Mike: Hello to all.
Today’s much anticipated monthly Employment Situation number will show the extent of job losses and indicate whether the job market is improving or continues to deteriorate. The consensus is that the unemployment rate will increase from 7.6% to 7.9%. As i have mentioned on this site repeatedly, those numbers don’t adequately reflect the extent of unemployment, which is currently closer to 13% than 8%. Many so called analysts think this may be the worst number yet, but then we can expect improvements. Why those improvements are expected baffles me, but I’m no expert.
Mike: As usual, the experts are clueless:
WASHINGTON (AP) — The government says the nation’s unemployment rate bolted to 8.1 percent in February, the highest since late 1983, as cost-cutting employers slashed 651,000 jobs.
AP – Job seekers join a line of hundreds of people at a job fair sponsored by Monster.com on Thursday, …
The Labor Department’s report shows America’s workers being clobbered by a relentless wave of layoffs.
The net loss of 651,000 jobs in February came after even deeper payroll reductions in the prior two months, according to revised figures. The economy lost 681,000 jobs in December and another 655,000 in January.
Mike: Here again are the real unemployment numbers as opposed to the reported reported numbers. I do this on a monthly basis to remind my regular readers that unemployment is worse than reported by the government and to inform my new readers of the same. The following graph from John Williams’ Shadow Government Statistics shows REAL unemployment, or unemployment including “discouraged workers” (which were counted in the unemployment numbers prior to 1998) is over 18%! So when you hear people spout that the unemployment rate of 8.1% is still lower than the 10.8% which occurred in 1983, you will know they are misleading you.
The following graph from John Williams’ Shadow Government Statistics shows REAL unemployment near 18%:
* The SGS Alternate Unemployment Rate reflects current unemployment reporting methodology adjusted for SGS-estimated “discouraged workers” defined away during the Clinton Administration added to the existing BLS estimates of level U-6 unemployment.
Until the Clinton administration, a discouraged worker was one who was willing, able and ready to work but had given up looking because there were no jobs to be had. The Clinton administration dismissed to the non-reporting netherworld about five million discouraged workers who had been so categorized for more than a year.
The Clinton administration also reduced monthly household sampling from 60,000 to about 50,000, eliminating significant surveying in the inner cities. Despite claims of corrective statistical adjustments, reported unemployment among people of color declined sharply, and the piggybacked poverty survey showed a remarkable reversal in decades of worsening poverty trends.
- Microsoft/Google/IBM and other Rumors/News
General Economic News
US and some Canada Layoff News
- Mike: There’s a request to fill a few international auto engineering postions in the Hiring News section:
* Amazon.com’s release of a free e-book reader for the iPhone proves that Apple is simply not interested in the electronic book market, one expert said today.
“It’s a very smart move for Amazon, which first and foremost is in the business of selling books,” said Gartner Inc. analyst Van Baker. “Adding the iPhone [reader] is smart and will solidify their position as the go-to source for e-books.”
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* March 6 (Bloomberg) – The U.S. unemployment rate surged in February to the highest level in more than 25 years and the economy lost more than 600,000 jobs for a third consecutive month, pointing to further reductions in spending.
Payrolls fell by 651,000 and revisions for the prior two months lopped off an additional 161,000 jobs, the Labor Department said today in Washington. The jobless rate surged to 8.1 percent, more than forecast and the highest since December 1983.
* U.S. retailers slashed 39,500 jobs in February as they keep closing stores and getting rid of sales staff amid the spending slump. But the pace of cuts appears to be moderating, another sign that the worst may be behind the industry.
* This all adds up to a total of not quite 1,500 law firm jobs eliminated in a little less than a week. And, of course, the total could well be higher if so-called stealth layoffs were made by other law firms also struggling to cope with dismal economic conditions. Although the Latham layoffs properly are included in last month’s total, it appears that March mayhem is well under way.
* YAKIMA, Wash.- The Department of Social and Health Services is cutting more jobs as our economy worsens. Around 120 notices were sent out to DSHS employees across the region.
* GALVESTON — Galveston public school district trustees Wednesday cut 163 positions, including 99 teachers, in the district’s second round of layoffs.
* The Vallejo school board voted unanimously Wednesday night to issue layoff notices to 248 employees because of an anticipated $8-$11 million deficit in the 2009-2010 school budget.
* By the end of next week, at least 25 Livermore School District teachers will have received preliminary layoff notices in the mail. The notices aren’t an automatic pink slip. The final notification does not happen until May 15. Even then there is a slim chance some positions could be restored by the start of the 2009/10 school year.
* ANAHEIM – The Anaheim Union High School Board voted Thursday to cut 151 jobs as part of an effort to erase a looming budget deficit.
* In the past 12 months, Hernando County has either eliminated or shuffled around 56 full-time employees, representing almost 7 percent of its 759-member workforce, according to county Human Resources statistics.
* Earlier in the meeting, Chambers announced a total of 17 positions for layoffs; only four of those positions are currently filled.
* The Orlando Police Department will cut an unspecified number of jobs as part of a departmental reorganization, city officials said Thursday. OPD employees have been told that jobs will be shed as part of the reorganization, said Sgt. Barbara Jones, a police spokeswoman.
* Six employees have been laid off in Paradise Valley, the first such staff reduction for the town, prompted by a decrease in workload tied to the anemic economy.
* APPLE VALLEY • The Apple Valley Unified School District unanimously voted to issue pink slips to 48 teachers and counselors on Thursday evening.
* Local workers at Gulfstream will be taking up to a month off as part of a work reduction program, according to an announcement Thursday from General Dynamics, which owns Gulfstream. In addition, the company will lay off 1,200 workers (about half full-time employees and half contract employees) at its five locations including Savannah, Brunswick, Appleton, Wisconsin, Dallas,Texas and Long Beach, California.
* CANDIAC, Que. – Komatsu America Corp., a Japanese heavy equipment maker, plans to close its Canadian plant south of Montreal later this year, cutting 245 jobs.
* INDIANAPOLIS — Indianapolis-based Emmis Communications announced Thursday it would trim more than 100 positions from its media divisions.
* FARGO, N.D. (AP) U.S. Bancorp says it has cut 20 positions at its service center in Fargo.
* March 5 (Bloomberg) – Some New York Jets employees have been told to take two weeks of unpaid leave later this year as the National Football League team seeks to trim expenses with the economy in recession.
*Among the cost-saving measures: Senior executives will voluntarily cut back salaries up to 15 percent, cash bonuses of nearly $400,000, and options earned by Ghauri and two divisional presidents were voluntarily forfeited and layoffs of up to 15 percent of he company’s almost 1,000 employees, mostly in Pakistan.
* U.S. Steel is shutting its Lorain Tubular Steel Operations for at least two weeks, laying off about 77 employees.
* Methodist Medical Center will save from $3 million to $4 million this year through layoffs announced Thursday.
* Several of the towns’ larger businesses — including plastics manufacturer Nypro Inc., bookbinding and publishing company Dunn & Co., and the Perkins School — have seen layoffs this year, although not all the major employers are making cuts: Clinton Savings Bank and Weetabix, among others, have no plans to pare their workforces.
* TERRE HAUTE, Ind. (WTHI) – Thursday, the plant manager at Certainteed confirmed to News 10 that about 60 employees will be temporally laid off. About two weeks ago, the company laid off 25 workers.
* Employees of Halliburton Energy Services, one of the largest drilling contractors in Colorado’s Piceance Basin, were laid off Thursday, the company confirmed.
There was no word on how many Halliburton employees were let go.
* REGINA — Evraz Inc. will lay off 75 workers at its Regina steel mill on March 21 — the first layoffs in the company’s steel division in more than 15 years — due to the downturn in oil and natural gas drilling.
* CHARLESTON, W.Va. — KS of West Virginia, an auto parts maker in Silverton, Jackson County, announced it has laid off 19 workers because of a reduction in orders.
* It owns Renewable Environmental Solutions, a Carthage plant that turns turkey processing byproducts into fuel. It laid off almost all of the plant’s 50 workers this week.
* GRAND BLANC, Michigan — General Motors plans to lay off 185 employees at its Grand Blanc Weld Tool Center — one-third of its total workforce there — and there are no promises about when or whether those jobs will return.
* CITING losses stemming from the global economic downturn, the NagaWorld Hotel and Casino laid off 15 Cambodian employees on February 26, Sok Narith, the head of hotel’s 1,000-member union, told the Post Wednesday.
* The companies said they met Thursday with officials of the Canadian Auto Workers Local 1067 to discuss the closing, which they expect by year end. The plant has 165 employees.
* WATERTOWN, N.Y. — Nearly 250 employees of a Watertown medical products plant will all be laid off in the next 12 to 18 months after they were told the plant is closing.
* Many of the jobs held by the 55 employees currently working at the Erwin plant will reportedly be transferred back to the Sanford campus.
“We believe that a vast majority of the employees will be offered the opportunity to continue their employment at Pentair in our Sanford location should they choose,” said Pete Dyke, Pentair Water-Pool’s vice president of human resources.
* Joe Goldcamp, general manager for the Ford City-based Nature’s Blend, said the company laid off 22 workers Friday between the Redbank Valley and Ford City plants.
* More than 120 workers at Crane Plumbing on Erie Street learned yesterday the plant will be closed by May.
* In all, 550 employees at plants in North Carolina and Tennessee are losing their jobs as a result of the closing, including 232 at plants in Belmont. More than 1,200 Gaston County workers are scheduled to lose jobs this month in mass layoffs at Stowe, Freightliner plants, Parkdale Mills and Auto Truck Transport.
* External Affairs Director Kimberly Templeton said five of the Roanoke mu-seum’s 33 full-time employees were laid off Tuesday. One full-time worker will go on contract status.
* With a financial earthquake shaking up the ranks of the world’s biotech companies, Bradmer Pharmaceuticals has opted to cut back as it loses hope in finding new operating capital. Bradmer is cutting 13 jobs–70 percent of its staff
* Dallas-based D Magazine confirmed on the D Frontburner blog that the magazine will be cutting 12 staff positions, approximately 12 percent of its total work force.
* Forest City Enterprises Inc. (NYSE: FCEA, FCEB) has informed 100 people nationwide — half of them in Northeast Ohio — that their jobs will be eliminated, spokesman Jeff Linton said.
* AMHERST – While the University of Massachusetts is trying to answer a projected $46 million deficit without knowing what will be available in federal stimulus benefits, 60 more non-tenured faculty were notified they would not be reappointed for next academic year.
* A high-powered New Haven-based law firm has laid off 14 attorneys, as the recession deals another blow to the legal industry.
* Beverly Hills based interior design and development management firm, Candy & Candy Inc., announced to its staff recently (Monday 2nd March 2009) that it would be making staff reductions across the team.
* CONTINENTAL – Employees at New Millennium Building Systems in Continental will no longer have a job after May 3.
Company officials said it would be closing the Continental plant as part of a consolidation with a plant located in Butler, Ind. Plant Manager Craig Bracken said they were notified of the closing on Tuesday.
* Employment at the Topeka Goodyear Tire & Rubber Co. plant will fall by 200 to 225 employees through buyouts and layoffs.
* FedEx Corp. is transferring 68 Anchorage-based pilots to new assignments elsewhere, a further sign the world economic crisis is beginning to gnaw more deeply at the local economy.
*BRISTOL, Tenn. – Triad Packaging Inc. laid off 12 workers here Monday to offset a downturn in revenues this year, said Mike McFerrin, the company’s chief financial officer and chief operating officer.
* Lufkin Industries laid off 173 oil field division employees Friday, according to company officials.
* ABERDEEN, S.D. (AP) – A Minneapolis-based company, Verifications, says it has laid off 27 people at its three locations in South Dakota.
* “My understanding is that six positions were eliminated in the newsroom and there were layoffs in other parts of the operation,” said Holman.
* Stinson Morrison Hecker LLP laid off 30 staff members on Monday, a group of workers that did not include lawyers.
* Player was one of about 230 ArcelorMittal’s Georgetown plant workers who will be furloughed for several weeks, between Sunday and April 6, as the company deals with the economic downturn. The temporary layoffs will be done in two shifts.
* Pillsbury Winthrop Shaw Pittman laid off 55 lawyers and 100 staff on Thursday, finalizing a move revealed by an indiscreet partner on an Amtrak train last month.
* Another 51 union employees will be laid off from Shelbyville’s Pilkington North America Co. plant by the end of this month, company officials told workers this week.
* Spanish-language radio/television giant Univision changed the format of one of its Houston radio stations Sunday and laid off 19 Houston employees as part of what the company described as a 6 percent cut in its workforce nationwide.
* “We have a total of 93 employees and of those, right now, we’ve got 21 laid off,” Doug Brown said Thursday. “Most of those people would be sewing machine operators and assembly people.”
* Roswell Park Cancer Institute, bracing for a significant loss in revenue as its state funding declines, today laid off 27 employees.
* BAR HARBOR — The Jackson Laboratory will cut its work force by four percent over the next two weeks, in an attempt to combat what managers are referring to as a “challenging financial situation,” lab officials announced Thursday.
* STOCKTON – With the recession continuing to take its toll on newspaper and advertising sales, The Record announced Thursday the layoff of 12 employees from its staff of about 295.
* LeTourneau Technologies announced Thursday afternoon that the company is laying off 118 Longview workers effective immediately.
* Delta Petroleum Corp., which has significant Piceance Basin holdings, laid off several employees this week.
* Inventory and some employees would be moved to other dealerships, but other workers will be laid off, he said. Cannon would not say how many.
* Free Press publisher Bob Cox confirmed Thursday five Free Press employees lost their jobs in the second round of layoffs at the newspaper this year.
via Winnipeg Free Press.
* SUNBURY – Ten managers have been laid off from Knight-Celotex, according to one of the terminated workers, perhaps signaling the beginning of the end for the struggling fiberboard plant.
* The University will eliminate about 60 staff positions by July, as many as half of which may require layoffs.
“At least 30 to 35″ of the cuts will eliminate currently vacant positions, but the rest will be made through layoffs, said Beppie Huidekoper, executive vice president for finance and administration.
* ArcelorMittal has discharged 51 probationary employees at its Burns Harbor facility.
* Deere & Co (DE.N), the world’s largest maker of farm machinery, said on Friday it would lay off 325 people from its construction and forestry divisions due to lagging demand.
* BALTIMORE — M&T Bank will lay off about 29 percent of employees at Provident Bankshares Corp. when the banks merge in May.
M&T Mid-Atlantic Division President Atwood Collins III told The Baltimore Sun that M&T will eliminate 521 Provident jobs and keep 1,305 positions.
* Sir Martin Sorrell has set a target of 2,000 job cuts this year to help WPP, the world’s second largest advertising and marketing company, weather the brunt of the downturn.
* Freemans Grattan Holdings (FGH), the home shopping group, is to axe more than 1,000 jobs as it cuts costs to help it trade through the recession. Its chief executive, Koert Tulleners, told the fashion magazine Drapers: “We are finalising consultations now, but I can confirm we are closing a warehouse in Peterborough, our office in London and a call centre in Bradford. This will affect more than 1,000 jobs.”
* Australian regional lender Bank of Queensland Ltd (BOQ.AX) is to cut 150 positions, or about 10 percent of its staff, by the end of March, the bank said on Friday.
* The National Trust for Scotland, (NTS), has announced that up to 90 jobs could be cut from its workforce, almost a fifth of its full time staff.
* Production of some parts will be transferred to a neighboring plant, and a total of 329 of the plant’s 508 employees will be offered jobs in this and other Faurecia facilities.
Faurecia will help the remaining 179 employees find employment elsewhere.
* Cost cutting will be one theme of the strategic review that National Australia Bank will present to the market next Thursday. The Herald Sun reported that hundreds of full-time equivalent roles in Australia will be axed under the revamp, including contractors and permanent staff.
* Yacht makers continue to feel the economic pinch. Today it was announced that luxury yacht firm, Princess Yachts will be cutting up to 450 jobs. The cuts represent almost a fifth of the workforce.
* RBS international told staff that 90 jobs had to go across its businesses in Jersey, Guernsey, the Isle of Man and Gibraltar.
* Six people have lost their jobs and 20 others face the axe at a flagship Rotorua company as a result of new technology and the recession.
* The Belfast Telegraph has learned that Belfast Education and Library Board’s budget could be down by as much as £7m.
And Ulster Unionist education spokesman Basil McCrea said that he understands there could be up to 40 compulsory teacher redundancies in each education board area in a bid to save cash.
* “We took out more than 60 staff in February and it’s fair to say that we will continue to reduce the headcount in the second half,” said Bannatyne.
* AN ADELAIDE optical firm laying off 95 workers a fortnight after receiving Government funding makes a mockery of Prime Minister Kevin Rudd’s commitment to job security, the Federal opposition says.
* Regional newspaper publisher Archant plans to cut almost a third of editorial staff from its operation in Norfolk as it introduces an integrated editorial system across its Eastern Daily Press and Norwich Evening News titles.
* Toyota Boshoku Group in Thai-land, a leading manufacturer of automobile seats and other interior components, expects to lay off 126 workers as sales are likely to decrease by Bt6.84 billion this year, group chairman Shozo Ishikawa said yesterday.
* Rogers Stirk Harbour & Partners, Zaha Hadid Architects and Gehry Partners have all revealed redundancies this week.
Rogers announced plans to make 35 of his 160 staff redundant on Monday, while Frank Gehry revealed to the LA Times that he has been forced to halve the number of staff working for him over the past year.
* Broking firm Tolhurst says about 30 jobs will be cut as it merges with Patersons Securities, The Herald Sun reports.
* New Delhi: As many as 3,000 employees at NBFC Fullerton India, a Mumbai-based credit company, have been laid off.
Mike: I was asked if I would post the following information regarding positions that need to be filled quickly. I’m still looking to see how to post the Word documents, but if you want further information now, contact Mr. Walia at email@example.com . Take a look and best of luck :
As of now, I will not be able to disclose the name of the company because of confidentiality agreement signed with the company, until the Resume of desired applicants are short listed by the company for further round of assessment.
We are looking for the following profiles, given as under:
Asst General Manager (exterior & interior Design) / Min 12yrs exp / Exp in styling design of Automotive Exterior & Interior from creating concepts, CAD & Clay Modelling etc
Safety Engineer / Min 8yrs exp / Exp in Automotive Component & Crash Safety related testing & development, Compliance to regulatory req, Dummy Calibration, Crash Instrumentation etc
Clay Modeler / Min 15yrs exp / Should have aesthetic sense like sculptor with engineering logic, strong exp in Clay Modeling & managing activities related to Clay Models
JDs for the said positions are attached with the mail, for your kind perusal. Here, I would like to clarify, that we do not charge any service fees/ registration fees/ any other fees from candidates, whether successful or unsuccessful.
You can write to me at firstname.lastname@example.org
These openings are very critical, hence if anyone is interested would suggest an early revert.
* Mike: reader Kelly sent me this interesting piece: 100 CREATIVE, PAINLESS (AND EVEN THERAPEUTIC) WAYS TO DOWNSIZE YOUR LIFE AFTER A LAYOFF , which includes a number of useful tips on how to save some extra cash during those difficult days following a layoff. Take a look and save a few dollars.
Mike: If your organization has any relevant and useful information for the readers of The Layoff List and you would like to see it posted here, send me a note at Mike@layofflist.org.
* Despite the recession and almost daily layoff announcements from major companies, many employers across the country are actually hiring.
Mike: A busy week that ends with an increasing unemployment number. I’m ready for some good news, so let’s end the week with a smile or two……….
WASHINGTON, March 5 (Reuters) – The number of U.S. workers filing new claims for jobless benefits fell more than expected last week, a government report showed on Thursday, but remained at high levels consistent with a severe recession.
The Labor Department said initial claims for state unemployment insurance benefits fell by 31,000 to a seasonally adjusted 639,000 in the week ended Feb. 28 from an upwardly revised 670,000 the prior week.
Analysts polled by Reuters had forecast 650,000 new claims versus a previously reported 667,000 the previous week.
The number of people staying on the benefits roll after drawing an initial week of aid eased by 14,000 to 5.11 million in the week ended Feb. 21, the latest week for which the data is available, from 5.12 million the previous week.
- Northrop will cut up to 750 jobs
- 300 GM Jobs Cut In Defiance Ohio
- Sparton To Lay Off 206
- GM auditors raise doubts on automaker’s viability
- Domtar idles Woodland mill, affects 300 jobs
- Spartech cuts 260 more jobs
- Ciena Cuts 200 Jobs as Sales Plummet
- Borders cuts 742 jobs at U.S. book stores
- General Dynamics plans 1,200 layoffs
- Printer Donnelley to close; job toll is 374
- Microsoft/Google/IBM and other Rumors/News
* LOS ANGELES (AP) — Universal Music Group, the world’s largest music recording company, is in talks with Google Inc.’s YouTube division to create a music video venture, according to people familiar with the matter.
Instead of just receiving licensing fees or a share of ad revenue from the online video site, Universal is seeking an equity relationship on an ad-supported site focused on high-quality music videos, separate from the grainy user-generated fare common to YouTube’s main site.
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The Commerce Department says demand for manufactured goods fell by 1.9 percent in January. While this is better than the 3.5 percent drop economists expected, it marks the sixth consecutive month that orders have dropped..
The Labor Department said Thursday productivity, the amount of output per hour of work, fell at an annual rate of 0.4 percent in the October-December period. At the same time, unit labor costs were surging by 5.7 percent.
* GM says in its report that its auditors cited recurring losses from operations, stockholders’ deficit and an inability to generate enough cash to meet its obligations in raising substantial doubts about its ability to continue as a going concern.
The company said in its filing that its future depends on successfully executing the viability plan submitted to the government in February to justify the loans.
“If we fail to do so for any reason, we would not be able to continue as a going concern and could potentially be forced to seek relief through a filing under the U.S. Bankruptcy Code,” GM said in the annual report, filed with the U.S. Securities and Exchange Commission.
Mike: With most economists being wrong about the state of the economy on the bright side for the past two years, I think that the following prognostication is also on the rosey side. I don’t know how they can predict any improvement when most of these same “experts” couldn’t even predict this current economic disaster. One year in fed-speak is more likely two years in reality-speak.
* WASHINGTON (AP) — The businesses on the front lines of the dismal economy say the recession is getting worse in almost every part of the country, and in a bleak new forecast they see no improvement until late this year at the earliest.
A Federal Reserve snapshot of business activity issued Wednesday showed widespread declines in production, from the factories of Cleveland to the high-tech firms of Texas and California, in blue-collar construction jobs and at white-collar accounting firms.
The survey, known as the Beige Book, rated the prospects for economic improvement anytime soon as “poor, with a significant pickup not expected before late 2009 or early 2010.”
Mike: I wonder if this gesture by Patterson has anything to do with his dismal approval ratings of 26%? At least it’s a gesture that shows the seriousness of New York’s budget situation. I don’t blame Patterson for New York’s mess, but I do blame the rather useless, big spending Democrat legislature for driving the state’s economy into the ground:
* ALBANY – Gov. David A. Paterson is docking his own pay.
With the state facing a budget deficit estimated at $14 billion and the governor under fire for proposing new taxes on everything from music downloads to health club memberships, Mr. Paterson confirmed on Thursday that he is taking a salary cut.
* Boston police will lay off 60 people from the department, 20 civilians and 40 cadets, as of July 1, according to an internal memo from Commissioner Edward F. Davis.
* CHARLOTTE, N.C. — Charlotte-Mecklenburg Schools is revealing a few details about how it plans to cut $5 million that Mecklenburg County is withholding for budget reasons.
School officials said they plan to cut jobs at the central office level by condensing 13 positions into four, which will save the district close to $500,000. But they promise not to lay off anyone inside schools, especially teachers.
* Superintendent Charles Gobron last night presented the Board of Selectmen with a revised fiscal 2010 budget of $16.2 million that will mean eliminating the jobs of two teachers and four aides.
* OVIEDO - Last week, six city employees lost their jobs while others let out a sigh of relief as the Oviedo City Council adopted a new budget proposal that aims to balance the city’s funds and help save the depleting reserve fund.
*Though the 894 job cuts include only two filled positions, state Treasurer Nancy K. Kopp said the diminished prospect of new hires means state operations will be strained. “These cuts are not painless or harmless,” Kopp said. “And there will have to be more.”
* The five-member board unanimously agreed Tuesday to cut 26 certificated employees from next year’s spending plan as well as the equivalent of 6½ full-time workers who don’t have credentials.
* The city of Fernley says it will lay off 14 workers to try close a $455,000 budget shortfall.
* Northrop Grumman Aerospace Systems, created by the recent merger of the aerospace giant’s business sectors in El Segundo and Redondo Beach, will cut up to 750 jobs in coming months.
* General Dynamics Corp. lowered its full-year outlook Thursday and said it would layoff 1,200 workers and rollback its business-jet production rate because of a deteriorating backlog. The Falls Church, Va., aerospace company said it now expects to deliver 73 of its large-cabin and green-aircraft in 2009, versus the 94 previously expected.
* WASHINGTON (AP) — General Dynamics Corp. says plummeting sales of business and personal jets has forced it to cut production of the luxury planes, leading to layoffs of 1,200 workers and a reduction in company profit guidance for the year.
* General Motor’s officials announced 300 lay offs. Two hundred forty people are cut permanently and 60 more have been laid off temporarily.
* TORONTO, March 4 (Reuters) – Aluminum producer Alcoa Inc (AA.N) plans to chop payroll costs by 15 percent at its Canadian smelting operations in Quebec, a company spokesman said on Wednesday.
Alcoa, which like the rest of the aluminum industry has been stung by a sharp drop in prices, will cut management salaries starting next month and plans to negotiate lower wages or fewer hours worked with unionized workers.
* ANCHORAGE, Alaska – ConocoPhillips is eliminating 80 jobs in Alaska.
A spokesman tells the Anchorage Daily News that 40 Alaska employees will receive severance packages, and another 40 will be transferred.
* Faced with a dramatic drop in revenues, the Minneapolis Institute of Arts took steps Wednesday to trim $1.7 million from its operating budget by eliminating 6 percent of its staff and reducing executive salaries immediately, and cutting its exhibitions and programs by as much as 20 percent next year.
* The Toronto Star, Canada’s biggest daily newspaper, has laid off almost 40 employees in its advertising department as it copes with an ad market downturn and a weak economy, union officials said on Wednesday.
* FORT SMITH, Ark. — Riverside Furniture will eliminate 58 more jobs from its Fort Smith and Russellville facilities. This comes after the manufacturer announced 250 layoffs — about half its work force — last November.
* Sprint Nextel Corp. decided to close its network operating center in Reston, which will cause nearly 100 employees there to lose their jobs.
* KEARNEY, Neb. (AP) - Good Samaritan Hospital in Kearney plans to eliminate 35 jobs and end a residential program for teen girls at its Richard Young mental hospital.
* Baltimore-based Vertis Communications has closed a printing plant in Belcamp in Harford County, laying off 105 workers, the advertising and marketing company said today.
* In all, 25 people were let go Wednesday morning. Many say they knew the plant was in trouble when it filed for bankruptcy in January, but it didn’t make the news any easier to swallow.
*WebMediaBrands Inc.– the MediaBistro and Internet.com parent-company better known by its former name, Jupitermedia — laid off 60 employees yesterday. That’s about 25% of WebMediaBrand’s workforce.
* The latest local firm to lay off personnel is Stinson Morrison Hecker, which on Monday let about 30 people go.
* MASON CITY, Iowa – The Holcim cement plant, one of Mason City’s oldest industries, is closing because of hard economic times.
The company, which traces its history back 100 years, says it will close at the end of August. It employs 165 people.
* Eaton Corp., the Cleveland-based maker of circuit breakers and fuel pumps, plans to shutter a Pennsylvania plant for one week and lay off some of the facility’s 437 workers.
* Mid-Michigan takes another hit – and 200 jobs will vanish.
Sparton Corporation announced it’s closing its Jackson plant.
The shutdown will happen before July, meaning the workers at the struggling electronics company will soon be out of a job.
* About 300 work at the plant of which approximately 250 are unionized, according to the company. The union disputes these figures. Officials state the number of union employees is close to 300 while the number of non-unionized workers is closer to 75.
* QUINCY – Sierra Pacific Industries is closing its small-log mill in Quincy, eliminating about 150 jobs in this Plumas County town.
* Cuyahoga Falls — Aluminum wheel production will screech to a stop later this year at the Accuride facility on Marc Drive.
* A company that owns Four Nevada casinos is cutting jobs and expenses to stay afloat.
* Nelson Pine Industries says 60 jobs are to go from its 265-strong workforce.
* WinAir Airlines has announced that they will be cutting some of their routes, which will ultimately result in job cuts as well.
During this process, some 14 jobs will go and Hodge noted that it all forms part of his company’s attempt to “reshape and strengthen”, as they face the effects of the global economic downturn.
via Antigua Sun.
* OTTAWA, March 5 (Reuters) – Canadian forestry firm Domtar Corp (UFS.TO) (UFS.N) said on Thursday it will idle its Woodland pulp mill in Baileyville, Maine, for an indefinite period, affecting 300 employees.
* Spartech is cutting costs by $50 million so it eliminated about 260 additional jobs across the businesses including the closure of a portion of its Donchery Sheet extrusion operation in France. That’s in addition to 440 other job cuts last year.
* Equipment firm Ciena Corp. (Nasdaq: CIEN), which has been trying to allay fears of a market slump, reported worse than expected sales and earnings today, prompting an immediate round of cost-cutting that will see 200 staff, about 9 percent of its total workforce, made redundant.
* Designer and manufacturer of high-precision health and security imaging equipment, Analogic Corp. (ALOG: News ), Thursday, reported a decline in its profit for the second quarter, despite an increase in revenue. Analogic also announced a 9% reduction of its worldwide workforce impacting about 145 employees.
via RTTNews – Latest Earnings,Upcoming Earnings, Pos Pre Announcements, Pos Pre Announcements , Positive Surprises, Negative Surprises, Hot Stocks, Stock Split Calendar, Stock Buybacks, Dividends, Negative, Positive PreAnnouncements,Surprises …. .
* ARTHUR- More job cuts are hitting a small Douglas county town. Wednesday, Progress Tank Plant, in Arthur sent people home with pink slips. About 10 people lost their jobs today. Other workers are being asked to cut their hours down to a 4 day work week.
via Job Cuts in Arthur.
* CHICAGO, March 5 (Reuters) – Borders Group Inc (BGP.N) cut 742 positions at Borders and Waldenbooks stores on Thursday as it tries to trim management levels and reduce costs.
* The Fort Worth Star-Telegram newspaper will be cutting 12 percent of its staff, approximately 120 positions, and reducing salaries to deal with “unprecedented revenue declines due to the economic recession,” the paper confirmed by posting a memo from Publisher Gary Wortel online.
* SANTA CLARITA VALLEY, CA — Carwashes here are getting hit by the economic slump, and Randy Cressall, chief operating officer of Valencia Auto Spa, said the cutbacks have had significant impact on his business, and his staff has been reduced from 55 to 38 employees, The Signal reported.
* SCOTTS VALLEY, Calif. — Seagate Technology says it is cutting 20 percent of its vice presidents and other top executives on top of its previously announced layoffs in an effort to cushion the blow of plunging hard-drive sales.
* Amex Assurance announced Thursday that 72 workers will be laid off. Those job cuts will be permanent.
* About 68 employees at the Coca-Cola shared service center in Brandon will lose their jobs by May 20, according to a notice filed Thursday with the Florida Agency for Workforce Innovation.
* The Fresno Bee plans to layoff up to 26 of its 90 rank-and-file newsroom employees to cut costs if union members do not agree to a salary reduction plan, the newspaper reported this week. Meanwhile, its sister paper in Texas, the Ft. Worth Star-Telegram, said it is cutting staff.
* All told, Kmart will let go 166 employees due to the closings, according to filings with the state of Ohio. Of those, 47 employees work at Kmart’s Madison store, 61 work at a Kmart that’s closing in Bryan and 58 are being let go due to a store closing in Perrysburg.
* U.S. Cellular is planning to close 10 stores in the Midwest this year, with a location at Clark Street and Wellington Avenue in Chicago shuttering by March 16, according to an internal memo.
* WELLS — RR Donnelley plans to close its printing plant here in June because of the economic downturn, putting 374 people out of work, company officials announced Wednesday.
* Mayor Bob Willey says a letter to town officials received Tuesday did not explain why the plant, which employs about 200 people, would close on April 25.
* Waterford’s largest private sector employer Bausch & Lomb is to cut 195 staff from its workforce and keep the remaining staff on short-time working until the end of April at the earliest.
* Three expatriate workers and one Bermudian were let go from the firm last week, a LOM spokesperson confirmed yesterday.
* French automotive parts supplier Faurecia (EPED.PA) will shut its loss-making Auchel plant in Northern France by end-2010, cutting 179 jobs, it said on Thursday.
* Serbia’s state-owned airline JAT Airways will cut about half its workforce this year to cope with the effects of the economic downturn, its general manager told the state news agency Tanjug on Thursday.
* EAST Midlands Trains has announced this morning that it is to cut 162 jobs in a bid to beat the credit crunch.
* CLSA Asia-Pacific Markets, the regional brokerage unit of Credit Agricole SA, has cut about 90 jobs as the deepening global recession curbs demand for financial services, said Chief Executive Officer Jonathan Slone.
via Bloomberg.com: Asia.
* An expected surge in salmon industry layoffs appears to be taking shape now that southern Chile’s salmon companies – after prematurely harvesting their stocks – are reportedly running out of fish to process.
Chilean-owned Cultivos Marinos this week issued pink slips to approximately 370 contracted workers in its Ancud, Chiloé processing plant. The company let another 150 seasonal workers go last week.
Mike: reader Kelly sent me this interesting piece: 100 CREATIVE, PAINLESS (AND EVEN THERAPEUTIC) WAYS TO DOWNSIZE YOUR LIFE AFTER A LAYOFF , which includes a number of useful tips on how to save some extra cash during those difficult days following a layoff. Take a look and save a few dollars.
Mike: If your organization has any relevant and useful information for the readers of The Layoff List and you would like to see it posted here, send me a note at Mike@layofflist.org.
Mike: More as the day develops.…………….
Tags: COBRA, cut jobs, economic, employment, factory closing, firing, hiring, job loss, jobs cut, laid off, layoffs, plant closing, positions eliminated, redundancies, staff cuts, unemployment, workforce reduction
March 4 – Tyco Electronics announces 20,000 layoffs – 30,000 government jobs lost in PR – GM Opel may cut 3,500 jobs – Rheem closes the doors on 1200 – Sony Entertainment to cut 300 – Private sector cuts 697,000 jobs in February – 1,200 jobs cut at Windsor Chrysler plant – U.S. Steel to lay off 1,500 in Canada
* Republican lawmakers in the Missouri General Assembly said they’d rather turn down $133 million in federal stimulus money than expand unemployment benefits past 26 weeks and offer them to part-time workers.
“We do not think that we should be held hostage by the federal government,” said Rep. Kevin Wilson, R-District 130. “We made a commitment to not having a lasting tax on small businesses just so we can get short-term benefits.”
* By a vote of 83 to 72, the House voted to repeal campaign contribution limits, opening the door for special interests and certain retired billionaires with a love of educational vouchers to pour as much money into political campaigns as they can. (Mike: Mr. Wilson, quoted in the above article to limit unemployment benefits, voted to remove campaign contribution limits. I don’t think he was considering the campaign contributions he was getting from the unemployed.)
Mike: Mr. Wilson had no problem receiving contributions for Missouri Insurance Coalition, Missouri State Teachers Association, Freeman Physicians Group, Missouri Medical PAC, Eli Lilly and Company, Northport Health Services of Missouri LLC, or AT&T Missouri. This link is a PDF to one of his campaign contribution pages. This link is a PDF to another of his campaign contribution pages. As you can see, there are no contributions from the unemployed lobby. Mr. Wilson is also a member of a a few Chambers of Commerce, which are certainly not in favor of increased unemployment benefits. Mr. Wilson has no problem taking money from big lobbies, but has a tough time giving a few extra bucks, temporarily, to the unemployed. Mr. Wilson is not a friend of those who need it, but a friend of those who have it.
If you are interested in contacting Mr. Wilson, here is his email address: Kevin.Wilson@house.mo.gov
* Larger layoff announcements and important economic reports:
- Tyco Electronics announces 20,000 layoffs
- 1,200 losing jobs as Rheem plant closes
- Sony reportedly to cut about 300
- 250 Jobs To Be Cut At Owens Corning
- U.S. private sector cuts 697,000 jobs in February
- Bloomberg.com: O’Melveny & Myers fire 300
- 1,200 jobs cut at Windsor Chrysler plant
- U.S. Steel to lay off 1,500 in Ontario, Canada
- GM Europe head reportedly says Opel may cut 3,500 jobs
- ADC to cut 600 jobs
- Comverse to lay off hundreds
- ITV axes 600 jobs
- Bloomberg.com: Kloeckner to cut 700.
- Novelis to shut UK mill, cut 440 job
- Flextronics to Sack 1400 in Malaysia
- Microsoft/Google/IBM and other Rumors/News
General Economic News
US and some Canada Layoff News
* BOCA RATON — IBM and ADT are among many U.S. companies that have slashed payrolls to weather the global financial crisis.
But for some workers in Palm Beach County, the cuts hit home: Both companies have offices in Boca Raton that have been affected by the cutbacks.
* Consumers may be stashing away their credit cards during this deep recession, but Apple is not changing its game plan. It announced a slew of product updates to its desktop computer line Tuesday with only modest price cuts.
* WASHINGTON (AP) — For key moderate Democrats in the House, giving debt-strapped homeowners the right to seek mortgage modifications in bankruptcy court had to be a last resort.
So they wrote a compromise to a housing bill that requires bankruptcy judges to consider whether banks offered homeowners reasonable loan restructuring deals before they weigh in with judicial remedies.
The new language is expected to ease the bill onto the House floor for a vote as early as Thursday.
Mike: I keep wondering what these economists and analysts are smoking that makes them miss their own expectations so badly:
* NEW YORK (Reuters) – U.S. private sector job losses accelerated in February, according to a report by ADP Employer Services on Wednesday that came in worse than economists’ expectations.
ADP said private employers cut 697,000 jobs in February versus a revised 614,000 jobs lost in January. The January job cuts were originally reported at 522,000.
It was the biggest job loss since the report’s launch in 2001.
Economists had expected 610,000 private-sector job cuts in February, according to the median of 23 forecasts in a Reuters poll.
* Toyota could introduce a three-day week across Europe as it reduces output but remains committed to work-sharing rather than cutting jobs.
The Japanese carmaker expects sales in Europe to fall by 30 per cent this year – a far bigger drop than predicted elsewhere – and said that it would substantially reduce output but not close facilities.
Mike: I guess the news of a possible Chinese stimuls plan is good news, but what are the Chinese going to do with their stimulus package, buy American, buy European? The previous $600 billion Chinese stimulus plan must have been a failure, but this one will be better. The world markets seem in a better mood with the “hope” of a Chinese stimulus plan than with the actual American stimulus plan. Odd times.
* LONDON (AP) — Stock markets in Europe and Asia rebounded Wednesday amid mounting hopes that China will soon announce a big stimulus package that could help limit the length and depth of the recession in the industrialized world.
A legislative meeting starts Thursday in China and top of the agenda is what the government can do to lift growth rates, which have fallen in the wake of the global economic downturn. As one of the few major economies still expanding, China is being closely watched amid hopes its demand and trade can help the world weather the most severe global slowdown in decades.
* Seasonally adjusted unemployment rates in Central Oregon increased in January. Individual county rates ranged from 12.0 percent in Deschutes County to 14.9 percent in Crook County. The state rate also rose, from 8.3 percent to 9.9 percent.
* EDENTON — Twelve Chowan County workers will lose their jobs while the remaining county employees will be forced to take two days of unpaid leave a month under a budget-slashing plan approved this week by Chowan commissioners.
* ROANOKE RAPIDS — City government will reduce its workforce by 10 people, reduce part-time employee hours, trim some services and institute an unpaid furlough program for nearly every municipal worker, the changes are to offset a shortfall in revenue of more than $600,000.
* Child Guidance & Family Solutions of Summit County announced today that it will reduce its staff by 20 employees, close one of its seven sites and eliminate several programs due to cuts in state funding.
* YOUNGSTOWN — Mahoning County Prosecutor Paul J. Gains has laid off two part-time assistant prosecutors and a full-time clerk to achieve about $150,000 in annual savings, but he said he hasn’t considered a pay cut for all members of his staff.
* FLEMING ISLAND – Less than 24 hours after the Clay County School Board cut more than 490 jobs — including 270 teaching positions — for next school year, parents and teachers began planning a rally to raise public awareness about the situation.
* Freehold Township officials have announced a plan to eliminate 20 positions this year. Nine of the 20 positions to be eliminated are currently vacant or will be vacated in 2009 through retirements.
* BOLIVIA, N.C. – Brunswick County Commissioners approved budget cuts at Monday night’s meeting that included the elimination of about 20 open positions.
* School trustees Thursday night unanimously approved a set of 46 budget reductions including cutting 40 classified and administrative jobs to make up for a $4.4 million shortfall expected for the 2009-10 school year.
* The board of trustees of the Lucia Mar Unified School District voted Tuesday night to layoff 120 teachers to help offset budget shortfalls for the next school year.
* Mike: Hat tip to reader Colette: Tyco Electronics told employees this morning of the first wave of layoffs that will eventually result in the loss of 20,000 Tyco jobs by the end of the fiscal year that ends in September. The layoffs would amount to 20 percent of the Tyco workforce.
* Undated — The Pennsylvania-based electronic company announced this week they will cut an additional 20,000 positions worldwide.
Tyco Electronics, formerly partnered with Tyco International, plans to eliminate the jobs by the end of their fiscal year in September.
* SAN JUAN, Puerto Rico (AP) — More than 30,000 government employees — about 14 percent of the public work force — could lose their jobs and new taxes will be introduced as Puerto Rico attempts to shore up its ailing economy, the governor of the U.S. island territory announced Tuesday.
In a half-hour televised address, Gov. Luis Fortuno outlined a plan to cut a long-bloated work force — excluding police officers and teachers — and institute new taxes to increase revenue on the cash-strapped island, which is in its third year of recession. The layoffs will begin on July 1, the start of the new fiscal year.
* Jonas Young, president of the United Steel Workers Union Local No. 9326, said the closing of the plant, which opened more than 30 years ago and employed 1,200, wasn’t entirely unexpected. As early as 2006, workers saw signs of stress: Overtime and regular hours were cut and seasonal employees were nixed, he said.
* The nation’s second-largest timber producer made the announcement late Monday. About 150 employees will be laid off as a result of the closure. Approximately 160 workers will remain employed at Sierra Pacific’s large-log facility and biomass electrical generation plant in Quincy.
* Chrysler is cutting a shift, and 1,200 jobs, at its major minivan operation in Windsor.
The sputtering auto giant, which is operating on a lifeline of government loans, announced today that it will eliminate the shift in late June because of deteriorating market condition including a decline in minivans in the key U.S. market.
* U.S. Steel Corp. announced Tuesday that it would further scale back operations, affecting about 1,500 workers.
In the next month, the Pittsburgh-based company (NYSE:X) will idle its finishing and coking operations at Hamilton Works and the steelmaking and finishing operations at Lake Erie Works, both in Ontario. Coking production, the baking of coal to create the steel ingredient coke, will continue at Lake Erie Works, the company said.
* To offset the downturn in sales, CEO Frank Martin said the company cut its headcount in January and slashed other annual expenses to the tune of $1 million. The size of the layoff was not disclosed. NMT had roughly 120 employees in mid 2008.
* Heil officials said Tuesday it will lay off about 80 employees this week.
According to Heil spokesperson Kristen Simpson, many of the layoffs will happen at Heil’s Fort Payne plant.
via The Times-Journal.
* About 250 local people will be losing their jobs within the next two weeks at the Amarillo Owen’s Corning facility.
* White Electronic Designs Corp. will shut down its West Side plant and lay off all 56 workers, the company said.
* Parent company CTV Globemedia Inc. announced 34 layoffs at Ottawa’s “A” channel, as part of a restructuring that will see 118 jobs slashed at newsrooms across the country.
* GRENADA, Miss. (AP) – Luvata Grenada has laid off about 100 employees.
Luvata manufactures aluminum coils to be used in cooling devices.
* A financial services staffing firm has laid off 80 employees at its Hanover headquarters, part of 1,000 jobs the company cut nationwide.
Allegis Group, which recruits workers for accounting and finance, banking, human resources, and sales and marketing firms, is the latest victim of a stagnant economy, said Neil Mann, the company’s executive vice president.
* LOGAN, Utah (ABC 4 News) – 20 Utah State University employees got pink slips on Monday, the result of a workforce reduction announced last September to help the school meet a $6.5 million budget shortfall.
* The news everyone had been dreading was delivered Tuesday morning when 261 staff with Vale Inco in Sudbury were told they were being laid off.
* Sony Pictures Entertainment, grappling with slumping DVD sales and a worsening economy, plans to cut about 300 jobs, or about 4% of its workforce, through layoffs and by eliminating open positions, according to a person familiar with the situation.
* Comet is to close four of its 18 service centres and consolidate several of its head office roles, resulting in the loss of 280 jobs, the firm has revealed.
* The bleeding of East Texas industrial and manufacturing jobs continued Monday with the announcement that 300 jobs with CB&I would be eliminated this year in Tyler, taking away almost half of the company’s local work force.
* Diageo North America, the world’s largest drinks company and one of Norwalk’s largest employers, announced on Tuesday it will cut 150 jobs in North America as part of an organizational restructuring, company officials said.
* Forty-eight people in the London area or about 35 per cent of staff were issued layoff notices yesterday.
* Officials with the Missouri Career Center said Tuesday that they had been told of layoffs involving 49 workers at the plant that converts animal products into oil products and fertilizer.
* OSHKOSH, Wis. – The Oshkosh Sears Grand will close May 31 as one of nine stores nationwide that the retailer is shutting down.
Sears, Roebuck & Co. advised the state Department of Workforce Development that it will close the Oshkosh store, resulting in layoffs for 77 work
* Acusphere Inc. said it plans to cut 40 jobs, two-thirds of its workforce, by April and move its headquarters from Watertown to Tewksbury. The drug development company said employees would be let go in all departments, including manufacturing, quality systems, drug development, regulatory, finance and administration.
* President and chief executive officer Ellen Rosenthal says the museum in Fishers has cut 19 jobs and trimmed its budget by $500,000. Six employees were laid off while 13 others left voluntarily.
* FirstEnergy Corp. has eliminated 48 nonunion jobs in its Lehigh Valley and New Jersey divisions as part of a companywide downsizing.
* Silicon Graphics reported eliminating about 120 jobs, or about 9 percent of its staff, on Feb. 26. The move was part of an “ongoing effort to refine its focus, streamline its operations and reduce costs.”
* The Fresno Bee announced on Tuesday it plans to lay off nearly 25% of its newsroom employees. In an article in the paper, The Bee said that between 21 and 26 “rank-and-file” newsroom employees will be let go.
* O’Melveny & Myers LLP and Dewey & LeBoeuf LLP, two of the 20 largest U.S. law firms, said they would fire about 330 lawyers and staff as legal work remains slow because of the economy.
* Home Depot Inc. is laying off nearly 200 employees at its two closing Expo Design Center stores in Maryland.
* Some ConocoPhillips employees in Bartlesville and Ponca City received the proverbial pink slips Wednesday morning as the Houston-based energy giant started the process of cutting 4 percent of its 32,000-strong worldwide work force.
* ConMed Corp. notified the state that it would lay off 58 employees and close its Broad Street plant on Friday, May 29.
* HAWESVILLE, Ky. (AP) — A western Kentucky aluminum plant will reduce production and lay off 120 workers.
Century Aluminum of Kentucky made the announcement about its Hawesville plant Tuesday and said the changes would begin immediately.
* FRANKFURT (Reuters) – General Motors’ (GM.N) German unit Opel could slash 3,500 jobs as part of a plan to cut costs and relaunch as an independent company, GM Europe head Carl-Peter Forster told Bild newspaper.
* Network equipment maker ADC Telecommunications Inc (ADCT.O) posted better-than-expected quarterly results on savings from cost reduction initiatives and said it would cut more jobs.
* Kloeckner & Co. SE, a German steel trader, doesn’t plan to pay a dividend for 2008 and will slash an additional 700 jobs as it seeks about 100 million euros ($125.7 million) in cost savings this year.
* The broadcaster announced it was axing 600 jobs and making other ‘significant’ savings aimed at cutting costs — including reducing drama output from eight hours a week to seven.
* Pacific Brands is proposing to close its Christchurch and Palmerston North factories with the loss of 89 jobs.
Workers at both plants were told of the the company’s plans at a meeting at 2pm today.
* In a new wave of layoffs, Comverse Technology Inc. (Pink Sheets: CMVT.PK) will reportedly cut about 400-500 employees from its workforce. The cuts will include workers in Israel, though it is not known yet how many Israeli employees will be cu
* “Today we notified 86 of the 102 employees in the Volition quality assurance department that they will be let go. Our quality assurance will now be primarily conducted through THQ’s centralized QA facilities, with a small staff remaining on-site in Champaign.”
* Clifford Chance is looking to lay off up to 115 business services staff in London after a review of its support staff needs.
* Finnish engineering group Metso said in a statement it had finished a round of statutory cooperation procedure talks at its mineral processing division, adding 112 jobs would be cut in Helsinki and Tampere and up to 1,000 further workers laid off temporarily.
* The financial and consultancy firm KPMG has confirmed plans to lay off 200 of its workers.
The firm made the announcement at a meeting with staff in the Mansion House in Dublin this morning.
* Goldman Sachs JB Were, the Australian arm of investment bank Goldman Sachs (GS.N: Quote, Profile, Research), may cut up to 5 percent of its workforce this year, a source familiar with the matter said on Wednesday……….
Goldman Sachs JB Were employs about 1,300 people, of which the vast majority are in Australia. It has a small number of staff in New Zealand, the UK and the U.S.
*TOKYO: Electronics giant NEC Corp. said Wednesday that it was closing a liquid crystal display plant and cutting 590 workers by voluntary retirement to cut costs.
* IKB Deutsche Industriebank AG, Germany’s first casualty of the subprime-mortgage crisis, said it will cut jobs and shrink its balance sheet as new owner Lone Star Funds seeks a return to profitability.
* More than 70 jobs will be cut from the Government’s tertiary education funding body if the latest restructuring proposal goes ahead.
* EIGHTEEN jobs are to go at a Derbyshire council in an effort to plug a £2m forecast budget deficit.
* Random House has announced plans to axe 5% of its UK workforce—an estimated 30 jobs. The cuts are to be made through a combination of redundancies and leaving existing vacancies unfilled.
* KUALA LUMPUR — Flextronics International will close its factory in Shah Alam, putting nearly 1,400 employees out of work, Reuters reported today.
* In a statement on Wednesday, Novelis said the plant would shut by April end and 440 jobs would be slashed.
* A group of Internet-based graphic designers has launched GraphicDesignFreelanceJobs.com (http://www.graphicdesignfreelancejobs.com), a new website to help graphic designers find their next paying freelance graphic design job. GraphicDesignFreelanceJobs.com gives freelancers free access to hundreds of current freelance graphic design jobs.
* ELLENWOOD, Ga. — QuikTrip cut the ribbon Tuesday on a new bakery that will bring 227 jobs to Clayton County.
* The planned rebuilding of Interstate 595 is giving renewed hope to unemployed South Floridians who covet the thousands of jobs the $1.79 billion project is expected to generate.
The state expects to sign a contract with Spanish construction conglomerate ACS Infrastructure Development within the next week.
Once that happens, the frenzied task of filling jobs will begin.
Florida’s jobless rate topped 8 percent in December, the highest level in 16 years, according to the latest figures available. The biggest job losses continue to be in construction, which is why the I-595 project is so attractive to anyone who has worked in the industry – in management or operating heavy equipment.
* For those who may have been victims of recent layoffs, FedEx Office is offering one day of free resume printing.
On March 10, the FedEx Corp. subsidiary will offer up to 25 free copies of resumes submitted and picked up inside a store for customers currently job hunting.
Mike: A very busy day with layoff announcements arriving all day and there are still some I have missed that will have to wait until tomorrow. As a reminder, the jobs claims numbers arrive at 8:30 and they are expected to be bad. But let’s forget about our troubles for a few minutes with a couple laughs. Till tomorrow……….