Good day to all. The US is closed for the holiday, but there are still enough news stories to keep this post going for the day.


Yesterday the monthly jobless report showed a larger loss of jobs in June than expected. There is one point that should be emphasized and that is US needs to create about 120,000 jobs a month to just break even due to population increases and new workers, like college grads, entering the workforce. So when to see yesterday’s monthly job loss of 467,000, remember to add to that the 120,000 jobs that weren’t created.

Here’s a take from the monthly jobless report that finally paints a picture of reality. As quoted below: “There’s nothing in here to show that the economy and the market are pulling out of the grip of recession.”


The American economy lost 467,000 more jobs in June, and the unemployment rate edged up to 9.5 percent in a sobering indication that the longest recession since the 1930s had yet to release its hold.

The numbers are indicative of a continued, very severe recession,” said Stuart G. Hoffman, chief economist at PNC Financial Services in Pittsburgh. “There’s nothing in here to show that the economy and the market are pulling out of the grip of recession.”

via Jobless Rate Climbs to 9.5%, Deflating Recovery Hopes – NYTimes.com.


That sentiment has been lacking in the “US: recession yes/no debate for the past six months, especially in the main stream media, which has pumped the “green shoots” mantra since the stimulus debacle. Why is that statement accurate? Here are a few reasons why the stimulus wasn’t stimulating to most of us, but was very stimulating to the banks and the other crooks that created this financial mess:

The stimulus was pushed as a job creation machine for the masses, yet it has showed that this is so far not the case. Why hasn’t the American Recovery and Reinvestment Act of 2009 been a job creator? I think it’s because the majority of those funds went to tax breaks and businesses that have no intention of hiring more people. As an example, why would a road construction firm hire more people to build roads when states and municipalities are cutting back on their funding for road work? The feds may have prevented further layoffs at these firms, but it isn’t likey to create tens of thousands of more jobs.



Even trimmed to $789 billion, the recovery measure, signed by President Obama on Feb. 17, will be the most expansive unleashing of the government’s fiscal firepower in the face of a recession since World War II. And yet it seemed almost trifling compared with the $2.5 trillion rescue plan for the financial system – a combination of loans to banks and incentives to bring private capital into the banking system – announced on Tuesday by Treasury Secretary Timothy F. Geithner.

via Economic Stimulus – The New York Times.

Take a close look at the above paragraph and I’ll go over the numbers. My simple take is that the total funds pumped into the system by the fed are about $3.3 trillion dollars. I think that’s a conservative estimate, since some have determined that the total amount of money the feds have pumped into bank bailouts and stimulus is approaching $14 trillion. But I’ll take the conservative approach and use the $3.3 trillion figure mentioned above. So instead of the $789 billion in stimulus funds and the $2.5 trillion sent to bank crooks, your elected leaders in congress could have decided to send each of America’s 110,000,000 households a check for $30,000.  I’m not sure about you, but wouldn’t a check for $30,000 be more stimulating than a promise of some sort of economic recovery  would occur based on giving banking thieves and large companies trillions of dollars?  You and I could have decided to stimulate the economy by spending some of that $30,000 on what we thought was important. The feds could have sent each household $30,000 in gift cards and demanded we spend the money over a two year period. But no, they decided to give the cash to the like of Goldman Sachs and other banking giants that caused our dire financial condition. Oh, and because of the taxpayers largess to these bank frauds, Goldman Sachs is distributing record bonuses this year:

Staff at Goldman Sachs staff can look forward to the biggest bonus payouts in the firm’s 140-year history after a spectacular first half of the year, sparking concern that the big investment banks which survived the credit crunch will derail financial regulation reforms.

A lack of competition and a surge in revenues from trading foreign currency, bonds and fixed-income products has sent profits at Goldman Sachs soaring, according to insiders at the firm.

via Goldman Sachs to make record bonus payout | Business | The Observer .


In closing this rant, I want to give a few examples on how the rich got richer during this taxpayer givaway, while the person that needed the most help was discarded or given a tiny slice of pie to make them think that their concerns were being met:

  • Unemployment benefits 1: The government estimates that there are 14.7 million unemployed people, but that is probably a conservative estimate. While the benefits period was extended in most states, there are states like Texas that refused the government extension funds. The recession officially started in December 2007, so anyone laid off from that date forward who has not found a job has likely exhausted the maximum 72 week unemployment benefit period. More people will be coming off the benefit rolls, not as a result of getting a job, but as a result of exhausting benefits. The negative fallout from that could start to have an affect on increased crime and even lower consumer demand, let alone mortgage and utilities payments.
  • Unemployment benefits 2: The feds raised the maximum benefit by $25 in most cases, if the funds were approved by the states. There are still a number of states, like dysfunctional NY, that haven’t approved a new budget to allow for those extra funds to be distributed. As usual, our elected leaders are more concerned about showmanship and grandstanding than performing their duties effectively.
  • Unemployment benefits 3: These benefits are taxed as income. Why didn’t the feds just eliminate the income tax portion of unemployment benefits instead of raising the payment $25? The $25 payment increase had to be approved by the states, but the elimination of the income tax from unemployment benefits would have happened immediately without state intervention. And that extra $25 a week given to the unemployed is taxable, so the true amount received in most cases will be less than $25. Banks, insurance companies and other corrupt businesses are now allowed to give their employees record bonuses, but the unemployed are still being asked to pay taxes on some meager benefits.
  • State budgets: States were given stimulus funds for a number of purposes, but they still need to balance their budgets and most of that balancing has to be done shortly. States and other entities will have to cut jobs to meet lowered property and sales tax receipts. Those job cuts include the ranks of social services, which are more needed during a recession, but are hacked at an alarming rate during troubled times. Child care, transportation, welfare, utility payment and other subsidies (Domestic Violence Shelter Lay Offs) are cut further when needed most. So the poor suffer while the boys and girls at Goldman and other investment houses live lavishly from bonuses orchestrated by taxpayer bailouts.

Those are only a few examples of the twisted logic of the bailouts and how they helped the rich stay rich at the expense of the needy, poor and middle class.  I’ll add to this list as time allows, but I hope this makes a point of how the system has been so corrputed by bad money and bad politicians that it no longer can effectively meet the needs of those who need help most.

Please send along your thoughts.

Onto today’s news.

- Larger layoff announcements and important economic reports:

US/Canada:



Tom Toles

Tom Toles


International:
Navigation links to today’s stories:

- Microsoft/Google/IBM and other Rumors & News -




- General Economic News -



- Tom Silver, senior vice president of Dice.com, told us this morning that Dice.com is reporting a 44% year-over-year drop in job listings for the month of June. May’s year-over-year decline hovered around 45%.

- Government Layoff News -



-  SPRINGFIELD – The state budget mess is starting to be felt here at home.

The Sojourn Domestic Violence Shelter in Springfield was forced to lay off eight workers Wednesday and is now

via Domestic Violence Shelter Lay Offs.



Chris Britt

Chris Britt



- US and some Canada Layoff News -



- MICHIGAN CITY – Sullair Corp., 3700 E. Michigan Blvd., laid off 50 workers on Tuesday as the economic downtown has continued to shrink market demand for air compressors.

via 50 more laid off at Sullair.


- The Faculty of Arts and Sciences has eliminated 77 staff positions and reduced work hours for another 15 employees as part of the recent University-wide downsizing, Dean Michael D. Smith announced Wednesday.

via The Harvard Crimson :: News :: FAS Lays Off 77 Staffers .


-NEW BRIGHTON — New Brighton-based Tegrant Corp., formerly Tuscarora Inc., has laid off a dozen management employees as part of a company consolidation.

via Beaver County Times & Allegheny Times Online – Top Stories.


gavel- Fort Lauderdale, Fla.-based Ruden McClosky has laid off eight more attorneys as part of a cost-reduction effort that included 18 percent pay cuts for most of its lawyers, according to firm and other legal industry sources.

via Law.com – Ruden McClosky Slashes Pay, Lays Off 8 Lawyers .


- IOWA CITY, Iowa (AP) — Iowa Public Radio has bought out, laid off or reassigned five employees and will leave four other positions unfilled in an effort to cut costs.

via Iowa Public Radio announces job cuts, cites revenue dropoff from state and universities – WQAD.


gannett5- In a memo distributed to employees Thursday, Cincinnati Enquirer Publisher Margaret Buchanan wrote that the newspaper will lay off up to 100 people in the next few days. The Gannett Co., The Enquirer’s parent firm, is bracing for about 1,400 layoffs in its newspaper division before July 9. Buchanan’s memo is the first indication about how the cutbacks will affect Cincinnati’s only remaining daily newspaper.



- International Layoff News -



- 11,000 mail deliverers and sorters will be made redundant at TNT Post, the Netherlands’ former national postal service announced in its staff magazine on Thursday. The company, which is struggling with new competition and high wages, says a reorganisation is unavoidable after the unions turned down a deal to cut pay instead of jobs.


- Engineering group Siemens (SIEGn.DE) will cut the 900 jobs at its Prague rail car factory in August, a spokesman said on Thursday, the latest jobs loss as central European industry struggles to gain orders.


- Anglesey Aluminium is offering 140 staff voluntary redundancy because a new power deal that gives them cheap electricity has not been reached.

via BBC NEWS | UK | Wales | North West Wales | 140 redundancies at metal plant.


- UP to 1,000 staff on short-time temporary contracts of less than a year are to be let go by the HSE. The move will allow the creation of the same number of permanent posts to improve a range of services including child psychiatry and care of the elderly.


- Hiring News and News You Can Use-



- COLUMBUS, Ind. (AP) — Cummins Inc. is recalling 400 laid-off workers as it resumes production of the Dodge Ram engine at a central Indiana factory.

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Today the weekly Jobless Claims report and the monthly Employment Situation report show that the employment picture is still cloudy and not recovering quickly. The fall in continuing claims is likely more a matter of people exhausting unemployment benefits than finding new employment:

WASHINGTON (AP) — Employers cut a larger-than-expected 467,000 jobs in June, driving the unemployment rate up to a 26-year high of 9.5 percent, suggesting that the economy’s road to recovery will be a bumpy one.

Economists had expected 363,000 job cuts last months, and that the jobless rate would rise to 9.6 percent from 9.4 percent in May.

via 467K jobs cut in June; jobless rate at 9.5 percent - Yahoo! Finance.


- WASHINGTON (MarketWatch) – First-time claims for state unemployment benefits declined in the latest week, almost completely reversing the gain from the prior week, the Labor Department reported Thursday. The number of initial claims in the week ending June 27 fell 16,000 to 614,000, quite close to the consensus of Wall Street economists. Claims in the previous week were revised to an increase of 18,000 to 630,000 compared with the initial estimate of a increase of 15,000 to 627,000.

via Jobless claims fall, reversing prior week’s gain - MarketWatch.


- WASHINGTON, July 2 (Reuters) – The number of U.S. workers filing new claims for jobless benefits fell by 16,000 last week, and the number staying on the rolls after collecting an initial week of aid also fell, the government said in a report on Thursday.

via U.S. jobless claims fell 16,000 in latest week | Reuters .


Mike: As you can see from the below graph, the real unemployment rate (u6) is nearly twice the reported U3 rate.

Chart of U.S. Unemployment


Mike: You can view the entire BLS monthly report here (warning PDF): http://www.bls.gov/news.release/pdf/empsit.pdf:

Here are a few snippets:

The number of unemployed persons (14.7 million) and the unemployment rate (9.5 percent) were little changed in June. Since the start of the recession in December 2007, the number of unemployed persons has increased by 7.2 million, and the unemployment rate has risen by 4.6 percentage points. (See table A-1.)

uechart17-2-091

The second graph shows the June deterioration from May, which breaks a four-month streak of improved job losses:

uechart2-7-2-091


From the BLS report:



Total nonfarm payroll employment continued to decline in June (-467,000). Job losses from April to June averaged 436,000 per month, compared with losses averaging 670,000 per month from November to March. Since the recession began in December 2007, payroll employment has fallen by 6.5 million. In June, job losses continued to be widespread across major industry sectors. (See table B-1.)

Employment in manufacturing fell by 136,000 over the month and has declined by 1.9 million during the recession. Within the durable goods industry, motor vehicles and parts (-27,000), fabricated metal products (-18,000), computer and electronic products (-16,000), and machinery (-14,000) continued to lose jobs in June. Since the recession began, employment in motor vehicles and parts has declined by 335,000, or about one-third.

In June, employment in construction fell by 79,000, with losses spread throughout the industry. Since the start of the recession, construction employment has fallen by 1.3 million.

 

Here are a few more interpretations of today’s poor job numbers:

 

However job losses have really picked up over the last 9 months (4.4 million jobs lost, red line cliff diving on the graph), and the current recession is now the 2nd worst recession since WWII in percentage terms – and also in terms of the unemployment rate (only early ’80s recession was worse).

via Calculated Risk: Employment Report: 467K Jobs Lost, 9.5% Unemployment Rate.


Workers lost jobs at a faster pace in June than in the prior month, the Labor Department said Thursday. Nonfarm payrolls shrank by 467,000 in June higher than the 325,000 decline expected by economists surveyed by MarketWatch and the 322,000 jobs lost in May.

via EconomPic: Unemployment Jumps… Can We PLEASE Forget About Inflation?.

Mike: Here is another great site that I encourage you all to visit because of their insight and honesty. They offer the following summation of today’s layoff reports and I agree completely with their description of the Obama administration:


And here is the only chart worth watching, the long term trend. There has been no bottom yet reached in the jobs lost. This is not so much a reflection on the stimulus because of the lag, and the obvious data showing that consumers tended to use the stimulus to pay down their immediate debt which is a worthwhile endeavor, but does not give a quick boost to jobs.

The issue might be a bit of a red herring, because the economic stimulus pales by comparison with the enormous amount of stimulus provided to the banking sector, which is stimulating some operators like Goldman Sachs to pay their employees, on average, a record $700,000 in annual pay. Now THAT is stimulus, but perhaps one that is counterproductive.

We are on the record in the opinion that the Obama economic team is ineffective, backward-thinking, compromised, and possibly corrupt. They are serving the corporate banks and not the people. They should be replaced starting with Larry Summers who is a Greenspan and Rubin crony and the core of failure on the team. Tim Geithner should follow to find better employment for his talents, possibly as a salesman of men’s suits.

via Jesse’s Café Américain: The June Non-farm Payrolls Report.

ue-jesse



- Larger layoff announcements and important economic reports:

US/Canada:
International:
Navigation links to today’s stories:

- Microsoft/Google/IBM and other Rumors & News -


apple- Reliable sources told Palluxo that Apple’s CEO Steve Jobs collapsed at work Wednesday afternoon due to high blood pressure. Sources indicated he collapsed only temporarily and was able to regain conscious within few seconds.

- General Economic News -


- NEW YORK (CNNMoney.com) — Here come the California IOUs, again.

The state, fast running out of cash, is on the brink of not being able to pay its bills for the second time this year.

Unless the governor and legislature pass a balanced budget by Thursday morning, the state will start issuing IOUs to county agencies, small businesses and taxpayers owed billions of dollars

via California, running short on cash, on verge of issuing IOUs – Jul. 2, 2009 .


- Euro zone unemployment crept up to its highest level in 10 years in May, data showed today, casting a shadow on prospects for any quick recovery from the worst economic recession since the second World War.

The unemployment rate in the 16-nation euro zone rose to 9.5 per cent from April’s 9.3 per cent as 273,000 people lost their jobs in the month, bringing the number of those out of work to 15.013 million, European Union statistics office Eurostat said.

via EU unemployment at 10-year high – The Irish Times – Thu, Jul 02, 2009.



Mike Luckovich

Mike Luckovich




- Government Layoff News -


Mike: I post the following article because it shows how some boom and bust locations, which are now bust, are getting hit hard in the property tax department. Municipal jobs are highly dependent on the tax base and with a shrinking tax base in many location, the jobs cuts you see this year are likely to be even worse next year. Another factor to consider is that stimulus funds have been sent to many locations and those funds won’t be available next year, unless more stimulus funds are made available.


ST. LUCIE COUNTY — Port St. Lucie was hit the hardest in St. Lucie County in decreased property values, County Property Appraiser Jeff Furst said, leaving officials with decisions between tax increases and layoffs to fill the shortfall.

The numbers are not coming as a surprise, but Port St. Lucie’s property tax values fell 25.6 percent, which could lead to a budget shortfall of more than $14 million. St. Lucie County is expected to have a 20.9 percent decrease in taxable property values, Fort Pierce will have a 17.4 percent decrease and St. Lucie Village would have a 12.7 percent decrease, according to Furst’s office.

via Port St. Lucie property tax values fall 25.6 percent : St. Lucie County : TCPalm .


- More than 500 Chicago Public School employees were given pink slips Wednesday in what officials said was the largest round of layoffs to ever hit the nation’s third-largest school system.


- TAVARES — Lake County Clerk of Courts Neil Kelly has laid off 10 employees, citing budget restraints prompted by new state legislation that has required clerks throughout Florida to impose severe cost-cutting measures.

via State forces court clerk layoffs — 10 lose jobs in Lake – OrlandoSentinel.com.


- Five city positions have been eliminated, and two city employees will lose their jobs, City Manager Billy Morse said Wednesday

via Two Toccoa city employees to lose jobs, and three to take on new roles : Northeast Georgia : Anderson Independent-Mail.


- Of the 60 positions, 40 are jobs that have not been filled over the past few months or were contracts that weren’t renewed. The remaining 20 were considered growth positions in the 2009 budget, but are now being removed.

via City council approves cutting 60 jobs .


- Seven people were laid of from the Greater Toledo Urban League this week after the nonprofit organization lost more than half of its state funding.

via More layoffs for Greater Toledo Urban League – 7/01/09 – Toledo News – 13abc.com.


- Milwaukee-based Fullhouse on Tuesday laid off 10 employees, reducing its employment to 85, after losing business from Irving, Texas-based Kimberly-Clark Corp.

via Loss of large contract prompts layoffs at Fullhouse – BizTimes.


- In the meantime, the schools will lose 52 positions, including several teacher layoffs. Howard couldn’t say how many teachers would go, and Superintendent Sidney Smith did not return messages.

via Malden schools lose 52 positions in new budget – Malden – Your Town – Boston.com.


- MIAMI TWP. – The Clermont County Public Library slashed its budget by nearly $2 million Wednesday, with the bulk of that derived by laying off 24 employees.

via Clermont library cuts 24 employees | Cincinnati.com | Cincinnati.Com.


- ESCONDIDO — Yesterday, 25 Escondido employees became the first casualties of the city’s $6.7 million in budget cuts.

via City cuts include 12 EMTs, 13 others.


- Southeastern Community College in Columbus County has cut twelve positions.

via Twelve cuts made at SECC | WWAY NewsChannel 3 | Wilmington NC News.


- Atlanta officials let go 109 Corrections Department workers Wednesday as part of the city’s budget-balancing plan.

via City cuts 109 jailers amid budget crunch | ajc.com.


- The Montgomery County Court of Common Pleas will cut between eight and 12 positions this month.

via Montgomery County court to cut up to 12 jobs – Dayton Business Journal: .


-Two youth programs run by Bridgeway have been terminated and 26 staff members have been laid-off in the wake of the legislature’s failure to correct the state’s $11.6 billion budget deficit.



- US and some Canada Layoff News



gannett2- NEW YORK – Newspaper publisher Gannett Co. plans to cut 1,400 jobs in the next few weeks, about 3 percent of the work force, as it faces a prolonged slump in advertising revenue.


gannett3- July 1 (Bloomberg) — Gannett Co., the largest U.S. newspaper owner, will eliminate about 1,400 publishing jobs by July 9 as it copes with declining advertising and circulation.

via Gannett to Cut About 1,400 Newspaper Jobs by July 9 (Update1) – Bloomberg.com.


ford- Ford Motor will let go 275 Louisville Assembly Plant workers Monday, fewer than previous estimates of between 350 and 380


- Nearly 200 Las Vegas Strip workers are now without a job. The Venetian has laid off 194 workers from several difference departments and positions.

via Venetian lays off nearly 200 workers.


- The rail car maker said yesterday it will cut up to 600 workers over the coming weeks as it reaches the end of its existing order book. The layoff could be relatively short, however, if National Steel Car lands a sizable new order.


- HAMPTON — Telemarketing and communications services company West Corp. plans to cut 176 employees, or about 30 percent of its work force, at its Hampton call center at the end of August, the company confirmed Wednesday.


- The President George Bush Turnpike is now collecting all tolls electronically, a move that cost about 25 employees their jobs.

via Bush Turnpike goes electronic; 25 jobs cut – Dallas Business Journal: .


- “As we better understand the current demands for our products,” late last week 27 Hill-Rom salaried employees in manufacturing and support areas in Batesville were notified their positions have been eliminated

via Batesville Herald Tribune, Batesville, Indiana – 27 jobs lost at Hill-Rom.


- Fabric display manufacturer Moss Inc. will lay off 50 workers at its Belfast facility over the next two months as part of a restructuring plan.

via Moss to trim 50 jobs in Belfast | Mainebiz.


- The Gehl Company announced Wednesday that it is laying off 72 employees, about 30 of which work in its Yankton plant.

via Yankton Press & Dakotan > Community > Gehl Lays Off 30 At Yankton Plant.


-MUNCIE — Ontario Systems, a local software company that laid off 126 employees in December, shed another 35 jobs Wednesday.

via Thirty-five workers lose jobs at Ontario | thestarpress.com | The Star Press.


- At the end of the month, more than 100 people from the Allied Automotive Group in Flint will lose their jobs.

via Fallout from troubles in auto industry being felt again in Mid-Michigan – 7/01/09 – Flint News and Saginaw News – abc12.com.


- InFocus Corp. on Wednesday said a previously announced plan to cut its workforce by 30 percent will be more severe than initially expected.

via InFocus plans to cut at least one-third of work force – Portland Business Journal: .


- PIKE COUNTY, Ky. (WSAZ) — More coal miners are out of a job after layoffs at Cam Mining in Pike County on Wednesday.

via Cam Mining Announces Layoffs .


- A nonprofit with offices in St. Peter lays off 17.Scholarship America announced layoffs yesterday of 17 employees company-wide.

via Scholarship American Layoffs | keyc.tv.


- HENDERSONVILLE — Printpack’s Hendersonville plant, which makes candy wrappers and other packaging, will lay off 27 workers, a move driven by “a very significant loss of volume on a recent contract.”

via Hendersonville plant layoffs will take effect in August | CITIZEN-TIMES.com | Asheville Citizen-Times.


- Most of Maxygen’s R&D operations and personnel will transfer to the new joint venture, the company said, and Maxygen’s corporate and administrative staff will be cut.

via Maxygen plans staff cuts after forming R&D joint venture with Astellas – San Francisco Business Times: .


- FAIRHAVEN – The Acushnet Co. plans to cut 77 jobs at its distribution center and two local golf ball plants over the next 30 days, The Standard Times reported today.

via Fifth round of job cuts at Acushnet Co. – PBN.com – Providence Business News.


- LOVELAND – Budget cuts will eliminate several staff members at the Loveland Chamber of Commerce.

via Northern Colorado Business Report – Business News Focused on Northern Colorado.


- WICHITA — Big Dog Motorcycles said today that the Wichita-based manufacturer of heavy cruisers laid off “just over 20 workers” on Wednesday.

via Big Dog lays off more than 20 | Business Updates | Wichita Eagle.


Mike: Localities across the country pump millions, if not billions, of taxpayer funds into giving businesses tax breaks for promised jobs that often don’t materialize. The below company likely received millions in tax incentives to promise jobs and is now cutting hundreds. If they did receive tax breaks, it will be interesting to see if they will have to return any funds to the municipality.

- An international company that three years ago came to town promising 600 full- and part-time call center and technical support jobs — or the equivalent of 400 full-time jobs — announced it will cut its staff by half at the end of August.

In a press release, Teleperformance USA said it will lay off 250 employees beginning Aug. 31. The jobs are in classifications called ”exempt” and ”non-exempt,” referring to managerial duties.

via Ohio.com – Call center to cut 250 jobs in Akron .


- PENDLETON – Pendleton Woolen Mills laid off 12 more workers from its Pendleton operation Wednesday.

via Woolen mill lays off 12 workers.


- Konecranes has completed statutory negotiations for job cuts in its heavy lifting business segment in Finland, which will see permanent personnel reductions totalling 41.

Further temporary layoffs are still being finalised and an additional 25 personnel are due to retire in the near future.

via Cranes Today – Konecranes to cut 41 jobs in heavy lifting segment.


- Idaho Timber of Montana plans to close its Whitefish plant, a move that will cost 26 people their jobs. Sixteen workers lost their jobs last week; and the company says the 10 remaining workers will be let go within the next three months.

via News Channel 13 – Idaho Timber shutting its plant in Whitefish.21:06:14


- Two world-renowned orchid researchers, Stig Dahlstrom and Wesley Higgins, were among those laid off, and some volunteers were worried that the Gardens would lose its reputation as a world-class research facility.

via Sarasota: News: IN BRIEF – The Observer Group.21:07:36


- An estimated 115 to 120 employees of Allied Systems Ltd. will be out of a job as General Motors shutters its medium-duty line at the Flint Truck Assembly Plant later this month.

And automotive supplier Android Industries in Flint notified the state last month that it was laying off 90 employees.

via More than 115 employees at Allied Systems Ltd. to lose jobs – Mid-Michigan Business News – Flint, Saginaw, Bay City Business – MLive.com.21:08:39


- “Everyone was let go, but the people on The Blade know that they may come back if The Blade is coming back,” said the executive, Matthew Bank, of HX Media, which was formed in 2005 by the merger of The Blade and HX Magazine.

via The New York Blade Suspends Publication – NYTimes.com.21:10:42


- MASON CITY, Iowa – Susan Raja, general manager for FRC Components, confirmed that the company laid off 13 of it’s 88 person work force on Wednesday. Two of the people were volunteer lay-offs, while 11 were part of the work force reduction.

via FRC Layoffs – KIMT.com – Iowa & Minnesota Together .21:12:30


gannett4- CHICAGO Of the 1,400 layoffs Gannett Co. is ordering at its U.S. Community Publishing Division, the Cincinnati Enquirer and its related digital and print products will absorb about 100, Publisher Margaret Buchanan said in a memo Thursday.

via ‘Cincinnati Enquirer’ Share of Gannett Layoffs: 100 .21:14:05


- Widen Enterprises President Matthew Gonnering on Thursday confirmed the company laid off 15 percent of its work force this week in a market-driven reduction in one part of its business.

via WISCONSIN STATE JOURNAL.21:14:12


- Texas A&M, which won three NCAA team championships this spring, eliminated 17 positions in the athletic department today through early retirements and layoffs.

via College Sports Blog | Sports News | News from Dallas, Texas | Dallas Morning News.21:15:08


- The failing auto industry is taking its toll on a small Arkansas town. Hazen Powder Parts is closing its doors in 60 days, leaving all 80 of its employees without a job.



- International Layoff News -



- The redundancies would be voluntary, but management at the theatre has not ruled out compulsory redundancy.

via Theatre seeks to make up to 30 staff redundant – The Irish Times – Thu, Jul 02, 2009.


- Thirty-seven positions have been slashed from the workforce of regional carrier Toll United of Whangarei in a process Toll NZ general manager Greg Millar describes as “anguishing”.

via Anguish as Toll slashes 37 jobs – Local News – Northland Northern Advocate.


- According to the company, 239 out of the 335 employees are non-regular workers. Six whose contracts hit the two-year mark last month were fired, and 10 more might lose their jobs this month. Another 25 will lose their jobs by the end of next month.

via First non-regular workers laid off in bill stalemate – INSIDE JoongAng Daily.


- Broadband provider iiNet has confirmed last week’s rumours of it having laid off several employees.

via iiNet lays off several workers – Business news, business advice and information for Australian SMEs | SmartCompany.


- Whilst Blue Star managing director Chris Mitchell (pictured) would not be drawn on exactly how many staff members had been shed in the move, industry sources informed ProPrint that at least 21 production staff had been cut.

via Blue Star cuts more staff as it completes Silverwater site merge – Strategy – Your Business – News – CRN Australia .


austrian-airlines- VIENNA (AP) — Austrian Airlines, the ailing carrier due to be taken over by Germany’s Lufthansa AG, said Thursday it will cut about 1,000 jobs by mid-2010 as part of an effort to boost its competitiveness.

via Ailing Austrian Airlines to cut 1,000 jobs by mid-2010 to boost competitiveness – Los Angeles Times.


- Now, The NYA is awarded contracts for specific projects. Already 12 staff out of 55 have agreed to take voluntary redundancy. It is not clear whether further compulsory redundancies will be needed. Last August, seven employees were made redundant.

via NYA issues redundancies – Childcare and Early Years – Log in to Children & Young People Now.


- A report released by the council this week said it would cut 100 to 300 full time posts by March next year.

via Up to 300 jobs to go at Merton Council (From Your Local Guardian).


- TALKS have started between unions and car parts maker Delphi after the firm announced plans for 71 redundancies at its Kirkby plant.



- Hiring News and News You Can Use-



- Manufacturing conglomerate W.L. Gore & Associates plans to hire engineers, production and R&D workers for its medical device division in north Phoenix.

via W.L. Gore to hire engineering, production workers – Phoenix Business Journal: .


- Dallas-based ACS will add 300 jobs at a relocated site within Port San Antonio next year.



Matt Davies

Matt Davies



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Mike: There are too many economic reports for this lone blogger to highlight, so you may want to visit Bloomberg.com: Economic Calendar to view your favorite reports.

Mike: I would be remiss if I didn’t send a Canada Day greeting to my Canadian readers and friends. Being from Rochester, NY, I often get to visit Canada and I have had some great times in Niagara Falls, Toronto, and Ottawa. Enjoy your day Canada! For those who would like to learn a bit about Canada Day, take a look here:

Canada Day (French: Fête du Canada), formerly Dominion Day (French: Le Jour de la Confédération), is Canada’s national day, a federal statutory holiday celebrating the anniversary of the 1 July 1867 enactment of the British North America Act, which united Canada as a single country, which was in turn composed of four provinces. Canada Day observances take place throughout Canada as well as internationally.

via Canada Day – Wikipedia, the free encyclopedia.


Wednesday brings more important housing data and so far it isn’t looking like a green shoot:

NEW YORK (Reuters) – U.S. mortgage applications plunged to a seven-month low last week as demand for home refinancing loans tumbled 30 percent, data from an industry group showed on Wednesday.

The drop does not bode well for the hard-hit U.S. housing market, which has been showing some signs of stabilization, with sales rising and home price declines moderating in many regions of the country.

The Mortgage Bankers Association said its seasonally adjusted index of mortgage applications, which includes both purchase and refinance loans, for the week ended June 26 decreased 18.9 percent to 444.8, the lowest reading since the week ended November 21, 2008.

via U.S. mortgage applications fall to 7-month low - Yahoo! Finance.



Sure, there’s other important news besides the following, but in a previous post I mentioned how banks will abuse the time they have before complying with the new credit card regulations take affect and below is one of likely many examples of how this will occur. Congress gave the credit cards cos too much time to comply with regulations, since most new rules won’t apply until 2010. It’s like the fed telling accounting firms that they don’t have to follow new accounting rules for six months that prohibit them from hiding a clients income offshore to avoid taxes. What do you think would happen?

(Reuters) – Citigroup Inc has increased interest rates on up to 15 million U.S. credit card accounts just months before curbs on such rises come into effect, the Financial Times reported citing people close to the situation.

Citigroup had upped rates on 13 million to 15 million credit cards it co-brands with retailers such as Sears, the paper said.

via Citi raises rates on millions of credit cards: report – Yahoo! News.


Here’s a summary of the legislation:

Credit Card Accountability Responsibility and Disclosure Act of 2009

Drew Sheneman

Drew Sheneman

- Larger layoff announcements and important economic reports:

US/Canada:
International:
Navigation links to today’s stories:

- Microsoft/Google/IBM and other Rumors & News -


gannett- The Gannett Company, owner of the nation’s largest newspaper chain, will go through another round of layoffs soon, with an announcement possible in the next few days, executives said Tuesday.

via Another Big Round of Layoffs is Imminent at Gannett – Media Decoder Blog – NYTimes.com.


gannett1- Gannett Co. Inc., the publisher of The Courier-Journal, plans to eliminate more than 1,000 jobs, according to a report Tuesday on The Wall Street Journal’s Web site.


- General Economic News -



Monster Employment Index[Report]


June 2009 Index Highlights:

Index fell by one point reflecting seasonal lull in U.S. online recruitment activity

Year-over-year growth rate showed slight improvement from previous two months

Real estate, rental and leasing registered strongest monthly rise in online job availability among industries amid signs of stabilization in the housing market

Among occupations, legal and protective services led all categories in June while demand eased further for technically skilled professionals

via Monster Employment Index Edges Down Slightly in June.


It was the first time since last September that the monthly total was less than 100,000 and it was the lowest job-cut count since 53,579 job cuts were announced in March 2008.

It was also nine percent lower than the same month a year ago, making it the first year-over-year decline since February 2008, Challenger added.

via U.S. planned layoffs fall to 15-month low in June | Markets | Hot Stocks | Reuters .


WASHINGTON (MarketWatch) — Companies in the U.S. private sector shed 473,000 jobs in June, according to the ADP employment report released Wednesday………..

The decline in employment was close to the consensus forecast of Wall Street economists surveyed by MarketWatch for a decline of 498,000.

via Private sector shed 473,000 jobs in June: ADP – MarketWatch.



Lisa Benson

Lisa Benson



The Commerce Department said Wednesday that construction spending dropped 0.9 percent in May, nearly double the 0.5 percent decline that economists expected. Adding to the signs of weakness, activity in the past two months was revised lower.

Construction rose 0.6 percent in April, down from the 0.8 percent increase originally reported. A March increase of 0.4 percent was replaced with a decline of the same amount. That left the April gain as the only increase in the past eight months.

via Construction spending falls more than expected – Yahoo! Finance.


Mike: Some areas are already seeing Depression type unemployment:

- Martinsville’s unemployment rate rose in May to 21.9 percent, once again the highest rate in Virginia, statistics show.

via BREAKING NEWS: City unemployment rate hits 21.9 percent – Martinsville Bulletin.


- Ford Motor Co. (F) reported a smaller-than-expected 11% drop in U.S. sales for June, while rival Chrysler Group LLC posted a steeper-than-expected decline of 42%.

But Chrysler’s results were caused in part by a 95% tumble in fleet sales, with the auto maker’s retail market share up 1 percentage point to 9%.

Meanwhile, Toyota Motor Corp. (TM) continued to struggle, reporting a 32% drop as the company sold fewer vehicles domestically than Ford for the third-straight month.

via UPDATE: Ford US Sales Top Expectations, Chrysler Down 42%.



- Government Layoff News -



- SACRAMENTO, Calif. – Legislators in more than a half-dozen states, their revenues evaporating in the recession, frantically worked to stave off government shutdowns and devastating service cuts. California failed to meet a midnight deadline and now may need to issue IOUs instead of paying bills.

Across the country, lawmakers were feeling the heat as their legislatures began the new fiscal year without a budget in place.

via California, other states face tough budget choices - Yahoo! News.


- The budget cuts the state workforce by 5 percent, with 200 layoffs and another 400 vacant positions being eliminated.

Lynch said contract talks continue with the State Employees Association. He said he prefers worker furloughs to layoffs as a way to make $25 million in personnel savings the budget requires. But he said a voluntary furloughs system won’t be enough. Up to 950 layoffs will be needed if a deal can’t be reached on specific, predictable cutbacks.

via UnionLeader.com – New Hampshire news, business and sports – Budget signed: 950 state workers could lose jobs – Wednesday, Jul. 1, 2009.


- The president of the commission, Bettye Fine Collins, said officials will immediately start laying off several hundred of the county’s 3,600 employees. That number could reach 1,000 in the county’s budget year that starts Oct. 1.

via Ala. County Begins Mass Layoffs After Budget Cuts – Court Alabama Tax Birmingham – WKRG.com.


- The first round of Chicago Public Schools layoffs is set to begin Wednesday when more than 550 administrative employees will be fired as part of a cost-cutting plan, district sources said.


- Five Bridgewater police officers have been laid off to balance the town budget.

via Bridgewater lays off five cops – Brockton, MA – The Enterprise.


- The transportation agency says it has laid off 14 employees, including a marketing director.  Without a marketing director, officials say they chose to suspend all marketing and advertising campaigns for an undisclosed length of time.

via Coast RTA announces layoffs, campaign suspension – WMBF News | Myrtle Beach/Florence,SC | News, Weather and Sports-.


- The total layoffs could range from 16 to 24 employees, depending on whether employee unions will agree to reductions in health care benefits and holiday pay.

via The Wenatchee World Online – Chelan County will cut 16-24 employees.


- State agencies have eliminated seven employee positions, the state personnel director said Tuesday.

via JournalStar.com – Lincoln, Nebraska – News – Local.


- These reductions include 17 full-time equivalents (FTE) in teacher staff reductions, including district staff, and reductions of seven FTE for education assistants, 2.5 FTE for school clerical staff and 0.6 FTE for principals and vice-principals.



- US and some Canada Layoff News -



briggs-stratton-Briggs & Stratton Corp. on Wednesday announced a plan to close its Jefferson and Watertown factories in fiscal 2010, leading to the loss of at least 430 jobs.

The plants, which are run by Wauwatosa-based Briggs & Stratton’s power products division, currently manufacture all portable generator, home standby generator and pressure washer products marketed and sold by the company.

via Briggs & Stratton to close Jefferson, Watertown plants; 430 jobs lost – The Business Journal of Milwaukee: .


3m- A 3M manufacturing plant in Southbridge that makes safety goggles and ear plugs will be shuttered next year, putting 200 factory employees out of work


- RACINE, Wis. — Johnson Outdoors Inc., which makes kayaks, dive equipment and tents, said Tuesday it is closing a plant in Ferndale, Wash., eliminating 90 jobs.

via Johnson Outdoors closing Washington state plant – Forbes.com.


- The maker of high-density stainless and iron alloy powder metal parts for the auto industry currently employs about 70 workers.

via Hazen Auto Parts Maker Closing Plant, Putting 70 Out of Work – ArkansasBusiness.com .


- Cosma International, owner of the Benco Manufacturing in Belle Plaine, on Thursday informed its employees of plans to close the plant by December. Benco, which manufactures parts for a variety of domestic and foreign automakers, employed as many as 160 before orders declined in recent months.

via Belle Plaine auto parts plant closing by December | GazetteOnline.com – Cedar Rapids, Iowa City.


wells-fargo- The slump in the automobile industry has prompted job cuts at a Wells Fargo servicing center for auto financing, with about 50 people losing their jobs.

Separately, the San Francisco-based banking giant has trimmed a handful of jobs in Oakland in a move related to Wells Fargo’s purchase of Wachovia Corp. But the number of job cuts in Oakland is fewer than 10, the bank said.

via Wells Fargo makes more job cuts – Inside Bay Area .


- To earn the $300,000 of incentives promised by the county, Sparton Corp. agreed to add 100 more jobs during the next two years.

Now it must add 114.

The company confirmed Tuesday afternoon it had eliminated 14 assembly and manufacturing support jobs at the Brooksville facility.

via Sparton lays off 14 employees in Brooksville.


- Squamish – At least two dozen workers were informed they’d lost their job today as the downtown Skye development site stopped construction.

via Dozens lose jobs as Skye construction stops | Local News | Squamish Chief.


- Citing the uncertain economy, Loveland Chamber of Commerce President and CEO Brian Willms announced Tuesday his office is laying off two full-time employees and one part-time employee.

via 3 laid off at Loveland Chamber | coloradoan.com | The Coloradoan,.


- In an effort to balance its budget for fiscal year 2009-2010, the financially strapped Overture Center laid off two full-time staffers this week, including a management position, the arts organization said Tuesday.

via 77 Square: Arts: Theater: Overture Center lays off 2 more staffers.


- Vibe Media Group Chief Financial Officer Angela Zucconi confirmed the closing and said most of the company’s 50 or so employees will be laid off.

via Vibe Magazine To Cease Publication – Entertainment News Story – KMBC Kansas City.


- As of Aug. 1, Sutter Solano will eliminate 34 full- or part-time positions, plus another six empty nursing positions will not be filled, said hospital spokesman Russell Neilson.

via Layoffs at Sutter Solano Medical Center – Vallejo Times Herald .


- Maryland’s Blue Omega Entertainment, the studio behind the Codemasters-published Xbox 360, PS3, and PC game Damnation, has laid off its entire staff following the game’s completion, according to reports.

via Gamasutra – News – Report: Damnation Developer Lays Off Entire Staff.


- The Harvard Kennedy School has laid off 18 employees to help it close a $2 million budget gap that persisted after less drastic spending cuts, Dean David T. Ellwood ’75 announced in a letter to the School’s faculty and staff last Tuesday.

via The Harvard Crimson :: News :: HKS Cuts 18 Staffers To Close Budget Gap .


- Today, we are reducing our production workforce by 31 people across some departments.  These cuts represent a mix of job eliminations, layoffs and reorganizations in creative, casting and physical production, as well as the Paramount Vantage label.

via Despite Transformers 2, Paramount makes deep cuts, shuts down Paramount Vantage.


- University officials are continuing to cut Harvard’s subcontracted janitorial staff despite a string of protests in Cambridge and at the Medical School campus this past spring, according to union organizers.

via The Harvard Crimson :: News :: Cutbacks to Subcontracted Janitorial Staff Continue .


- A casino closure near Onawa, Iowa, means 185 workers — many members of the Omaha Tribe — will lose their jobs.

via 185 Workers Lose Jobs In Casino Closure – Omaha News Story – KETV Omaha.


- The employees said they weren’t sure how many were laid off. One employee said the layoffs could have been up to 100 people in Westport, with fewer in Hoquiam.

via The Daily World.


- The positions, three considered back room jobs, should have minimal impact on the retail end of business, he added.

via Oculina Bank lays off some staff : Treasure Coast : TCPalm .


- Last week, the Monadnock Humane Society laid off three employees as part of a restructuring move, according to Carol L. Armer, chief executive officer. The changes won’t affect the organization’s services in 44 Monadnock Region communities, Armer said.

via SentinelSource.com |Monadnock Humane Society lays off staffers.


- CUNA is eliminating the jobs of 18 people in its Madison, Wis. office as part of previously announced cost-cutting program, the association announced today

via CUNA Lays Off 18 More Staffers .


- OLIVE TOWNSHIP–Auto parts manufacturer BBi Enterprises Group has all but shut the lights off and locked the doors of its manufacturing plant at 13370 Barry St.



- International Layoff News -



- GAZ Group is laying off about 6,500 people from its main production site in Nizhny Novgorod, a GAZ spokeswoman said Tuesday.


diageo- LONDON – Diageo PLC, the world’s biggest spirits maker, said Wednesday it is cutting 900 jobs as it shutters a 199 year-old distillery and packaging plant as part of a cost-cutting restructure of operations in Scotland.

Diageo, which makes brands including Guinness stout, Smirnoff vodka and Johnnie Walker whisky, said that the restructuring will trim costs by some 40 million pounds ($66 million) in 2012.

via Diageo cuts 900 jobs, closes distillery – News Wires – CNBC.com.


- The wine group Foster’s will ask 50 workers at the Karadoc Lindemans winery, near Mildura in north-west Victoria, to take voluntary redundancy packages.

via ABC Western Victoria – Winery workers face voluntary redundancy.


- American hotelier Hilton Hotels Corporation has announced that it has made around 100 full-time staff redundant at its international headquarters in Watford. An undisclosed number of contract staff will also lose their jobs.

via Hilton makes 100 redundancies at its Watford office – BigHospitality.


-The academy is cutting seven teaching posts from its staff to deal with a ‘significant budget deficit’ it inherited when it took over the former Sherwood Hall School last September.

via Some Samorth Academy staff to be made redundant – Mansfield Chad .


- The college said the announcement would affect 12 posts.

via BBC NEWS | UK | Scotland | Tayside and Central | Anger over college staff job cuts.


- Fifty positions are being eliminated from the Moss plant in Belfast. The company said on Tuesday that it is consolidating its operations and closing part of its facility there.

via Job Cuts at Belfast Plant – WABI TV5.


- Clothing manufacturer Pacific Brands will close its Palmerston North factory next month with the loss of 50 jobs after efforts to sell the factory failed.

via 50 jobs lost as factory sale fails – National – NZ Herald News.


- CORUS’ Engineering Steels last week announced that 379 Stocksbridge employees are to be made redundant in a fresh wave of job cuts.

via Welcome to Look Local.


- Finnish government-owned distiller Altia said Tuesday it had wrapped up a round of statutory cooperation procedure talks, adding 14 people would have to go.

via NewsRoom Finland.


- Smurfit Kappa is to cut 140 jobs from its 173-strong workforce at its paper converting factory in Co Cork.

Staff were briefed by management on the job losses this morning.

via Smurfit Kappa to cut 140 Cork jobs – The Irish Times – Wed, Jul 01, 2009.


- Telecoms giant Nortel has laid off another 150 staff across the UK without redundancy pay.

via BBC NEWS | UK | England | Berkshire | More jobs cut at telecoms giant.


siemens- Siemens is slashing 300 jobs at its IT services operation in the UK.

The company told staff in an internal memo, seen by The Register, that it planned to cut loose 100 ops division roles, 160 project management and consultancy jobs, and 40 finance and head office staff.

via Siemens axes 300 UK at tech services arm • Channel Register.


ing- Financial services group ING is to merge all its insurance operations under the Nationale Nederlanden flag, meaning long-established names such as RVS will disappear.

The reorganisation will cost 800 jobs over the next three years but ING said it hopes to largely avoid compulsory redundancies.

via DutchNews.nl – ING to merge insurance, cut 800 jobs.


- The owner of Gala Coral who owns Coral bookmakers and Gala bingo and casino is cutting 300 jobs as a result of shutting another 5 bingo clubs! The company has reorganised itself and increased its efficiency meaning over 180 administrative jobs have been cut which includes both finance and marketing positions.

via Gala cut 300 jobs! : Gaming Alerts.


virgin-atlantic- Up to 600 jobs at Sir Richard Branson’s Virgin Atlantic airline are under threat as the airline cuts back on its services this winter – just as arch-rival BA seeks to axe 4,000 jobs.

via 600 jobs to go at Sir Richard Branson’s Virgin Atlantic as BA seeks to axe 4,000 | Mail Online.


- Trinity Mirror (LSE: TNI) has revealed plans to shut 12 newspapers in the Midlands, axe “approximately” 94 jobs and shut two offices as part of the company’s plans to save £25 million this year.



- Hiring News and News You Can Use-



- The Oshkosh Corp., will get up to $12 billion to make thousands of armored vehicles which the Pentagon urgently needs in Afghanistan.

Oshkosh out-bid three competitors to build the Army and Marine Corps’ MRAP all-terrain vehicles.

via Oshkosh Corp. wins multi-billion-dollar contract to build military vehicles needed in Afghanistan | New Richmond News | New Richmond, Wisconsin .


- CHICAGO (Reuters.com) — In the past five years, roughly half the new hires at manufacturer Handi-Ramp have been recruited from the online city networking site Craigslist. For those battling to contain costs, it’s becoming an increasingly popular way to recruit staff.

via Help wanted: Recruiting on Craigslist – 5WPR.


- USIS, a provider of security investigations to the federal government, is hoping to hire 200 field investigators in the next three months.

via USIS hiring 200 investigators – Washington Business Journal: .


- Atlanta – H&R Block, the company known for its tax preparation services, announced Wednesday that it is hiring for several positions in the Atlanta area.


Mike: That’s it for today and it was a much busier day that I expected with the July 4 holiday weekend almost upon us. Tomorrow brings us the weekly Jobless Claims report and the monthly Employment Situation report. Till then………………….


Tom Toles

Tom Toles



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