TIME belittles a Frech workers threat to blow up a plant unless a severence package is provided. Seems to me that this is a serious action contemplated by these workers and if it was US workers, TIME would call it an act of terrorism and not Protesting US Workers Do the Darndest Things. No wonder TIME magazine sales are in the trash:
In the latest episode of Protesting French Workers Do the Darndest Things, laid-off employees at the New Fabris car parts factory have come up with a novel method of negotiating their severance pay. Either they’re given $41,000 per employee as part of the company’s closure, they warn, or they’ll blow the entire plant to smithereens.
– – Reducing enrollment is part of a budget-cutting strategy that will probably include faculty layoffs and employee furloughs, Chancellor Charles Reed told trustees earlier this week.
CSU also will find ways to reduce enrollment by another 9 percent over the next two years, Keith said. One approach will be to shorten application deadlines.
-The Knox County Health Department will lay off seven employees as a result of the state’s uncertain budget.
– One full-time and three part-time positions at the Kedron Fieldhouse and Aquatic Center are on the chopping block at Thursday night’s meeting of the Peachtree City Council.
-—The Nolanville City Council voted Monday morning to cut six jobs, including three patrol officer positions, in order to keep the community afloat, but Nolanville’s accountant told council members more cuts will need to be made in order to continue paying the bills.
– State budget cuts have caused 166 layoffs of state employees in the just-begun fiscal year.
– As the negotiations continue in Springfield, Progress Illinois plans to track the ongoing fallout statewide. But we need your help. If you hear of further cuts and layoffs by social services agencies — either directly or via news reports — please send that information to firstname.lastname@example.org so that we can add it to our list.
Below is a map of the affected organizations we’ve identified so far, followed by the full list. (Click here to explore a larger version of the map.)
# of affected agencies identified: 73
Minimum # of employees given layoff notices: 1,524
Minimum # of clients affected: 13,923
The following map can be accessed at Tracking The State Budget Fallout (With Your Help!) | Progress Illinois
– Casting doubt on the future of one of the Bay Area’s largest manufacturing employers, Toyota Motor said Friday that it may end production at the giant NUMMI auto plant in Fremont, now that longtime partner General Motors has decided to abandon the joint venture that runs the facility.
The decision threatens 4,700 jobs at the 5.3-million-square-foot factory, as well as numerous parts suppliers and millions of dollars a year in payrolls around the Bay Area. The plant is also a significant contributor to the city of Fremont’s budget, paying $1.9 million in property taxes and $280,000 in other taxes, according to the city’s finance director.
– WEST POINT, Miss.—Navistar, a manufacturer of blast resistant military vehicles, has announced it will lay off 275 workers, leaving 200 employees at its West Point plant.
– Now 275 employees join thousands of other Kansans looking for work and worrying about the future. But two Great Bend organizations are working on a program they hope can help.
– Tom Kane, shop steward for Teamsters Local 115, said 100 of his members at the three plants would lose their jobs. Twenty nonunion employees would be affected as well, according to the company filing.
– Victoriaville Caskets has a staff of 30 doing artisinal work. Both groups are unionized, but the Victoriaville Caskets workers will lose their jobs.
– The Proctor and Gamble Company announced Tuesday that it will close its Lithia Springs Nioxin plant next year, resulting in the loss of 112 jobs.
– MASSENA — On Monday, 113 aluminum workers will not be returning to their jobs at Alcoa’s Massena East plant as the company begins implementing a round of layoffs it announced in late March.
– A Fort Wayne plant that makes aerial-lift platforms is closing, putting 64 employees out of a job, according to a notice the company’s owner sent state officials.
– Bridgestone Americas Tire Operations LLC laid off 91 more employees from its Bloomington, Ill., off-the-road tire plant on July 12, following the completion of an extended one-week shut down.
– Blue Cross and Blue Shield of Minnesota on Monday said it is laying off about 100 of its roughly 4,000 workers.
– The first round of layoffs at the Rexam plant in Hamlet will involve nine stock handlers, city and county officials were recently informed.
– ALMOST a hundred workers are to lose their jobs at Warwickshire luxury car firm Aston Martin.
– MORE than 500 jobs are to be lost as Oxfordshire County Council attempts to reduce its budget by £60million over the next five years.
– Siemens Information Systems, a business unit of Siemens India, part of German technology giant Siemens is understood to have laid off around 500 people over the last five days.
– The redundancy exercise within Telecom Fiji Limited to lay off 177 workers around the country will be completed by this afternoon with some spending their last day at work today.
– Flagship UK production company Working Title is understood to be making up to six redundancies from its 45-strong workforce.
– Finland-based Ahlstrom Corp., which operates a major plant in Windsor Locks, is closing one Italian plant and shutting down a production line in a second plant. The move will result in the elimination of 48 jobs, company officials said in an announcement on the company Web site last week.
– After two months of silence, sparks will fly again Monday at the General Motors Assembly Plant in Arlington.
The Arlington plant’s parking lot was empty after General Motors closed 13 of its North American factories for 60 days starting in May, one of the longest shutdowns outside of a strike. Workers will resume production of SUVs in Arlington on Monday.
The factory’s 2,400 workers will come to work for the first time since May 18, welding and bolting together Chevrolet Tahoe, GMC Yukon and Cadillac Escalade SUVs.
– www.UnitedWeWork.org is a nationwide recruiting service designed to stimulate hiring in America by connecting job seekers and employers without any recruiting fees whatsoever. Any job seeker can join and be hired for free. Any employer can easily find, contact and hire any job seeker without cost. United We Work is provided through AllianceQ, and principal partners include 7-Eleven, ADP, Allstate, AT&T, Hewitt, Hyatt Hotels & Resorts, Office Depot, Sears Holdings, and Starbucks. United We Work is powered by QuietAgent, a next-generation job matching network. For more information or to join visit www.UnitedWeWork.org
– Among the 50 largest cities in the U.S., one stands out for having the most abundant job postings per capita: Washington, D.C. The nation’s capital boasted 133 postings per 1,000 residents in the second quarter of 2009, according to a report by Indeed.com, a broad job search engine that combs company and association websites, job boards, newspapers, and blogs for postings. That Washington took the top spot is no great surprise, as government hiring has held up during the recession.
The runner up is Baltimore, Md., which is aided by its close proximity to Washington, but also boasts an economy fueled by recession-hearty industries like healthcare and higher education. Baltimore’s unemployment rate was 7.2 percent in May, well below the 9.4 percent national average that month.
– BARSTOW • Despite an overall flagging economy, business is booming at the Marine Corps Logistics Base — so much so that officials say they are looking to immediately hire between 400 to 600 workers.
The positions will mainly be temporary one year, entry-level positions at the MCLB’s Maintenance Center in Yermo, according to Frank Alston, head of the center’s production department.
Mike: Today featured a relatively quiet day for layoff announcements and I hope the same holds true for tomorrow. Till then……………….
Mike: Good day to all. The hopeful glow produced by dreamy stimulus predictions of immediate job growth and recession’s end is fading into the hangover of reality. The punch bowl has been emptied, the lights have been brightened and it’s time to stagger out the door to the sunlight and face the music.
This economic problem was at least 10 years in the making, so the cure is going to take longer than six months, but most Americans want immediate gratification, such as they had during the NAQDAQ and housing bubbles. Purging the excesses from this fractured financial system is going to take years, not months. I’ll post some reasons why this stimulus is going to be short on results when I have time later this day, but here is an excellent read in the meantime:
If your mind was not made up before, hopefully the above has convinced you what Austrian economists already know No Amount of Stimulus Can Possibly Work. via Mish’s Global Economic Trend Analysis: Battle Lines Form Over “Son of Stimulus“.
Administration officials say a job market recovery usually lags behind the economic recovery itself. Indeed, most forecasters had predicted that unemployment was likely to keep rising through the end of 2009 and would not start to edge down until 2010.
“People know that problems of this seriousness cannot be turned around in six months or nine months,” Mr. Summers said. “One of the president’s strengths is his extraordinary candor. The president has been honest with the American people about the enormity of the challenge and the amount of time it will take to turn things around.”
But political pressures may not give the administration two years to show that its plan is working, especially if Democrats in Congress begin to conclude that continued bad economic news is putting them at risk of losing seats in the 2010 midterm elections.
Mike: The thought of a quick recovery due to a stimulus program and the green shoots mantra are fading.
– Its preliminary index of confidence for July fell to a reading of 64.6 from the final reading for June of 70.8.
July’s preliminary reading was well below economists’ median forecast for 70.5.
The index of consumer expectations fell to 60.9 from June’s final reading of 69.2.
The index of current economic conditions slipped to 70.4 from June’s final reading of 73.2.
“Consumers concluded that the economic downturn would last longer and their personal finances would not recover as quickly as they had previously expected,” the Reuters/University of Michigan Surveys of Consumers said in a statement.
- Canada Pares Less Jobs Than Expected, Joblessness at 11-Yr High
- 550 jobs in jeopardy at Montreal refinery
- Silver Line closing Fall River plant today (287 job losses)
- West Penn Allegheny eliminates 185 jobs
- AIG asks gov’t to approve bonus payments
- Cisco cutting up to 2,000 jobs-analyst
- OSI Pharmaceuticals Cuts Boulder Plant
- Advanta Will Cut 50% of Jobs, Leaving Fewer Than 200
- Teleperformance plans to cut 218 jobs in Dublin
- Hundreds Lose Jobs (370) In Hastings Plant Closing
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
-NEW YORK, July 10 (Reuters) – Cisco Systems Inc (CSCO.O) is in the process of cutting between 1,500 and 2,000 jobs. according to an report from Thomas Weisel analyst Hasan Imam.
A Cisco representative was not immediately available to comment on the report, which also said that the company could exceed its plan to cut annual costs by $1 billion with job cuts.
– As noted in Continuing Claims Soar by 159,000 to New Record the record continuing claims number is dramatically understated by over 2.5 million. Charts of what is really happening are shown below but first let’s recap the data as reported by the Department of Labor.
– After its bonus payments ignited a firestorm of criticism earlier this year, American International Group Inc. is asking the federal government to weigh in on the insurer’s plan to resume paying millions in promised retention incentives next week, according to media reports….
Government aid to AIG totals about $180 billion.
– Employment fell by 7,400, while economists surveyed by Bloomberg predicted a drop of 35,000. The unemployment rate also rose less than expected, to 8.6 percent from 8.4 percent in May, the highest since February 1998, Statistics Canada said today. Economists predicted the jobless rate would be 8.7 percent.
The report is the fourth this week to suggest a recession that began at the end of last year is easing. Finance Minister Jim Flaherty and Bank of Canada Governor Mark Carney have said the job market would continue to worsen this year because companies are reluctant to expand again.
– BEIJING (AP) — China’s exports and imports fell again in June but declines were less severe than in May, data showed Friday, adding to signs the world’s third-largest economy is recovering from its slump.
Exports fell 21.4 percent in June from a year earlier, the government’s Xinhua News Agency reported, citing the Chinese customs agency. That was an improvement over May’s record 26.4 percent decline.
China’s trade collapsed in late 2008 as the global consumer demand plunged, wiping out millions of factory jobs. Analysts say a full-fledged recovery will have to wait until China’s key U.S. and European export markets rebound.
“Overseas demand still hasn’t recovered yet,” said Hu Xiaoyue, an economist at Shanghai Securities. “The role of exports in economic growth will continue to weaken.”
Sprint said no jobs will leave the U.S. as a result of the deal, and no layoffs “are currently contemplated” as a result of the agreement.
Mike: NY’s dysfunctional senate finally returned to work after a month of bickering, but the dysfunction remains.
– On July 9, the other Democrat—Sen. Pedro Espada Jr. (D-Bronx)–announced that he was leaving the Republican voting bloc. Espada was appointed Senate majority leader, the second-most-powerful person in the chamber.
– Santa Cruz County this week sent out layoff notices to 50 employees.
The bulk of the notices are headed to personnel in the county’s Health Services Agency and Human Services Department, which administers the region’s state-required safety net for the sick, poor and elderly.
– Teacher assistants will be laid off; up to a $250,000 savings, bringing the deficit to $166,000
– MT. VERNON — Eight out of 16 employees of the Jefferson County Health Department have been issued layoff notices, a direct result of the financial crisis affecting Illinois.
– Officials said 20 Belmont County Job and Family Service workers will be laid off in the coming weeks.
-In a release issued by Bainbridge City Manager Chris Hobby, the City has laid off 9 city employees.
via Bainbridge News Budget Crunch Forces City Layoff.18:06:06
– Should the refinery close, about 550 well-paying jobs will be wiped out, along with work for thousands of contractors and suppliers, said
– New York-based OSI Pharmaceuticals, a developer of oncology products, said this week that it is planning to shut its Boulder, Colorado operations later this year, as it consolidates its operations into a location in Westchester County, New York. The firm, which is also closing two facilities elsewhere in New York, plus an operation in New Jersey, said that approximately 350 employees will be affected across its four locations.
– FALL RIVER – Silver Line Building Products LLC is ending manufacturing at its 200,000-square-foot factory in Fall River today, laying off 287 workers and leaving in place only a few dozen office staffers, The Herald News reported today.
– West Penn Allegheny Health System is eliminating 185 full-time positions across all of its hospitals as well as in corporate services, officials at the region’s second largest hospital network said Thursday.
Mike: It’s going to be a difficult day at newspaper newsrooms throughout the country as the Gannett layoffs take effect.
– The Lansing State Journal has let go at least nine employees, including two executives, as part of a new round of layoffs ordered by its parent company, Gannett, sources confirm.
via LSJ layoff news.
– The Tennessean today has eliminated the jobs of six editorial employees and 25 other staffers. Bob Faricy, vice president of market development for the newspaper, confirmed the numbers late this afternoon.
– The Courier-Journal has eliminated 44 jobs, or 7 percent of its work force, as part of a broader reduction across Gannett Co. Inc.’s newspaper division.
– TRENTON — Gannett Co. said it is eliminating 106 full-time and 19 part-time positions at its six New Jersey newspapers due to the economic recession.
– The Arizona Republic on Thursday eliminated about 100 positions, including 20 newsroom jobs, as part of cost-cutting initiatives to reduce the impact of losses in advertising revenue.
– The News-Press eliminated 30 jobs, or about 6.5 percent of its work force, this week.
Jobs were cut from throughout the organization, including distribution, production, advertising and news positions. Some employees were laid off; others were offered alternative positions.
– The Jackson Sun has eliminated 15 full-time and six part-time positions to offset declines in revenue due to difficult economic conditions.
– The Democrat and Chronicle announced Thursday that it eliminated 64 positions in a cost-cutting move related to the ongoing economic situation.
– Harvey Hill, publisher and owner of the paper, told employees Thursday afternoon that he would file for Chapter 7 bankruptcy today. Employees were told to turn in their keys at the end of their shift Thursday.
– Officials from Ameritas, the insurance company headquartered in Lincoln, announced Wednesday that three positions will be cut from the Lincoln office, part of 21 job cuts nationally at Ameritas and its affiliated Unifi Cos.
– – Spokesman Art Scheskie tells NewsChannel 8 six jobs in the enterprise services department were eliminated as part of global job cuts by Trane’s parent company Ingersoll Rand.
– LITTLE ROCK, Ark. (AP) — Verizon Wireless has laid off 50 workers in Arkansas who were part of the former Alltel Corp., which Verizon acquired in January.
– International Game Technology, the world’s largest slot machine producer, will lay off 55 more workers at its Reno headquarters this week as it continues to adjust during the recession, a company spokesman said Thursday.
– According to paperwork filed with the Department of Workforce Development, Wick Building Systems plans to lay off 37 hourly positions at its plant in Marshfield.
– According to a release from the Des Moines Register, 36 employees of the newspaper have been laid off.
– Twenty-four Mansfield division employees learned they lost their jobs early Thursday — and not just to temporary layoffs.
– Eckert Seamans Cherin & Mellott laid off 90 temporary lawyers from its document coding center Downtown because of insufficient work volumes, the head of the Downtown firm said Thursday.
– Advanta will have fewer than 200 employees after the reduction, which will affect all departments and result in expenses of $8.5 million to $9.5 million, the Spring House, Pennsylvania-based company said today in a regulatory filing.
– Call-center operator Teleperformance USA is warning Ohio officials it could eliminate 218 jobs at its Dublin center next month, the result of a customer’s reduction in business.
– NCM, a manufacturer of air-filtration components for automobiles and construction vehicles, is closing after nearly 50 years in Grundy Center.
– The Armour-Eckrich meat plant in Hastings will close July 17, putting 370 people out of work. The company cited market conditions.
– Darryll Fortune, global director of public relations for Johnson Controls, said slow market conditions are to blame for the reduction.
– HUNTINGTON, W.Va. (WSAZ) — More than 100 people are losing their jobs at a Huntington telemarketing firm.
via Sitel Cutting More Than 100 Jobs in Huntington .18:01:38
– WCPO-TV (Channel 9) will lose five employees when its parent company, Scripps Howard Broadcasting Company, centralizes two of its departments.
via WCPO to shed jobs | Cincinnati.com | Cincinnati.Com.18:02:58
– JACKSON, Miss. — The University of Mississippi Medical Center has laid off 15 workers at its facilities in Holmes County.
– Nearly 400 jobs at New Zealand Post Group have fallen victim to the recession.
– The 26 staff have been told that their present roles no longer exist and they will have to apply for 19 one-year, fixed-term contracts, three of which are reserved for nurses.
– The county’s police authority, which sets the police budget, will now have to return £1.6 million to taxpayers, at a cost of £1.2 million and 50 frontline police jobs.
– However, the college announced they were to cut 12 full time posts just before the semester ended. Loss of the 12 full time equivalent posts which are under threat, would mean 17 staff losing their jobs
– More than 50 staff at Infoteam International Services Ltd’s Plympton call centre have been told to expect redundancies because a firm, which has not been named, wants to move ‘certain functions’ to a cheaper alternative.
– About fifty workers at a Stonehouse engineering factory have been told today that they are being made redundant.
Stonehouse, Gloucestershire firm sheds more jobs.-
– MEXICO CITY, July 10 (Reuters) – General Motors Mexico will slash 300 more jobs as it reels from a sharp decline in U.S. and Mexican demand, but the U.S. automaker’s local head said the company did not expect further plant shutdowns.
– Ukrainian President Viktor Yushchenko has approved an upper limit of 530 on the number of employees working at the Presidential Secretariat.
– Austrian car interiors maker Eybl will cut 230 jobs at all of its four Hungarian plants, the German vehicle upholstery maker announced. Eybl Hungária is currently under liquidation and will also move to single-shift production.
– Less than two weeks after the grand opening of a call center in Saraland, Ryla Inc. officials announced plans Thursday to hold job fairs aimed at hiring 600 new employees.
– Bravo Health Inc. said it will expand its office in East Baltimore and bring more than 200 additional jobs to the city.
– ORLANDO – Hilton Orlando has 650 jobs open for their three new hotels opening this year.
– CHARLOTTE, N.C. — Up to 180 teachers and others laid off from Charlotte-Mecklenburg Schools could get their jobs back.
Mike: Have a great weekend. I may have a post or two this weekend…………….
WASHINGTON, July 9 (Reuters) – The number of U.S. workers filing new claims for jobless benefits fell sharply last week but the data was distorted by an unusual pattern of layoffs in the automotive industry, which amplified the decline.
The Labor Department said on Thursday that initial claims for state unemployment insurance fell 52,000, the largest drop since December, to a much lower-than-expected seasonally adjusted 565,000 in the week ended July 4, from 617,000 the prior week.
It was the lowest reading since January. Analysts polled by Reuters had forecast claims to drop to 605,000 from a previously reported 614,000.
However, in a sign of ongoing employment weakness, so-called continued claims of people still on jobless aid after an initial week of benefits rose by 159,000 to a record 6.883 million in the week ending June 27, the latest for which data is available.
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
– ARMONK, N.Y. — Though IBM is notoriously tight-lipped about its layoffs, many reports suggest that Big Blue has chopped as many as 10,000 workers so far in 2009. Earlier this year the tech giant caused a stir when it was also widely reported that many of these jobs might actually be shipped to other countries such as India. If recent activity is any indication, India appears to have become a strong focal point for the company.
Mike: The following story illustrates how the billions spent on mismanaged, bankrupt auto companies will likely lead to the taxpayer having to pay millions more to clean up their environmental disasters. What has been the personal cost to these auto execs? Nothing. Most of the auto execs and Boards of Directors of bankrupt auto cos are still employed and making outrageous salaries, but their terrible decisions through the past 40 years will leave the taxpayer with economic and environmental scars that will last for decades to come:
– “It’s going to be very difficult to sell or dispose of them,” GM restructuring chief Albert Koch told the judge in charge of the carmaker’s bankruptcy on July 1. GM estimates the plants’ environmental liabilities at $530 million, he said.
One property the Detroit-based carmaker is ditching is a foundry in Massena, New York, bordered by the St. Regis Mohawk Indian Reservation and the St. Lawrence River. Built to make aluminum cylinder heads for the Chevrolet Corvair in the 1950s, it generated PCB sludge and waste from hydraulic fluids.
$225 Million Cleanup
It would have cost GM an estimated $225 million to clean up the site and restock the river with edible fish if it held on to the property, said John Privitera, a lawyer for the tribe at McNamee Lochner Titus & Williams PC in Albany, New York. Now GM creditors or the state will get stuck with the costs because bankruptcy law permits shedding such obligations.
Mike: The retails numbers are quite lousy and much of that is blamed on the rainy weather. When I was growing up, it used to be that people would go shopping because the weather was lousy, so I don’t know how much of this poor retail sales figure should be attributed to rain. People shop from late November through Christmas and that’s about the lousiest weather of the year, yet sales are at their highest level. Many people are seeing hundreds of thousands lose their jobs each month, so I would think that’s more of a drag on sales than a few showers.
– The nation’s retailers were already reeling from the new consumer frugality but in June, incessant rain and rising unemployment further dampened sales. Stores that had made strides in recent months reverted to double-digit declines.
Overall, the industry posted a 6.7 percent decline in sales for the month, in contrast to a 3.9 percent increase a year ago, according to the Goldman Sachs Retail Composite Index. Wal-Mart, which had been a bright spot in the retailing world and helped lift the overall industry number, is no longer reporting monthly sales. Retailers are also facing challenging year-over-year sales comparisons because this June there were no tax rebate checks to help bolster shopping.
Mike: I prefer the way some British present the facts, since they don’t do the gloss-over that most US “experts” seem to present. The US megaphone is that the stimulus will create enough jobs to stop employment losses and that companies that are receiving million and even billions in taxpayer money will use that cash to create millions of jobs, instead of continuing to off-shore hundreds of thousands of jobs. UK also had a large stimulus package of about $38 billion, which while smaller per person than that of the US stimulus is still a rather large package, but it doesn’t seem to be creating the jobs expected. Maybe the US stimulus package will create those promised jobs, but it’s not going to happen quickly enough for the American public.
– Britain’s jobs market is continuing to deteriorate as demand weakens across all sectors, the UK’s largest recruitment firm Hays has warned.
It said demand for jobs had fallen further across both the permanent and temporary sectors after a tough past three months.
The group has had to close 15 UK & Ireland offices and slash its own workforce by another 5% in the quarter to June 30, bringing the headcount reduction for the full year to 26%.
Hays said it had seen some signs of stabilisation in the City recruitment market as big banks cherry-pick the best teams after the recent slew of redundancies seen in the financial crisis.
But the trend is likely to be a short-term blip, according to Hays.
Gee, who woulda thunk?
– -WASHINGTON — U.S. engineering unemployment soared to a record in the second quarter of 2009, nearly doubling on a quarterly basis to 8.6 percent, the IEEE-USA said Tuesday (July 7), citing government figures.
The previous quarterly record for joblessness among U.S. electrical and electronic engineers was 7 percent, reached in October 2003.
– SALT LAKE CITY (AP) – A report shows the state has laid off 71 employees since lawmakers first started cutting the budget last fall.
– Dr. Hugo Ferlito lost his position as clinical director after serving in that capacity for 21 months. That position was one of six eliminated July 1 when Dientes reduced staffing from 38 to 32 employees in response to the state’s elimination of dental services for adult Medi-Cal beneficiaries statewide, including nearly 19,000 in Santa Cruz County.
– WILMINGTON | PPD Inc. is laying off “fewer than 80” people at its Wilmington headquarters as part of a work force reduction of 270 across North America.
PPD spokeswoman Louise Caudle said Wednesday that “while we have a strong backlog of global business demand for our services, demand in North America has been lower than we had expected.”
Mike: OK, so the feds are “talking” about a health care plan that is likely to be a watered down corporate giveaway that lacks any kind of universal component and this hospital is blaming those “talks” for its layoffs! Talk about the hospital (and the reporter) putting the death spin on “health care for all” BEFORE the legislation is even presented is amazing. The PR types at this hospital are getting a jump start on the “health care for all kills jobs and corporate profits” train. Other hospitals are likely to follow this job scare routine to make sure that heath care for all is DOA in the US senate. Congress will do its usual shuffle and universal health care will die at the drawing board because the corporate powers of the large health insurers, pharmaceuticals and hospitals will put the “we won’t contribute to your campaign” fear into the ears of a pathetic, spineless congress.
– AUGUSTA, Ga. – A new proposed government health care plan is one of the reasons University Hospital has laid off 30 employees.
The hospital is bracing for more than $100 million in cuts.
– AGCO Corp. of Hesston says it will lay off 154 hourly workers this Friday in response to a slumping agriculture market and world economy.
– SENECA, S.C. – A company that makes hospital supplies has laid off 119 workers at its South Carolina plant.
– CINCINNATI — The Cincinnati Enquirer laid off 100 employees Wednesday, including the entire staff of CiN Weekly, as part of a corporate-wide cutback by its parent company.
– AMES, Iowa (AP) — At least 200 workers will take early retirement as the school deals with budget shortfalls, according to Iowa State University.
– OKLAHOMA CITY — Four workers at American Heart Association offices in Tulsa and Oklahoma City have been laid off as part of staff reductions.
– At least 20 journalists were laid off Wednesday at The Arizona Republic in the latest round of job cuts issued by the nation’s largest newspaper chain, Gannett Co. Inc., sources close to the paper confirmed.
– NEW ORLEANS – UNO will eliminate nine senior administration positions, including two vice chancellors and two dean positions and will not fill 20 vacant faculty positions as they meet the reduced budget allocated to them by the state this year.
– Steelmaker Corus has confirmed plans to cut a further 366 jobs at its plant in Scunthorpe, North Lincolnshire.
– BUDAPEST, July 9 (Reuters) – Japanese car parts supplier Denso Corp will lay off up to 800 workers at its Hungarian plant by the end of September, national news agency MTI reported on Thursday, citing the company.
-Approximately 80 employees will be laid off. Michelin is providing severance packages for the employees and is working with the employees to help them make a transition, said Tate Hoxworth, Michelin spokesman said.
– 177 employees of Telecom Fiji LTD stand to lose their jobs in the coming months.
via FBCL – News .
– Mondi said that some 240 employees might be affected by its organisational alignment, which represented around 4,1% of Mondi’s permanent employee complement in South Africa.
– Photronics Inc. said Wednesday it would close its manufacturing facility in Shanghai, cutting 75 jobs.
– Ten Coffee Republic coffee and deli outlets have closed with the loss of 66 jobs, administrators for the firm have confirmed.
– Franco-American telecoms equipment maker Alcatel-Lucent (ALUA.PA) plans to cut an additional 1,000 jobs in France in 2009 and 2010, union representative Marc Marandon told Reuters on Thursday.
– U.S. Steel’s (X.N) Serbian unit is to shed up to 250 administrative jobs as demand for its products has plumetted amidst the global economic downturn, the local company’s spokesman said on Thursday.
– Fluor Corp. expects to add more than 100 jobs in Greenville as the result of new work to build and operate military bases in Afghanistan.
– Liberty National Life Insurance Co. has opened three branches in the Charlotte area and plans to hire about 300 workers in sales and management positions.
– The company wants to create 100 jobs over the next five years and carry an average annual payroll of more than $3 million.