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.

via News Analysis – Critics Cast Doubt About Obama Recovery Plan – NYTimes.com.

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.

via U.S. consumers’ mood sours in early July: survey – Yahoo! Finance.

 Gary Varvel

Gary Varvel

- Larger layoff announcements and important economic reports:

Navigation links to today’s stories:

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

cisco-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.

via Cisco cutting up to 2,000 jobs-analyst | Reuters .

- General Economic News -

- 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.

via Report: AIG asks gov’t to approve bonus payments – Yahoo! Finance.

- 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.

via Canada Pares Less Jobs Than Expected, Joblessness at 11-Yr High – Bloomberg.com.

- 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.”

via China’s June exports down 21.4 percent – Yahoo! Finance.

sprSprint 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.

via Sprint outsources U.S. phone operations to Ericsson.

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.

- Government Layoff News -

- 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.

via Santa Cruz County sends layoff notices to 50 employees – San Jose Mercury News.

- Teacher assistants will be laid off; up to a $250,000 savings, bringing the deficit to $166,000

via D-Y begins more layoffs: Up to 40 teacher assistants will lose jobs – Dennis, MA – Wicked Local Dennis.

- 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.

via Mt. Vernon Register-News – Health dept. employees losing jobs.

Walt Handelsman

Walt Handelsman

- Officials said 20 Belmont County Job and Family Service workers will be laid off in the coming weeks.

via 20 Workers Laid Off At Belmont County Job/Family Services – News Story – WTOV Steubenville.

-In a release issued by Bainbridge City Manager Chris Hobby, the City has laid off 9 city employees.

- US and some Canada Layoff News -

shell- Should the refinery close, about 550 well-paying jobs will be wiped out, along with work for thousands of contractors and suppliers, said

via 550 jobs in jeopardy at Montreal refinery .

osi-pharmaceuticals-logo- 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.

hospital1- 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.

via West Penn Allegheny eliminates 185 jobs to cut expenses – Pittsburgh Tribune-Review.

Mike: It’s going to be a difficult day at newspaper newsrooms throughout the country as the Gannett layoffs take effect.

newspaper5- 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.

newspaper4- 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.

via Tennessean follows through on job cuts | Knowledge | NashvillePost.com: Nashville Business News + Nashville Political News.

newspaper7- 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.

via Courier-Journal layoffs eliminate 44 jobs | courier-journal.com | The Courier-Journal.

newspaper8- 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.

via Gannett eliminating 125 jobs at 6 N.J. newspapers – NJ.com .

newspaper9- 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.

via ‘Republic’ cuts 100 jobs, 20 in newsroom.

newspaper10- 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.

via The News-Press cuts 30 jobs | news-press.com | The News-Press.

newspaper11- The Jackson Sun has eliminated 15 full-time and six part-time positions to offset declines in revenue due to difficult economic conditions.

via 21 positions cut at The Jackson Sun | jacksonsun.com | .

newspaper12- The Democrat and Chronicle announced Thursday that it eliminated 64 positions in a cost-cutting move related to the ongoing economic situation.

via Business briefs | democratandchronicle.com | Democrat and Chronicle.

newspaper13- 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.

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

- – 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.

via Trane Announces Job Cuts in La Crosse – WKBT La Crosse, WI-NewsChannel 8-.

verizon- 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.

via The Associated Press: Verizon Wireless lays off 50 former Alltel workers.

- 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.

via IGT lays off 55 workers in new Reno cuts | www.rgj.com | Reno Gazette-Journal.

- 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.

via Construction company laying off workers.

- According to a release from the Des Moines Register, 36 employees of the newspaper have been laid off.

via Des Moines Register Announces 36 Layoffs – Money News Story – KCCI Des Moines.

- Twenty-four Mansfield division employees learned they lost their jobs early Thursday — and not just to temporary layoffs.

via Gorman-Rupp terminates 24 employees | mansfieldnewsjournal.com | Mansfield News Journal.

gavel4- 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.

via Eckert Seamans Cherin & Mellott lays off 90 lawyers – Pittsburgh Tribune-Review.

- 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.

via Advanta Will Cut 50% of Jobs, Leaving Fewer Than 200 (Update1) – Bloomberg.com.14:24:40

- 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.

via Teleperformance plans to cut 218 jobs in Dublin – Business First of Columbus: .14:25:09

- NCM, a manufacturer of air-filtration components for automobiles and construction vehicles, is closing after nearly 50 years in Grundy Center.

via 86 to lose jobs in Grundy Center plant closing | DesMoinesRegister.com | The Des Moines Register.14:38:41

- The Armour-Eckrich meat plant in Hastings will close July 17, putting 370 people out of work. The company cited market conditions.

via NE StatePaper.com – Hundreds Lose Jobs In Hastings Plant Closing.14:39:14

- Darryll Fortune, global director of public relations for Johnson Controls, said slow market conditions are to blame for the reduction.

via Pennsylvania: Waynesboro manufacturer cuts 15 more jobs.17:59:06

- 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

hospital2- JACKSON, Miss. — The University of Mississippi Medical Center has laid off 15 workers at its facilities in Holmes County.

- International Layoff News -

newspaper6- Nearly 400 jobs at New Zealand Post Group have fallen victim to the recession.

via NZ Post cuts 400 jobs – Surviving the recession – NZ Herald News.

- 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.

via Royal Berks staff redundancies | hc2d.co.uk | Healthcare News | cerner | electronic patient record system | royal berkshire.

- 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.

via 50 frontline police jobs to go as capping approved – News – getsurrey.

- 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

via Public Servant Scotland – Anger at Forth Valley job cuts.

- 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.

via 50 Plymouth jobs face the axe.

- About fifty workers at a Stonehouse engineering factory have been told today that they are being made redundant.


Stonehouse, Gloucestershire firm sheds more jobs.-

gm- 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.

via GM Mexico cuts 300 jobs, sees no more shutdowns | Markets | Markets News | Reuters .14:36:44

- Ukrainian President Viktor Yushchenko has approved an upper limit of 530 on the number of employees working at the Presidential Secretariat.

via Kyiv Post. Independence. Community. Trust. » Homepage » Nation » Ukrainian president cuts secretariat staff by 20 people.14:36:47

- 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.

- Hiring News and News You Can Use-

- 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.

via Saraland call center plans 600 new jobs – al.com.

- Bravo Health Inc. said it will expand its office in East Baltimore and bring more than 200 additional jobs to the city.

via Bravo Health expanding, adding 200 jobs – Baltimore Business Journal: .

- ORLANDO – Hilton Orlando has 650 jobs open for their three new hotels opening this year.

via Hilton Orlando Filling 650 Jobs – Central Florida News 13.

- 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…………….

Don Wright

Don Wright


Mike: Today’s Jobless Claims report shows a marked improvement from last week, but those improvements may have been a result of seasonal distortions in the auto sector. Might as well enjoy that bit of good news, but with continuing claims reaching another record at 6.883 million, any celebration is likely to be muted. More on these numbers later…………….

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.

via UPDATE 1-U.S. jobless claims drop steeply, skewed by autos | Markets | Markets News | Reuters .

Tom Toles

Tom Toles

- Larger layoff announcements and important economic reports:

Navigation links to today’s stories:

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

ibm2- 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.

- General Economic News -

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.

via GM’s Sleepy Hollow Nightmare Shows Perils for Closing Factories – Bloomberg.com.

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.

via June Is Another Weak Month for Retail Sales – NYTimes.com.

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.

via The Press Association: Hays sees no recovery in job market.

Pat Oliphant

Pat Oliphant

- The Government Accountability Office, finds that the $787 billion stimulus package is being used to “cushion” state budgets, prevent teacher layoffs, make more Medicaid payments and head off other fiscal problems.

Gee, who woulda thunk?

via Mish’s Global Economic Trend Analysis: States Use Stimulus Money for Short-Term Needs.

- -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.

via EETimes.com – EE unemployment soared in 2Q to 8.6%.

- Government Layoff News -

- SALT LAKE CITY (AP) – A report shows the state has laid off 71 employees since lawmakers first started cutting the budget last fall.

via State of Utah has laid off 71 employees – KIFI – Idaho Falls, Pocatello, Jackson WY – Weather News Sports-.

- 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.

- US and some Canada Layoff News -

- 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.”

via PPD to eliminate 270 jobs, including some in Wilmington | StarNewsOnline.com | Star News | Wilmington, NC.

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.

via University Hospital cuts 30 jobs, bracing for $100 million cut | Augusta News, Augusta Weather, Augusta Sports, Augusta Community, for Evans, Aiken & North Augusta | Local News .

- AGCO Corp. of Hesston says it will lay off 154 hourly workers this Friday in response to a slumping agriculture market and world economy.

via AGCO of Hesston says it will lay off 154 more workers – WDAF.

- SENECA, S.C. – A company that makes hospital supplies has laid off 119 workers at its South Carolina plant.

via Hospital supplier lays off 119 workers at SC plant – News Wires – CNBC.com.

newspaper3- 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.

via CiN Weekly Staff Canned As Enquirer Lays Off 100 – Cincinnati News Story – WLWT Cincinnati.

- AMES, Iowa (AP) — At least 200 workers will take early retirement as the school deals with budget shortfalls, according to Iowa State University.

via Omaha.com – The Omaha World-Herald: Metro/Region – ISU cuts cost with 200 retirements.

- OKLAHOMA CITY — Four workers at American Heart Association offices in Tulsa and Oklahoma City have been laid off as part of staff reductions.

via American Heart Association in Okla. lays off 4 | AP Texas News | Chron.com – Houston Chronicle.15:06:22

gannett6- 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.

via Gannett lays off 20 at Arizona Republic – Phoenix Business Journal: .15:07:51

- 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.

- International Layoff News -

corus- Steelmaker Corus has confirmed plans to cut a further 366 jobs at its plant in Scunthorpe, North Lincolnshire.

via BBC NEWS | UK | England | Humber | Corus plans another 366 job cuts.

- 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.

via Michelin closed its Mexican retread plant | GreenvilleOnline.com | The Greenville News.

- 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.

via Mondi to mothball SA paper plant, layoff staff .

- Photronics Inc. said Wednesday it would close its manufacturing facility in Shanghai, cutting 75 jobs.

via Photronics shuts Shanghai plant, cutting 75 jobs – MarketWatch.

- Ten Coffee Republic coffee and deli outlets have closed with the loss of 66 jobs, administrators for the firm have confirmed.

via The Press Association: Jobs axed as coffee shops close.

alcatel-lucent- 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.

via Alcatel-Lucent to cut 1,000 jobs in France-union | Industries | Technology, Media & Telecommunications | Reuters .15:01:17

us-steel- 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.

- Hiring News and News You Can Use-

- 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.

via Fluor adding jobs for military work | GreenvilleOnline.com | The Greenville News.

- 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.

via Liberty National Life Insurance to hire 300 in Charlotte – The Business Journal of the Greater Triad Area: .

- The company wants to create 100 jobs over the next five years and carry an average annual payroll of more than $3 million.

Mike Luckovich

Mike Luckovich


Mike: Good day to all. Today we have the results of the latest MBA Purchase Applications and they show some improvement from the previous week’s abysmal numbers. I merely take a look at the numbers below and while refinancing showed a 15.2% improvement from the previous week, that is still about 15% lower than two weeks ago. The four-week moving average is likely to be a better indicator of this report’s trend and that isn’t showing a housing turn-around.

The group’s seasonally adjusted refinancing index rose 15.2 percent last week to 1,707.7, after a 30 percent plunge in the prior week.

Purchase applications, which lagged refinancing demand all through the spring home sales season, rose 6.7 percent last week to 285.6.

On a four-week moving average, which smooths out volatility, the purchase index rose 1.4 percent and the refinance index fell 10.9 percent.

via U.S. mortgage applications climb from 7-month low | Reuters .

And those housing numbers aren’t likely to improve much if this is the trend in employment:

WASHINGTON – Job openings in the United States remained at a record low level in May, indicating that while employers have slowed the pace of layoffs they are still hesitant to add staff.

Openings, or the number of jobs available as a percentage of total employment, remained at 1.9 percent, Labor Department data showed yesterday in Washington. The reading matches that of March and April as the lowest since record-keeping began more than eight years ago.

via Job openings in US remain at record low – The Boston Globe.

Gary Markstein

Gary Markstein

- Larger layoff announcements and important economic reports:

Navigation links to today’s stories:

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

ibm1- INDIANAPOLIS (AP) — Indiana’s privately run welfare project has so many problems that the state could start taking steps to cancel its $1.16 billion contract with IBM as early as this fall, a state official said Tuesday.

Secretary Anne Murphy of the Indiana Family and Social Services Administration said she asked lead vendor IBM Corp. to submit a “corrective action plan” as part of a process that could result in canceling the 10-year deal if promised improvements don’t occur by the end of September. She said she expects to review data from the changes in mid-October.

via The Associated Press: AP Exclusive: IBM on notice over Ind. welfare deal.

- General Economic News -

MBA Purchase Applications
7:00 AM ET

- CHICAGO (MarketWatch) — The volume of mortgage applications filed last week rose a seasonally adjusted 10.9% from the week before, reflecting an uptick in refinancings, the Mortgage Bankers Association reported Wednesday.


Mike: Even our Asian friends that were expecting green shoots are disappointed with the crop so far.

“We haven’t seen clear evidence of the green shoots,” said Sukumar Rajah, chief investment officer at Franklin Templeton Asset Management India Pvt., who oversees $4 billion in equities. “It won’t be easy for the economies of the world to grow at the same rate” before the recession began, he said.

Declining exports resulted in companies cutting 500,000 jobs in 10 industries as the worst recession since the Great Depression forces manufacturers to reduce production, Sharma said, citing a labor bureau survey conducted for the October- December quarter.

via Indian Stocks Tumble as June Exports Slide, Job Losses Mount – Bloomberg.com.

John Deering

John Deering

- Government Layoff News -

- Gov. Pat Quinn today began the process of cutting 2,600 jobs while sending a portion of the budget back to lawmakers with recommendations on how to cut $1 billion to help balance it.

Quinn could have made some of the cuts himself but instead chose to veto a budget bill and leave it to lawmakers.

via Governor orders layoffs – Rockford, IL – Rockford Register Star.

- More layoff notices are on the way for teachers in Grand Rapids. A total of 155 teachers in the district will get the notices. And district leaders say they’re still not sure what the final number of layoffs will be.

via MICHIGAN: More Teacher Layoffs in Grand Rapids (2009-07-07) .

- Four Lee County emergency operations workers lost their jobs this week because of the downturn in the economy and the department’s decision to outsource medical supplies.

via 4 Lee County emergency operations workers laid off | news-press.com | The News-Press.

- The Human Resources De partment, Building and Plant/Purchasing Department, and Clerk and Recorder’s Office each lost one employee. Those employees will receive a month of paid leave.

via The Steamboat Pilot & Today: County lays off three employees.

- The Boston Redevelopment Authority has laid off two dozen of its employees to help fill a $4 million budget shortfall.

via City agency cuts 24 amid $4M budget gap – BostonHerald.com.

- Sheriff Harum says a budget cut of $250 thousand dollars ordered by commissioners will mean two vacant deputy positions will remain unfilled and one patrol deputy will be laid off immediately.

via KPQ -Wenatchee – Sheriff makes staff cuts.

- MISHAWAKA — The city announced Tuesday it will eliminate 35 positions — 10 vacant positions will not be refilled and 25 employees will lose their jobs.

via South Bend Tribune: City of Mishawaka to cut 35 jobs, relocate departments.12:37:18

- The money means 560 inmates will not be given early releases and 45 detention deputies, instead of 93, got lay off notices.

via Unexpected windfall averts some sheriff’s layoffs; 45 to lose jobs | Bakersfield Now | News .16:31:59

- Several City of Rowlett employees will be laid off on Monday.

via Star Community Newspapers.16:37:56

- As the Lakewood transitions to an automated trash collection system, six city positions have been eliminated and following a union vote last week, six workers have lost their jobs.

via Six Lakewood workers laid off following rejected city proposal to union – Lakewood Sun Post – Cleveland.com.16:38:25

- Seventy-six employees of the Board of County Commissioners – including six department heads – are slated to lose their jobs as part of a massive cost-cutting maneuver by county administration.

via Polk County Democrat > News > Local > Polk to Pink-Slip 76 Employees.16:40:04

- Developmental Services Center, which serves children and adults with developmental disabilities, cut 18 jobs Monday and has started cutting services to make up about half of the $1.8 million it’s losing in state grant money.

via The News-Gazette.com: Champaign social-service agencies begin cutting staffs.16:41:30

- Director of human resources at the council Anne Burton announced potential pay cuts – likely to affect blue-collar workers – at a personnel committee meeting last Thursday.

It is understood this will involve 113 workers.

via 113 Reading Borough Council staff face pay cut – News – getreading – Reading Post.16:42:23

- US and some Canada Layoff News -

honeywell- Honeywell Inc., has filed a Worker Adjustment and Retraining Notification (WARN) statement with the Illinois Department of Commerce and Economic Opportunity, announcing that it intends to layoff 148 employees within the next 60 days at two Freeport locations.

- CINCINNATI — Comair employees learned Monday that Delta’s planned cuts for September may mean considerable cuts for Comair as well.

Comair president John Bendoraitis told employees that “additional furloughs among our crews will be unavoidable.”

via Comair Facing Job Losses After Delta Cuts This Fall – Money News Story – WLWT Cincinnati.

- The companies regional terminal manager was there to deliver some bad news. The drivers were told that they were laid off from work indefinitely, also the mechanic and the Maysville, KY. terminal manager were also given layoffs as well.

via Local Truck Drivers for Trucking Company given layoff and terminal will be closed in Maysville KY..

motorola- Motorola (MOT) is cutting 74 positions workers in hits mobile phone division at a facility in Libertyville, Illinois, according to the Chicago Tribune. The cuts were disclosed in a state regulatory filing.

via Tech Trader Daily – Barron’s Online : Motorola Cuts 74 Jobs In Mobile Phone Unit.

- PITTSBURGH – The company that runs Pittsburgh’s public television station has laid off nine employees and says more cuts could be coming because of the poor economy and other budget factors.

via Pittsburgh’s public TV station lays off 9 workers | AP | 07/08/2009.

- Newschannel 3 has learned that Parker Aerospace Hydraulic Systems in Kalamazoo has laid off 50 people.

via 50 laid-off in Kalamazoo | kalamazoo, laid, aircraft – Top Stories – WWMT NEWSCHANNEL 3.

- LCN Closers, one of Princeton’s major industrial employers, announced Tuesday it will lay off 44 employees.

via News Tribune – Business – Business Daily.

- BROOKLIN (NEWS CENTER) — A builder of high-end boats Downeast has had to lay off some employees because it doesn’t have enough orders.

via WCSH6.com | Portland, ME | Boat Builder Lays Off Ten.

- Harland Clarke, a San Antonio-based check products and marketing company for the financial services industry, laid off employees in recent weeks because of the recession.

via Harland Clarke lays off employees.

- The new owners of the Ilikai hotel said they plan to shutdown hotel operations on Thursday, resulting in the layoff of at least 65 workers.

via 65 will be laid off when new owners of Ilikai shut down operations Thursday | HonoluluAdvertiser.com | The Honolulu Advertiser.

- A new product at the Cardinal Glass Northfield plant means production employees will have to reapply for their jobs to avoid 27 layoffs.

NORTHFIELD — More than two dozen employees will be laid off from a local manufacturing plant this summer, a Cardinal Glass official said Tuesday afternoon.

via Cardinal Glass will cut almost 30 jobs on Northfield News.

-A spokesman said no employees in the North Texas area will be impacted by the closing of the French facility, but all 350 plant employees in France will lose their positions as operations are cut.

via Celanese to close subsidiary, cut 350 jobs – Dallas Business Journal: .12:38:23

- MONTGOMERY, Ala. (AP) — Colonial Bank has announced it cut 136 jobs across five states this week, including about 30 positions at Montgomery and south Alabama locations.

via WZTV FOX 17/Nashville.12:38:27

newspaper2- NEW YORK The Times Union of Albany, N.Y., will layoff 15 full-time and three part-time employees, including its business editor, sports editor and reader representative, the paper announced Wednesday.

via ‘Times Union’ Lays Off 15, Including Some Editors .12:39:18

- Monster Worldwide Inc. (NYSE: MWW) has cut 50 jobs at its Maynard facility, part of a layoff that eliminated 160 positions globally, the company reported today. At the same time, Monster will open a new research and development facility in Cambridge’s Kendall Square, and is already recruiting for 80 new technical positions to staff the new center — which can accommodate as many as 170 employees, the company said.

via Monster cuts 160, creates 80 jobs in Cambridge – Mass High Tech Business News.16:30:21

gavel3- According to ATL, the DLA Piper on Wednesday laid off 121 people — 21 lawyers and 100 staffers. The news bring the total number of layoffs at DLA to 440 in the U.S. and U.K.

via Law Firm Layoff Wednesday: Paying the (DLA) Piper Again – Law Blog – WSJ.16:35:30

- VALLEY CITY, N.D. — A company that provides consulting and support for management software has laid off 15 employees in Valley City and five in Pierre, S.D.

via Software company laying off 15 in Valley City | Grand Forks Herald | Grand Forks, North Dakota .16:36:53

- Several Twitter messages and e-mails from Enquirer staffers confirmed that the publication’s staff was laid off Wednesday afternoon. Calls to CinWeekly’s staff members were not answered.

- International Layoff News -

-ANZ Bank has axed a further 248 jobs across the country as part of its strategy to slash the size of its Australian workforce.

- TV rental company Marton Dawes Ltd has gone into administration, making 89 redundancies.

via Redundancies at Martin Dawes as pre-pack administration takes place (From This Is Cheshire).

- A former Nakheel employee said the number of redundancies is nearing the 1000 mark, but Nakheel has rubbished the claims.

via Nakheel confirms redundancies | Business | Construction News | ConstructionWeekOnline.com.

- Bosses say 21 staff members have been put at risk of redundancy as they look to reduce the college’s ‘staffing base’ by nine posts due to changes made to the curriculum and a reduction in student funding in some areas.

via West Notts redundancies ‘not linked to project collapse’ – Mansfield Chad .

- In a statement issued in the last hour, TFL Acting CEO Sakeasi Seru said the restructuring exercise identified a total of 177 positions to be made redundant, following which the company held open dialogue sessions with its staff nationwide.

via FijiVillage.com – Fiji’s home on the world wide web.

gavel2- July 8 (Bloomberg) — Baker & McKenzie LLP, the world’s second-largest law firm by revenue, plans to eliminate 11 percent of its lawyers and professional staff in China because of the “very challenging” economic climate.

- Hiring News and News You Can Use-

- Fifty-four percent of employed Americans plan to look for a new job once the economy rebounds, according to a survey from Adecco Group North America.

The sentiment is even stronger among younger workers. Of those ages 18-29, 71% say they are likely to look for new jobs once the economy turns around, the survey said.

via Job satisfaction at a low point for layoff survivors – Yahoo! Finance.

Mike: Another rather quiet day for larger layoff announcements and hopefully that trend continues tomorrow. Thursday brings the Jobless Claims report.  Till then………………

Scott Stantis

Scott Stantis