Japan's July jobless rate at 3.6%, down 0.1 point from June
Labels: Japan, unemployment
Friday, August 31, 2007
Second-quarter layoffs mirror 2006
Kansas experienced 13 mass layoffs during the second quarter of 2007, up from just three during the first three months of the year, according to the U.S. Bureau of Labor and Statistics.
But the second-quarter total was identical to the 13 mass layoffs the state experienced during the second quarter of 2006.
All told, 1,931 people were part of mass job cuts from April through June, up from 925 during the first quarter.
BLS defines a mass layoff as involving 50 or more people who are laid off for at least 31 days.
Nationally during the second quarter, there were 1,249 mass layoffs that left 238,721 workers unemployed. Those figures were lower than the April-through-June figures from 2006.
Seasonal factors resulted in 44 percent of the layoff events nationally during the second quarter. Business demand resulted in another 31 percent. Other factors were work site closures and movement of work within a company or between companies.
But the second-quarter total was identical to the 13 mass layoffs the state experienced during the second quarter of 2006.
All told, 1,931 people were part of mass job cuts from April through June, up from 925 during the first quarter.
BLS defines a mass layoff as involving 50 or more people who are laid off for at least 31 days.
Nationally during the second quarter, there were 1,249 mass layoffs that left 238,721 workers unemployed. Those figures were lower than the April-through-June figures from 2006.
Seasonal factors resulted in 44 percent of the layoff events nationally during the second quarter. Business demand resulted in another 31 percent. Other factors were work site closures and movement of work within a company or between companies.
Labels: Kansas, unemployment
Jobless rate up slightly
Thursday, August 30, 2007 2:39 PM CDT
By Steve Bandy / The Daily Iberian
Teche Area unemployment rates rose three-tenths of a percentage point in July compared to the same month last year, according to figures released late last week by the Louisiana Department of Labor.
In Iberia, St. Mary and St. Martin parishes, 3,178 - or 3.9 percent - of the 81,936 eligible workers were unemployed in July 2007, while 2,952 - or 3.6 percent - of 82,314 were jobless in July 2006.
Although the numbers reflect a slight rise in the unemployment rate for the three-parish area, the rates remain well below the state average of 4.4 percent, which, coincidentally, was the unemployment rate for this area last month when more than 3,600 members of the civilian labor force - the number of people working and looking for work - were jobless. In St. Martin Parish, the unemployment rate rose only two-tenths of a percentage point - from 3.6 in July 2006 to 3.8 last month. However, in the tri-parish area, only St. Martin Parish showed an increase in the civilian labor force over the past year, the number rising from 23,704 last year to 23,928 in July 2007, an increase of 224.
The labor force in Iberia Parish dropped by 23. In St. Mary Parish, the labor force decreased by 579.Statewide, seasonally adjusted nonfarm jobs in Louisiana added 62,700 workers between July 2006 and July 2007, bringing the total number of jobs in the state to 1,920,700, the Department of Labor announced.
Louisiana's unadjusted unemployment rate for July 2007 was 4.4 percent, down from the preliminay June 2007 rate of 4.9 percent, but up from the July 2006 rate of 4.0 percent.Louisiana's civilian labor force for July 2007 increased to 1,979,552 from 1,969,834 last month. The number of employed in July was 1,932,315, an increase from 1,930,393 last July.
The state's unemployed for July 2007 increased to 88,469 from 80,506 in July 2006.For more detailed information on the July 2007 employment data for Louisiana, visit www.
LAWORKS.net and select Labor Market Information on the left-side menu, then LMI Bulletin - Workforce At A Glance or LMI Monthly Employment Statistics.
By Steve Bandy / The Daily Iberian
Teche Area unemployment rates rose three-tenths of a percentage point in July compared to the same month last year, according to figures released late last week by the Louisiana Department of Labor.
In Iberia, St. Mary and St. Martin parishes, 3,178 - or 3.9 percent - of the 81,936 eligible workers were unemployed in July 2007, while 2,952 - or 3.6 percent - of 82,314 were jobless in July 2006.
Although the numbers reflect a slight rise in the unemployment rate for the three-parish area, the rates remain well below the state average of 4.4 percent, which, coincidentally, was the unemployment rate for this area last month when more than 3,600 members of the civilian labor force - the number of people working and looking for work - were jobless. In St. Martin Parish, the unemployment rate rose only two-tenths of a percentage point - from 3.6 in July 2006 to 3.8 last month. However, in the tri-parish area, only St. Martin Parish showed an increase in the civilian labor force over the past year, the number rising from 23,704 last year to 23,928 in July 2007, an increase of 224.
The labor force in Iberia Parish dropped by 23. In St. Mary Parish, the labor force decreased by 579.Statewide, seasonally adjusted nonfarm jobs in Louisiana added 62,700 workers between July 2006 and July 2007, bringing the total number of jobs in the state to 1,920,700, the Department of Labor announced.
Louisiana's unadjusted unemployment rate for July 2007 was 4.4 percent, down from the preliminay June 2007 rate of 4.9 percent, but up from the July 2006 rate of 4.0 percent.Louisiana's civilian labor force for July 2007 increased to 1,979,552 from 1,969,834 last month. The number of employed in July was 1,932,315, an increase from 1,930,393 last July.
The state's unemployed for July 2007 increased to 88,469 from 80,506 in July 2006.For more detailed information on the July 2007 employment data for Louisiana, visit www.
LAWORKS.net and select Labor Market Information on the left-side menu, then LMI Bulletin - Workforce At A Glance or LMI Monthly Employment Statistics.
Labels: Louisiana, unemployment
Wednesday, August 29, 2007
Earthlink Lays Off 900, Restructures Company
Weeks ago we posted a rumor floated to us by an anonymous tipster who claimed Earthlink was about to be acquired. Following that rumor, commenters descended upon the post with scores of rumors that ranged from acquisition talk to mass layoffs. Today it turns out our tipster was off the mark, but our commenters had it right as today Earthlink layed off 900 employees and closed offices in San Francisco, Pasadena, Florida, Tennessee, and Atlanta. EarthLink CEO, Rolla P. Huff, said, "These changes get our cost structure in line, but there is much more to do. We expect to announce additional steps as we continue our work over the coming weeks and months." Earthlink expects to generate between $25 and $35 million in cost savings as a result of the massive restructuring.
Tuesday, August 28, 2007
Charting mass layoffs by region of the United States
Author: RP news wires
Among the four regions, the highest number of initial claims for unemployment insurance benefits due to mass layoffs in July was in the Midwest, with 85,557. This is according to data released by the U.S. Department of Labor's Bureau of Labor Statistics.
Transportation equipment manufacturing accounted for 47 percent of all mass layoff initial claims in that region during the month. In each July of the years 2002 to 2006, between 40 and 51 percent of all mass layoff initial claims in the Midwest were due to layoffs in transportation equipment manufacturing. In July 2007, the South had the second largest number of initial claims among the regions with 35,763, followed by the West with 33,064 and the Northeast with 21,035.
The number of initial claimants in mass layoffs increased over the year in three of the four regions. The largest increase was in the South (+4,897), followed by the Northeast (+3,992). The Midwest (-1,229) reported the only over-the-year decrease in initial claims.
This data is from the BLS Mass Layoff Statistics program. Learn more about mass layoff actions and workers filing for unemployment insurance benefits in "Mass Layoffs in July 2007," news release USDL 07-1283. Initial claimants are persons who file any notice of unemployment to initiate a request for compensation. Mass layoff events involve at least 50 initial claims for unemployment insurance benefits filed against a single establishment.
Among the four regions, the highest number of initial claims for unemployment insurance benefits due to mass layoffs in July was in the Midwest, with 85,557. This is according to data released by the U.S. Department of Labor's Bureau of Labor Statistics.
Transportation equipment manufacturing accounted for 47 percent of all mass layoff initial claims in that region during the month. In each July of the years 2002 to 2006, between 40 and 51 percent of all mass layoff initial claims in the Midwest were due to layoffs in transportation equipment manufacturing. In July 2007, the South had the second largest number of initial claims among the regions with 35,763, followed by the West with 33,064 and the Northeast with 21,035.
The number of initial claimants in mass layoffs increased over the year in three of the four regions. The largest increase was in the South (+4,897), followed by the Northeast (+3,992). The Midwest (-1,229) reported the only over-the-year decrease in initial claims.
This data is from the BLS Mass Layoff Statistics program. Learn more about mass layoff actions and workers filing for unemployment insurance benefits in "Mass Layoffs in July 2007," news release USDL 07-1283. Initial claimants are persons who file any notice of unemployment to initiate a request for compensation. Mass layoff events involve at least 50 initial claims for unemployment insurance benefits filed against a single establishment.
Labels: layoffs, manufacturing
Staffing industry sets employment records, study shows
The staffing industry's second-quarter employment of 3 million workers set a record, according to the American Staffing Association.
The agency said the number of second-quarter workers was about 3,000 more than in the second quarter 2006.
The staffing index found that on a quarter-over-quarter basis, staffing employment performed stronger, with 4.8 percent more workers employed in the second quarter of this year than in the first.
Temporary help sales in the second quarter totaled $18.5 billion, 2.3 percent higher than in the second quarter of 2006 and 5.9 percent higher than in the first quarter of this year.
ASA also said that 2007 second-quarter sales growth reversed a year-long trend of market deceleration.
"The staffing industry continues to be a great source of jobs for Americans, even with tight labor markets for jobs demanding high-level skills," said Richard Wahlquist, ASA president and chief executive officer. "Second-quarter employment trends correlate nicely with previously released data from the ASA Staffing Index."
The agency said the number of second-quarter workers was about 3,000 more than in the second quarter 2006.
The staffing index found that on a quarter-over-quarter basis, staffing employment performed stronger, with 4.8 percent more workers employed in the second quarter of this year than in the first.
Temporary help sales in the second quarter totaled $18.5 billion, 2.3 percent higher than in the second quarter of 2006 and 5.9 percent higher than in the first quarter of this year.
ASA also said that 2007 second-quarter sales growth reversed a year-long trend of market deceleration.
"The staffing industry continues to be a great source of jobs for Americans, even with tight labor markets for jobs demanding high-level skills," said Richard Wahlquist, ASA president and chief executive officer. "Second-quarter employment trends correlate nicely with previously released data from the ASA Staffing Index."
Labels: employment
Labor Picture Is Clouded
By Sudeep Reddy
Companies Featured in This Article: Manpower, Kelly Services
Add another item to the economic worry list: Employers are shedding temporary workers.
Temporary employment, long a buffer that gives companies flexibility, has fallen each of the past six months, and in July was down nearly 2% from the start of the year, according to the Bureau of Labor Statistics. U.S. revenue at Manpower Inc., the world's second-largest staffing firm after Adecco Group, dropped almost 9% in the second quarter, as demand fell.
Revenue in Kelly Services Inc.'s North American commercial segment -- providing clerical and industrial workers -- dropped 6% in the quarter.
Companies Featured in This Article: Manpower, Kelly Services
Add another item to the economic worry list: Employers are shedding temporary workers.
Temporary employment, long a buffer that gives companies flexibility, has fallen each of the past six months, and in July was down nearly 2% from the start of the year, according to the Bureau of Labor Statistics. U.S. revenue at Manpower Inc., the world's second-largest staffing firm after Adecco Group, dropped almost 9% in the second quarter, as demand fell.
Revenue in Kelly Services Inc.'s North American commercial segment -- providing clerical and industrial workers -- dropped 6% in the quarter.
Labels: Kelly Services, Manpower, temporary work
Sunday, August 26, 2007
Columbus job growth lags nation's, as usual
Saturday, August 25, 2007 3:29 AM
By Amy Saunders
THE COLUMBUS DISPATCH
New employment data again put Columbus and Ohio where they've been all decade: behind the rest of the United States in job growth.
"And of course, the national average this quarter was nothing to write home about," said Bill LaFayette, vice president of economic analysis for the Columbus Chamber.
According to the chamber's second-quarter economic update, job growth in the Columbus area was essentially flat -- down by less than 0.1 percent, or 300 jobs.
The state also reported little change, and U.S. growth was 0.3 percent.
But the nation has been consistently outperforming Columbus and Ohio in job growth. Since 2004, U.S. employment has increased by 5.8 percent, compared with the Columbus rate of 2.8 percent and Ohio's 0.8 percent.
LaFayette predicted that, with the state's economy dragging Columbus down, regional employment will continue to grow slowly. The chamber maintains that total Columbus job growth for 2007 will be 0.5 percent, as it predicted in January.
Columbus numbers started sagging in 2001, when population growth could no longer catch up to new retail development, LaFayette said. Since then, the area has lost 22,000 jobs in retail, a nationally growing sector.
Where Columbus is "beating the pants off the national average," though, is in the transportation and utilities sector, Lafayette said.
In Columbus, a distribution hub, transportation employment has increased 5.1 percent since January. The rate of job growth nationally was 1.7 percent for the quarter.
And although construction job growth is far weaker in Columbus than nationally -- declining 5.4 percent since 2003, while the U.S. rate increased 15.4 percent -- LaFayette sees some reassurance in those numbers.
"A lot of economists at the national level are worrying about the vulnerability of the construction center," LaFayette said. "The fact that we've already had employment declines would lead me to think that we are less vulnerable than our counterparts."
asaunders@dispatch.com
By Amy Saunders
THE COLUMBUS DISPATCH
New employment data again put Columbus and Ohio where they've been all decade: behind the rest of the United States in job growth.
"And of course, the national average this quarter was nothing to write home about," said Bill LaFayette, vice president of economic analysis for the Columbus Chamber.
According to the chamber's second-quarter economic update, job growth in the Columbus area was essentially flat -- down by less than 0.1 percent, or 300 jobs.
The state also reported little change, and U.S. growth was 0.3 percent.
But the nation has been consistently outperforming Columbus and Ohio in job growth. Since 2004, U.S. employment has increased by 5.8 percent, compared with the Columbus rate of 2.8 percent and Ohio's 0.8 percent.
LaFayette predicted that, with the state's economy dragging Columbus down, regional employment will continue to grow slowly. The chamber maintains that total Columbus job growth for 2007 will be 0.5 percent, as it predicted in January.
Columbus numbers started sagging in 2001, when population growth could no longer catch up to new retail development, LaFayette said. Since then, the area has lost 22,000 jobs in retail, a nationally growing sector.
Where Columbus is "beating the pants off the national average," though, is in the transportation and utilities sector, Lafayette said.
In Columbus, a distribution hub, transportation employment has increased 5.1 percent since January. The rate of job growth nationally was 1.7 percent for the quarter.
And although construction job growth is far weaker in Columbus than nationally -- declining 5.4 percent since 2003, while the U.S. rate increased 15.4 percent -- LaFayette sees some reassurance in those numbers.
"A lot of economists at the national level are worrying about the vulnerability of the construction center," LaFayette said. "The fact that we've already had employment declines would lead me to think that we are less vulnerable than our counterparts."
asaunders@dispatch.com
Labels: Columbus, employment, Ohio
Illinois misses revival in R&D
State loses jobs in field while nation sees gain; telecom bust a culprit
By Mike Hughlett Tribune staff reporter
August 26, 2007
The corporate research lab -- where science is harnessed to pursue profit -- has produced one of the strongest technology job markets over the past five years. U.S. lab employment has steadily grown, despite the tech bust earlier this decade, and despite a growing trend of U.S. companies conducting research overseas.
But while high-end corporate research and development employment rose 16 percent from 2001 through 2006 nationally, it fell almost 28 percent in Illinois, according to a Tribune analysis of federal employment data. The state, which five years ago ranked second only to California in corporate R&D jobs, had dropped to seventh in 2006.
The culprit appears partly to be a downturn in traditional telecommunications research, particularly at Lucent Technologies' suburban Chicago labs, which shed about 7,000 jobs earlier in the decade. The shuttering of drugmaker G.D. Searle & Co.'s Skokie labs in 2003 hit hard, too, erasing over 1,000 more R&D jobs.
Still, there's evidence that the R&D job market in Illinois has picked up since 2005 and is continuing to improve this year.
In Illinois, employees in physical, engineering and biological research labs made $112,000 a year on average last year, federal data show. More important, research is vital to the nation's economy.
"It's the lifeblood of our future competitive position," said Ross DeVol, director of regional economics at the Milken Institute, a Southern California-based think tank. "If you fall behind, you're starting to eat your seed capital."Corporate-funded research in the United States dipped after the 2001 recession, but it remains at historically high levels. In fact, it grew at a 7 to 8 percent clip annually in 2006 and 2005, up from 3 percent growth in the two preceding years, according to Battelle, a non-profit science and technology group that tracks research trends.
"Industrial R&D has gone up rather substantially over the past few years," said Jules Duga, senior analyst at Columbus, Ohio-based Battelle.
Trends in R&D jobs tend to follow trends in spending: R&D is labor intensive.
Nationally, corporate R&D jobs grew slowly in the first part of the decade, then jumped handily in the past two years. Overall, private-sector employment in "physical, engineering and biological research" rose 16 percent nationally from 2001 to 2006, according to the Bureau of Labor Statistics.
That job category, as defined by the BLS, covers corporate labs in myriad industries: pharmaceutical, computer, telecommunications, automotive and so on. It has been one of the country's best-performing technology job sectors in recent years, according to a Tribune analysis of BLS data.Employment in software publishing in 2006 was still 10 percent less than it was five years earlier. Computer systems design has recovered the jobs it lost after the tech bubble burst -- but it has shown no net employment gain. And while employment in engineering services has risen at a decent clip, its growth has trailed that of the R&D sector.The health of the corporate R&D job market is heartening, given worries research would migrate overseas.
Actually, U.S. companies have been setting up foreign R&D operations for years. China and India are the world's fastest-growing major R&D markets. But those international efforts have coexisted with R&D operations here, and some experts don't expect that to change significantly any time soon. That's because offshoring R&D isn't simply driven by cost, as is often the case in manufacturing and lower-skilled services.
"The movement offshore -- everyone thinks it's all about labor arbitrage, you send work to India and China because labor there is cheaper," said Barry Jaruzelski, vice president of the innovation practice at Booz Allen Hamilton, a consulting firm. "But there is a lot more subtlety to what's going. There are very pragmatic reasons beyond cost."
A key reason: To better tailor products aimed at foreign markets. "The way you design good products is to be close to customers and understand their needs," Jaruzelski said. "The kind of car you sell to the middle-class Chinese will be different than the one for the middle class here."Take Schaumburg-based Motorola Inc., which Booz Allen says has the biggest global R&D budget of any publicly traded Illinois company.
The cell phone-maker's ranks of R&D employees increased by 25 percent between 2004 and 2006, according to regulatory filings. But much of that growth was driven by pursuing sales in global markets: China and India are the world's hottest mobile phone markets.Globalization has also lead to "in-sourcing," where foreign companies establish R&D centers in this country. "They are coming here for the same reason we are going there," said Battelle's Duga.Analysts say it's been significant in the drug and auto industries. Michigan can attest to the latter.
Toyota, which has a 700-employee technical center in Ann Arbor, started building a second Michigan R&D facility last year. Nissan and Hyundai-Kia also have R&D centers in Michigan, joining a huge R&D offensive in that state by U.S. automakers.
In recent years, Michigan has tended to rank second only to California in corporate R&D employment, according to the American Electronics Association's annual "Cyberstates" report. To measure R&D jobs, the association combines physical, engineering and biological research with a job category known as "testing laboratories." The latter tends to include less-advanced and lower-paid R&D jobs.
In the 2001 and 2002 Cyberstates report, Illinois ranked second in corporate R&D employment. By 2005, the last year for which Cyberstates' data is available, Illinois had fallen to seventh. A Tribune analysis of 2006 federal jobs data -- using Cyberstates' methodology -- found Illinois still in seventh place.
What happened? A telecom implosion, for one thing.The Chicago area has long been a hot spot for telecommunications research, but the landline telephone equipment business took a big hit after the tech bubble burst. And in the R&D space, nobody got hit harder locally than Lucent, whose presence in Chicago dates back to the old Bell System.
At the end of 2000, New Jersey-based Lucent employed 11,500 at its Naperville-Lisle R&D campus, more workers than at any other Lucent research facility. After a series of job cuts early in the decade, Lucent now has 4,400 employees locally., Lucent's Naperville-Lisle site was also hurt by a transition from the type of phone technology traditionally researched there.
Meanwhile, R&D consolidation helped wipe out about 1,200 R&D jobs at Searle, the Skokie-based pharmaceutical firm. During a 2003 acquisition, Pfizer closed the Searle facility.All the job cuts helped take a toll: Illinois employment in physical, engineering and biological science fell from 37,107 in 2001 to 26,390 in 2004, according to BLS data.
The Illinois Department of Commerce and Economic Opportunity believes that decline is overstated. Some large Illinois companies that do research at their corporate headquarters appear to be misreporting R&D jobs into other job categories, said Mica Matsoff, an agency spokeswoman. However, the DCEO declined any specific examples.
Illinois' R&D job market improved a bit in 2005 and 2006, with employment rising 2 percent, according to BLS data. There are other positive signs.First, the number of private Illinois establishments involved in physical, engineering and biological research hit a five year high -- 561 -- in 2006, according to the BLS. That suggests a growth in start-up research firms."I think you have very strong growth in small high-tech companies," said Marty Singer, chief executive of Chicago-based PC Tel, a wireless technology firm, and Midwest chairman of the American Electronics Association.
"You have two separate trends," he said. While some large corporate R&D departments retrenched, "Illinois has been a very good place for small-cap companies and their R&D has increased."
Some big local R&D players also say their research spending and hiring is on the rise.North Chicago-based Abbott Laboratories currently has close to 150 R&D job openings in Illinois, which is home to slightly more than half of its 7,000 scientists. Abbott notes that its R&D spending rose 44 percent between 2001 and 2006, and the number of R&D jobs rose, too, including in Illinois, though the company declined to be more specific.Unlike Abbott, Baxter International had to cut R&D spending in 2004. The Deerfield-based medical products-maker also slashed about 4,000 jobs that year, though it avoided axing researchers, said Norbert Riedel, Baxter's chief scientific officer.
Last year, a reinvigorated Baxter boosted its R&D spending by 15 percent, and the company expects 12 percent annual growth in R&D outlays over the next five years. That increase is translating into more jobs, Riedel said, including in Illinois, where Baxter currently employs about 1,200 in R&D.
One more good sign: The former Searle lab in Skokie, now known as the Illinois Science + Technology Park, has been filling up with tenants. Three fledgling nanotech companies have moved in, as has a contract bioresearch company, said Michael Rosen, a senior vice president at Forest City Enterprises, the property's developer.And, in a prime example of in-sourcing, a big Japanese drug firm, Astellas Pharma, opened a research center at the old Searle site earlier this year.
By Mike Hughlett Tribune staff reporter
August 26, 2007
The corporate research lab -- where science is harnessed to pursue profit -- has produced one of the strongest technology job markets over the past five years. U.S. lab employment has steadily grown, despite the tech bust earlier this decade, and despite a growing trend of U.S. companies conducting research overseas.
But while high-end corporate research and development employment rose 16 percent from 2001 through 2006 nationally, it fell almost 28 percent in Illinois, according to a Tribune analysis of federal employment data. The state, which five years ago ranked second only to California in corporate R&D jobs, had dropped to seventh in 2006.
The culprit appears partly to be a downturn in traditional telecommunications research, particularly at Lucent Technologies' suburban Chicago labs, which shed about 7,000 jobs earlier in the decade. The shuttering of drugmaker G.D. Searle & Co.'s Skokie labs in 2003 hit hard, too, erasing over 1,000 more R&D jobs.
Still, there's evidence that the R&D job market in Illinois has picked up since 2005 and is continuing to improve this year.
In Illinois, employees in physical, engineering and biological research labs made $112,000 a year on average last year, federal data show. More important, research is vital to the nation's economy.
"It's the lifeblood of our future competitive position," said Ross DeVol, director of regional economics at the Milken Institute, a Southern California-based think tank. "If you fall behind, you're starting to eat your seed capital."Corporate-funded research in the United States dipped after the 2001 recession, but it remains at historically high levels. In fact, it grew at a 7 to 8 percent clip annually in 2006 and 2005, up from 3 percent growth in the two preceding years, according to Battelle, a non-profit science and technology group that tracks research trends.
"Industrial R&D has gone up rather substantially over the past few years," said Jules Duga, senior analyst at Columbus, Ohio-based Battelle.
Trends in R&D jobs tend to follow trends in spending: R&D is labor intensive.
Nationally, corporate R&D jobs grew slowly in the first part of the decade, then jumped handily in the past two years. Overall, private-sector employment in "physical, engineering and biological research" rose 16 percent nationally from 2001 to 2006, according to the Bureau of Labor Statistics.
That job category, as defined by the BLS, covers corporate labs in myriad industries: pharmaceutical, computer, telecommunications, automotive and so on. It has been one of the country's best-performing technology job sectors in recent years, according to a Tribune analysis of BLS data.Employment in software publishing in 2006 was still 10 percent less than it was five years earlier. Computer systems design has recovered the jobs it lost after the tech bubble burst -- but it has shown no net employment gain. And while employment in engineering services has risen at a decent clip, its growth has trailed that of the R&D sector.The health of the corporate R&D job market is heartening, given worries research would migrate overseas.
Actually, U.S. companies have been setting up foreign R&D operations for years. China and India are the world's fastest-growing major R&D markets. But those international efforts have coexisted with R&D operations here, and some experts don't expect that to change significantly any time soon. That's because offshoring R&D isn't simply driven by cost, as is often the case in manufacturing and lower-skilled services.
"The movement offshore -- everyone thinks it's all about labor arbitrage, you send work to India and China because labor there is cheaper," said Barry Jaruzelski, vice president of the innovation practice at Booz Allen Hamilton, a consulting firm. "But there is a lot more subtlety to what's going. There are very pragmatic reasons beyond cost."
A key reason: To better tailor products aimed at foreign markets. "The way you design good products is to be close to customers and understand their needs," Jaruzelski said. "The kind of car you sell to the middle-class Chinese will be different than the one for the middle class here."Take Schaumburg-based Motorola Inc., which Booz Allen says has the biggest global R&D budget of any publicly traded Illinois company.
The cell phone-maker's ranks of R&D employees increased by 25 percent between 2004 and 2006, according to regulatory filings. But much of that growth was driven by pursuing sales in global markets: China and India are the world's hottest mobile phone markets.Globalization has also lead to "in-sourcing," where foreign companies establish R&D centers in this country. "They are coming here for the same reason we are going there," said Battelle's Duga.Analysts say it's been significant in the drug and auto industries. Michigan can attest to the latter.
Toyota, which has a 700-employee technical center in Ann Arbor, started building a second Michigan R&D facility last year. Nissan and Hyundai-Kia also have R&D centers in Michigan, joining a huge R&D offensive in that state by U.S. automakers.
In recent years, Michigan has tended to rank second only to California in corporate R&D employment, according to the American Electronics Association's annual "Cyberstates" report. To measure R&D jobs, the association combines physical, engineering and biological research with a job category known as "testing laboratories." The latter tends to include less-advanced and lower-paid R&D jobs.
In the 2001 and 2002 Cyberstates report, Illinois ranked second in corporate R&D employment. By 2005, the last year for which Cyberstates' data is available, Illinois had fallen to seventh. A Tribune analysis of 2006 federal jobs data -- using Cyberstates' methodology -- found Illinois still in seventh place.
What happened? A telecom implosion, for one thing.The Chicago area has long been a hot spot for telecommunications research, but the landline telephone equipment business took a big hit after the tech bubble burst. And in the R&D space, nobody got hit harder locally than Lucent, whose presence in Chicago dates back to the old Bell System.
At the end of 2000, New Jersey-based Lucent employed 11,500 at its Naperville-Lisle R&D campus, more workers than at any other Lucent research facility. After a series of job cuts early in the decade, Lucent now has 4,400 employees locally., Lucent's Naperville-Lisle site was also hurt by a transition from the type of phone technology traditionally researched there.
Meanwhile, R&D consolidation helped wipe out about 1,200 R&D jobs at Searle, the Skokie-based pharmaceutical firm. During a 2003 acquisition, Pfizer closed the Searle facility.All the job cuts helped take a toll: Illinois employment in physical, engineering and biological science fell from 37,107 in 2001 to 26,390 in 2004, according to BLS data.
The Illinois Department of Commerce and Economic Opportunity believes that decline is overstated. Some large Illinois companies that do research at their corporate headquarters appear to be misreporting R&D jobs into other job categories, said Mica Matsoff, an agency spokeswoman. However, the DCEO declined any specific examples.
Illinois' R&D job market improved a bit in 2005 and 2006, with employment rising 2 percent, according to BLS data. There are other positive signs.First, the number of private Illinois establishments involved in physical, engineering and biological research hit a five year high -- 561 -- in 2006, according to the BLS. That suggests a growth in start-up research firms."I think you have very strong growth in small high-tech companies," said Marty Singer, chief executive of Chicago-based PC Tel, a wireless technology firm, and Midwest chairman of the American Electronics Association.
"You have two separate trends," he said. While some large corporate R&D departments retrenched, "Illinois has been a very good place for small-cap companies and their R&D has increased."
Some big local R&D players also say their research spending and hiring is on the rise.North Chicago-based Abbott Laboratories currently has close to 150 R&D job openings in Illinois, which is home to slightly more than half of its 7,000 scientists. Abbott notes that its R&D spending rose 44 percent between 2001 and 2006, and the number of R&D jobs rose, too, including in Illinois, though the company declined to be more specific.Unlike Abbott, Baxter International had to cut R&D spending in 2004. The Deerfield-based medical products-maker also slashed about 4,000 jobs that year, though it avoided axing researchers, said Norbert Riedel, Baxter's chief scientific officer.
Last year, a reinvigorated Baxter boosted its R&D spending by 15 percent, and the company expects 12 percent annual growth in R&D outlays over the next five years. That increase is translating into more jobs, Riedel said, including in Illinois, where Baxter currently employs about 1,200 in R&D.
One more good sign: The former Searle lab in Skokie, now known as the Illinois Science + Technology Park, has been filling up with tenants. Three fledgling nanotech companies have moved in, as has a contract bioresearch company, said Michael Rosen, a senior vice president at Forest City Enterprises, the property's developer.And, in a prime example of in-sourcing, a big Japanese drug firm, Astellas Pharma, opened a research center at the old Searle site earlier this year.
Labels: employment, Illinois
Kentucky's jobless rate rose in July
Kentucky's seasonally adjusted unemployment rate rose to 5.7 percent in July from 5.4 percent in June, reports the Office of Employment and Training, an agency of the Kentucky Education Cabinet. The July rate, though, was the same as for July 2006.
Since July 2006, Kentucky's nonfarm employment has increased by 14,600, the office said in a news release. Three of 11 major nonfarm job sectors reported employment increases in July, while seven decreased, and one was unchanged. A decrease of 1,100 jobs in July 2007 brought Kentucky's nonfarm employment to a seasonally adjusted total of 1,853,500.
Among the data, the government sector, which includes public education, rose by 2,300 jobs in July 2007; the construction sector gained 600 jobs and natural resources and mining 100, while the number of manufacturing jobs remained the same from June.
On the other hand, jobs in the educational and health services sector fell by 1,200 from June; the professional and business services sector lost 1,000 jobs; and the leisure and hospitality sector lost 900.
The U.S. Bureau of Labor Statistics' monthly estimate of employed Kentuckians for July 2007 was 1.9 million on a seasonally adjusted basis, down about 8,300 from June but up 10,100 from July 2006. Meanwhile, the monthly estimate of unemployed Kentuckians for July 2007 was slightly above 117,000, up 5,740 from June and 933 from July 2006.
Since July 2006, Kentucky's nonfarm employment has increased by 14,600, the office said in a news release. Three of 11 major nonfarm job sectors reported employment increases in July, while seven decreased, and one was unchanged. A decrease of 1,100 jobs in July 2007 brought Kentucky's nonfarm employment to a seasonally adjusted total of 1,853,500.
Among the data, the government sector, which includes public education, rose by 2,300 jobs in July 2007; the construction sector gained 600 jobs and natural resources and mining 100, while the number of manufacturing jobs remained the same from June.
On the other hand, jobs in the educational and health services sector fell by 1,200 from June; the professional and business services sector lost 1,000 jobs; and the leisure and hospitality sector lost 900.
The U.S. Bureau of Labor Statistics' monthly estimate of employed Kentuckians for July 2007 was 1.9 million on a seasonally adjusted basis, down about 8,300 from June but up 10,100 from July 2006. Meanwhile, the monthly estimate of unemployed Kentuckians for July 2007 was slightly above 117,000, up 5,740 from June and 933 from July 2006.
Labels: Kentucky, unemployment
Delphi to close doors next week
Nearly 100 full-time employees to be placed in layoff status
By Lee AndersonFriday, August 24, 2007
Production at the Wichita Falls Delphi plant will grind to a halt late next week, a Delphi corporate spokesman said.
"We anticipate completing manufacturing at this site next week ...by the end of the week," said Lindsey Williams, Delphi media contact for labor, manufacturing and environmental at corporate headquarters in Troy, Mich.
There currently are about 100 full-time employees working at the plant as production winds down.
"We expect that, at this time, production employees will be placed in layoff status or in the job bank (indefinite layoff status)," Williams explained.
In light of the impending layoffs, Workforce Resource has made resources available to those affected by the closing.
Mona Statser, the executive director of Workforce Resource, said her agency arranged for Consumer Credit Counseling Services of Greater Dallas to hold financial workshops for local Delphi employees, which were held Aug. 7.
Brenda Kemp, a certified counselor for CCCS, said only 10 workers from Delphi participated in the sessions.
"The sessions were about how to prepare for job loss and to make sure you have enough money set aside for expenses," Kemp explained. "We went over the emotional effects of going through a job loss, for the individual and family."
Workforce Resource also earlier held orientation sessions for the workers to explain what services they are eligible for, Statser explained.
Also, Tim Chase, president of the Wichita Falls Board of Commerce & Industry, said the BCI has been in direct contact with Delphi's real estate division concerning the building.
"We are continuing to look for a user for the property," he said. "We are doing everything we can to find a company to make use of the building."
The Wichita Falls facility was opened in 1977 as AC Sparkplug and General Motors spun off Delphi in 1999.
By Lee AndersonFriday, August 24, 2007
Production at the Wichita Falls Delphi plant will grind to a halt late next week, a Delphi corporate spokesman said.
"We anticipate completing manufacturing at this site next week ...by the end of the week," said Lindsey Williams, Delphi media contact for labor, manufacturing and environmental at corporate headquarters in Troy, Mich.
There currently are about 100 full-time employees working at the plant as production winds down.
"We expect that, at this time, production employees will be placed in layoff status or in the job bank (indefinite layoff status)," Williams explained.
In light of the impending layoffs, Workforce Resource has made resources available to those affected by the closing.
Mona Statser, the executive director of Workforce Resource, said her agency arranged for Consumer Credit Counseling Services of Greater Dallas to hold financial workshops for local Delphi employees, which were held Aug. 7.
Brenda Kemp, a certified counselor for CCCS, said only 10 workers from Delphi participated in the sessions.
"The sessions were about how to prepare for job loss and to make sure you have enough money set aside for expenses," Kemp explained. "We went over the emotional effects of going through a job loss, for the individual and family."
Workforce Resource also earlier held orientation sessions for the workers to explain what services they are eligible for, Statser explained.
Also, Tim Chase, president of the Wichita Falls Board of Commerce & Industry, said the BCI has been in direct contact with Delphi's real estate division concerning the building.
"We are continuing to look for a user for the property," he said. "We are doing everything we can to find a company to make use of the building."
The Wichita Falls facility was opened in 1977 as AC Sparkplug and General Motors spun off Delphi in 1999.
Labels: Delphi, Kansas, layoffs, Michigan, Troy, Wichita Falls
Saturday, August 25, 2007
Friday, August 24, 2007
Manufacturing mass layoffs affected 50K workers in July
In July, employers took 1,221 mass layoff actions, seasonally adjusted, as measured by new filings for unemployment insurance benefits during the month, the U.S. Department of Labor’s Bureau of Labor Statistics reported on August 23. Each action involved at least 50 persons from a single establishment; the number of workers involved totaled 124,835, on a seasonally adjusted basis. The number of mass layoff events in July remained about the same when compared with the prior month, and the number of associated initial claims decreased by 3,062. Over the month, 383 mass layoff events were reported in the manufacturing sector, seasonally adjusted, resulting in 50,036 initial claims. Compared with June, mass layoff activity in manufacturing increased by 43 events, and initial claims increased by 10,763.
From January through July 2007, the total number of events (seasonally adjusted) at 8,654, and initial claims (seasonally adjusted) at 898,372, were higher than in January-July 2006 (7,845 and 820,097, respectively).
The national unemployment rate was 4.6 percent in July, essentially unchanged from 4.5 percent in the prior month, but down from 4.8 percent a year earlier. Total non-farm payroll employment increased by 92,000 over the month and by 1.9 million over the year.
Industry Distribution (Not Seasonally Adjusted)The 10 industries reporting the highest numbers of mass layoff initial claims, not seasonally adjusted, accounted for 34 percent of the total initial claims in July. The industry with the highest number of initial claims was automobile manufacturing with 13,186, followed by temporary help services with 10,738 and all other motor vehicle parts manufacturing with 6,748. Together, these three industries accounted for 17 percent of all initial claims due to mass layoffs during the month.
The manufacturing sector accounted for 43 percent of all mass layoff events and 58 percent of all related initial claims filed in July, unchanged from a year earlier. In July 2007, the number of manufacturing claimants was highest in transportation equipment manufacturing (48,795, largely in automobile manufacturing, all other motor vehicle parts manufacturing, and motor vehicle metal stamping), followed by plastics and rubber products manufacturing (7,487) and machinery manufacturing (6,994).
Administrative and waste services accounted for 14 percent of mass layoff events and 10 percent of initial claims in July, primarily from temporary help services and professional employer organizations. Transportation and warehousing comprised 6 percent of events and 5 percent of initial claims filed over the month, with the majority of layoffs in transit and ground passenger transportation and truck transportation. Six percent of all mass layoff events and 4 percent of related initial claims filed were from government, mainly from elementary and secondary schools. Retail trade made up 5 percent of events and 4 percent of initial claims, mostly from general merchandise stores.
On a not seasonally adjusted basis, the number of mass layoff events in July, at 1,599, was up by 88 from a year earlier, and the number of associated initial claims increased by 8,562 to 175,419. The largest over-the-year increases in initial claims were reported in primary metal manufacturing (+2,673), machinery manufacturing (+2,278), and administrative and support services (+1,617). The largest over-the-year decreases in mass layoff initial claims were reported in transportation equipment manufacturing (-2,313) and in agriculture and forestry support activities (-1,368).
Geographic Distribution (Not Seasonally Adjusted)Among the four census regions, the highest number of initial claims in July due to mass layoffs was in the Midwest, with 85,557. Transportation equipment manufacturing accounted for 47 percent of all mass layoff initial claims in that region during the month. In each July of the years 2002-2006, between 40 and 51 percent of all mass layoff initial claims in the Midwest were due to layoffs in transportation equipment manufacturing. In July 2007, the South had the second-largest number of initial claims among the regions with 35,763, followed by the West with 33,064 and the Northeast with 21,035.
The number of initial claimants in mass layoffs increased over the year in three of the four regions. The largest increase was in the South (+4,897), followed by the Northeast (+3,992). The Midwest (-1,229) reported the only over-the-year decrease in initial claims. Six of the nine geographic divisions had over-the-year increases in the numbers of initial claims associated with mass layoffs, with the largest increases in the East South Central (+5,533), West North Central (+3,418) and Mountain (+2,374) divisions. The division with the largest over-the-year decrease was the East North Central (-4,647).
Reflecting transportation equipment manufacturing layoffs, Michigan recorded the highest number of initial claims filed due to mass layoff events in July (36,356). Other states with large numbers of mass layoff related claims were California (25,054), Ohio (10,435), Wisconsin (9,712) and Illinois (8,175). These five states accounted for 49 percent of all mass layoff events and 51 percent of all initial claims for unemployment insurance in July.
Alabama had the largest over-the-year increase in the number of initial claims (+5,000); this was partially due to more mass layoff activity in transportation equipment manufacturing. States having the next largest increases in initial claims were New York (+3,338), South Carolina (+1,951), Wisconsin (+1,818) and Massachusetts (+1,732). The largest over-the-year decreases in claims occurred in Michigan (-5,366), Indiana (- 2,268) and Louisiana (-2,025).
Read the full report and view all of the data tables by clicking on the link below:
ftp://ftp.bls.gov/pub/news.release/mmls.txt
From January through July 2007, the total number of events (seasonally adjusted) at 8,654, and initial claims (seasonally adjusted) at 898,372, were higher than in January-July 2006 (7,845 and 820,097, respectively).
The national unemployment rate was 4.6 percent in July, essentially unchanged from 4.5 percent in the prior month, but down from 4.8 percent a year earlier. Total non-farm payroll employment increased by 92,000 over the month and by 1.9 million over the year.
Industry Distribution (Not Seasonally Adjusted)The 10 industries reporting the highest numbers of mass layoff initial claims, not seasonally adjusted, accounted for 34 percent of the total initial claims in July. The industry with the highest number of initial claims was automobile manufacturing with 13,186, followed by temporary help services with 10,738 and all other motor vehicle parts manufacturing with 6,748. Together, these three industries accounted for 17 percent of all initial claims due to mass layoffs during the month.
The manufacturing sector accounted for 43 percent of all mass layoff events and 58 percent of all related initial claims filed in July, unchanged from a year earlier. In July 2007, the number of manufacturing claimants was highest in transportation equipment manufacturing (48,795, largely in automobile manufacturing, all other motor vehicle parts manufacturing, and motor vehicle metal stamping), followed by plastics and rubber products manufacturing (7,487) and machinery manufacturing (6,994).
Administrative and waste services accounted for 14 percent of mass layoff events and 10 percent of initial claims in July, primarily from temporary help services and professional employer organizations. Transportation and warehousing comprised 6 percent of events and 5 percent of initial claims filed over the month, with the majority of layoffs in transit and ground passenger transportation and truck transportation. Six percent of all mass layoff events and 4 percent of related initial claims filed were from government, mainly from elementary and secondary schools. Retail trade made up 5 percent of events and 4 percent of initial claims, mostly from general merchandise stores.
On a not seasonally adjusted basis, the number of mass layoff events in July, at 1,599, was up by 88 from a year earlier, and the number of associated initial claims increased by 8,562 to 175,419. The largest over-the-year increases in initial claims were reported in primary metal manufacturing (+2,673), machinery manufacturing (+2,278), and administrative and support services (+1,617). The largest over-the-year decreases in mass layoff initial claims were reported in transportation equipment manufacturing (-2,313) and in agriculture and forestry support activities (-1,368).
Geographic Distribution (Not Seasonally Adjusted)Among the four census regions, the highest number of initial claims in July due to mass layoffs was in the Midwest, with 85,557. Transportation equipment manufacturing accounted for 47 percent of all mass layoff initial claims in that region during the month. In each July of the years 2002-2006, between 40 and 51 percent of all mass layoff initial claims in the Midwest were due to layoffs in transportation equipment manufacturing. In July 2007, the South had the second-largest number of initial claims among the regions with 35,763, followed by the West with 33,064 and the Northeast with 21,035.
The number of initial claimants in mass layoffs increased over the year in three of the four regions. The largest increase was in the South (+4,897), followed by the Northeast (+3,992). The Midwest (-1,229) reported the only over-the-year decrease in initial claims. Six of the nine geographic divisions had over-the-year increases in the numbers of initial claims associated with mass layoffs, with the largest increases in the East South Central (+5,533), West North Central (+3,418) and Mountain (+2,374) divisions. The division with the largest over-the-year decrease was the East North Central (-4,647).
Reflecting transportation equipment manufacturing layoffs, Michigan recorded the highest number of initial claims filed due to mass layoff events in July (36,356). Other states with large numbers of mass layoff related claims were California (25,054), Ohio (10,435), Wisconsin (9,712) and Illinois (8,175). These five states accounted for 49 percent of all mass layoff events and 51 percent of all initial claims for unemployment insurance in July.
Alabama had the largest over-the-year increase in the number of initial claims (+5,000); this was partially due to more mass layoff activity in transportation equipment manufacturing. States having the next largest increases in initial claims were New York (+3,338), South Carolina (+1,951), Wisconsin (+1,818) and Massachusetts (+1,732). The largest over-the-year decreases in claims occurred in Michigan (-5,366), Indiana (- 2,268) and Louisiana (-2,025).
Read the full report and view all of the data tables by clicking on the link below:
ftp://ftp.bls.gov/pub/news.release/mmls.txt
Labels: layoffs, manufacturing
Boeing to lay off about 150 IT workers
Posted by Marce Edwards @ 02:16:10 pm
Boeing Co. is laying off about 150 employees in a computer network operations unit as it outsources information technology work to Computer Sciences Corp, The Associated Press reports.
The workers, all but about two dozen of them in the Seattle area, received 60-day layoff notices last Friday, Boeing spokesman Cathy Rudolph said.
The affected employees are systems analysts, including administrators and design and integration specialists in Boeing’s Engineering, Operations and Technology division, which has a work force of about 12,300.
El Segundo, Calif.-based CSC took over computer-systems monitoring, support and administration at Boeing’s St. Louis-based defense arm in 2003.
CSC will now handle that work for all of Boeing’s U.S. locations, Rudolph said Thursday.Some of the affected workers may find other jobs at Boeing, while others could be hired by CSC, Rudolph said.
Boeing Co. is laying off about 150 employees in a computer network operations unit as it outsources information technology work to Computer Sciences Corp, The Associated Press reports.
The workers, all but about two dozen of them in the Seattle area, received 60-day layoff notices last Friday, Boeing spokesman Cathy Rudolph said.
The affected employees are systems analysts, including administrators and design and integration specialists in Boeing’s Engineering, Operations and Technology division, which has a work force of about 12,300.
El Segundo, Calif.-based CSC took over computer-systems monitoring, support and administration at Boeing’s St. Louis-based defense arm in 2003.
CSC will now handle that work for all of Boeing’s U.S. locations, Rudolph said Thursday.Some of the affected workers may find other jobs at Boeing, while others could be hired by CSC, Rudolph said.
Labels: Boeing, CSC, layoffs, outsourcing
Woes in credit market lead to layoff of 25,000+ financial workers in U.S.
THE NEWS TRIBUNE
Published: August 23rd, 2007 01:00 AM
More than 25,000 workers nationwide have lost jobs in the financial services industry since the beginning of the month – with more than half of those coming since last Friday.
More layoffs are announced daily.
On Wednesday, Lehman Brothers Holdings Inc. closed its “subprime” mortgage business, laying off 1,200 workers at 23 offices; Scottsdale, Ariz.-based 1st National Bank Holding Co. closed its wholesale mortgage unit and cut 541 jobs, and Accredited Home Lenders Holding Co. added 1,600 positions to the heap.
Published: August 23rd, 2007 01:00 AM
More than 25,000 workers nationwide have lost jobs in the financial services industry since the beginning of the month – with more than half of those coming since last Friday.
More layoffs are announced daily.
On Wednesday, Lehman Brothers Holdings Inc. closed its “subprime” mortgage business, laying off 1,200 workers at 23 offices; Scottsdale, Ariz.-based 1st National Bank Holding Co. closed its wholesale mortgage unit and cut 541 jobs, and Accredited Home Lenders Holding Co. added 1,600 positions to the heap.
Labels: Accredited, layoffs, Lehman, National Bank Holding
Brother, Can You Spare A Housing Job?
House prices weren't the only things on the uptick over the last few years, the number of people that moved into housing related jobs also soared. For the last few years it seemed that the answers to the massive job loss following the dot com bubble and the attacks of 9/11 were to be found in the housing industry.
Just as in past periods of irrational exhuberance, when the most unlikely people were found peddling stocks, trading bonds, and getting money for start-ups, the housing bubble brought it's own share of get rich quick stories.
The overnight RE gazillionaire, the woman who made a bundle flipping houses, the kid from Quiznos' who started writing mortgages, or doing appraisals...or I could go on.
Well, the gravy train has finally de-railed and many of those who found themselves eager participants in the pile on are now piling on to the unemployment line.
Since the start of the year, more than 40,000 workers have lost their jobs at mortgage lending institutions, according to recent company layoff announcements and data complied by global outplacement firm Challenger, Gray & Christmas Inc.
Meanwhile, construction companies have announced nearly 20,000 job cuts this year, while the National Association of Realtors expects membership rolls to decline this year for the first time in a decade.
It's an employment collapse that threatens to rival the massive layoffs in the airline industry that followed the Sept. 11, 2001, terrorist attacks, when some 100,000 employees lost their jobs."It's far from over," said Bart Narter, a senior analyst with Celent, a Boston-based financial research and consulting firm.
"The subprime lending collapse will continue to ripple through the financial sector."This job loss train wreck is not slow motion by anymeans. These mortgage lending companies are folding their tents faster than a snake-oil salesman with a tar and feather toting mob on his tail.
"These kind of mortgage lenders just sprung up like mushrooms and grew like men," said John A. Challenger, chief executive at Challenger, Gray & Christmas. "They staffed up and now you have a bust."America's largest mortgage lender, Countrywide Financial Corp., began an undisclosed number of layoffs this week.
Last week, Arizona mortgage lender First Magnus Financial Corp. shut down its operations and laid off nearly 6,000 workers. On Monday, Capital One Financial Corp. said it would shutter Greenpoint Mortgage, its wholesale mortgage banking business, and lay off 1,900 employees."It's only been weeks," Challenger said.
"These companies are acting remarkably quickly, stopping on a dime."It's called leaving town one step aheade of the sheriff, with a smidge of the evacuation from our embassy in Saigon thrown in for good measure."
It was pretty much a free for all in the office, people taking paper, stuff HomeBanc wouldn't need," he said. "I don't feel like HomeBanc did anything. It was a perfect storm of a bad housing market."
Two of Clark's friends have already landed jobs with Countrywide. Another found work with an affiliate of First Magnus, and was almost immediately laid off again. Roach plans to open his own lending business, focusing on commercial business loans and originating home loans himself.
That's sort of like transfering by dinghy from the Titanic to the Andrea Doria.And, it's not just the mortgage lenders who may be seeing some job losses. This news story today reveals that four top banks hit up Uncle Sam for some WAM this afternoon, to the tune of 500 million each. seems they had a few bucks in Countrywide themselves. In fact they funneled about 2 Billion bucks into Countrywide jjust today.
So lemme see, they're borrowing money from the Fed to put into Countrywide????!!!
In a joint statement, the latter three banks said they decided to borrow the money to demonstrate "the potential value of the Fed's primary credit facility" and encourage its use by other banks."
Simultaneous action by these four institutions -- at the same time, on the same day, for the same amount of money -- suggests that the move is intended to have some symbolic value," said Aaron Gurwitz, co-head of portfolio strategy at Lehman Brothers Investment Management Division. "But it may also be a way for them to make money."Yeah. That too.
Just as in past periods of irrational exhuberance, when the most unlikely people were found peddling stocks, trading bonds, and getting money for start-ups, the housing bubble brought it's own share of get rich quick stories.
The overnight RE gazillionaire, the woman who made a bundle flipping houses, the kid from Quiznos' who started writing mortgages, or doing appraisals...or I could go on.
Well, the gravy train has finally de-railed and many of those who found themselves eager participants in the pile on are now piling on to the unemployment line.
Since the start of the year, more than 40,000 workers have lost their jobs at mortgage lending institutions, according to recent company layoff announcements and data complied by global outplacement firm Challenger, Gray & Christmas Inc.
Meanwhile, construction companies have announced nearly 20,000 job cuts this year, while the National Association of Realtors expects membership rolls to decline this year for the first time in a decade.
It's an employment collapse that threatens to rival the massive layoffs in the airline industry that followed the Sept. 11, 2001, terrorist attacks, when some 100,000 employees lost their jobs."It's far from over," said Bart Narter, a senior analyst with Celent, a Boston-based financial research and consulting firm.
"The subprime lending collapse will continue to ripple through the financial sector."This job loss train wreck is not slow motion by anymeans. These mortgage lending companies are folding their tents faster than a snake-oil salesman with a tar and feather toting mob on his tail.
"These kind of mortgage lenders just sprung up like mushrooms and grew like men," said John A. Challenger, chief executive at Challenger, Gray & Christmas. "They staffed up and now you have a bust."America's largest mortgage lender, Countrywide Financial Corp., began an undisclosed number of layoffs this week.
Last week, Arizona mortgage lender First Magnus Financial Corp. shut down its operations and laid off nearly 6,000 workers. On Monday, Capital One Financial Corp. said it would shutter Greenpoint Mortgage, its wholesale mortgage banking business, and lay off 1,900 employees."It's only been weeks," Challenger said.
"These companies are acting remarkably quickly, stopping on a dime."It's called leaving town one step aheade of the sheriff, with a smidge of the evacuation from our embassy in Saigon thrown in for good measure."
It was pretty much a free for all in the office, people taking paper, stuff HomeBanc wouldn't need," he said. "I don't feel like HomeBanc did anything. It was a perfect storm of a bad housing market."
Two of Clark's friends have already landed jobs with Countrywide. Another found work with an affiliate of First Magnus, and was almost immediately laid off again. Roach plans to open his own lending business, focusing on commercial business loans and originating home loans himself.
That's sort of like transfering by dinghy from the Titanic to the Andrea Doria.And, it's not just the mortgage lenders who may be seeing some job losses. This news story today reveals that four top banks hit up Uncle Sam for some WAM this afternoon, to the tune of 500 million each. seems they had a few bucks in Countrywide themselves. In fact they funneled about 2 Billion bucks into Countrywide jjust today.
So lemme see, they're borrowing money from the Fed to put into Countrywide????!!!
In a joint statement, the latter three banks said they decided to borrow the money to demonstrate "the potential value of the Fed's primary credit facility" and encourage its use by other banks."
Simultaneous action by these four institutions -- at the same time, on the same day, for the same amount of money -- suggests that the move is intended to have some symbolic value," said Aaron Gurwitz, co-head of portfolio strategy at Lehman Brothers Investment Management Division. "But it may also be a way for them to make money."Yeah. That too.
Labels: mortgage jobs, unemployment
San Diego Mortgage Co. to Layoff 1,600
San Diego-based lender, Accredited Home Lenders Holding Co., is said tohave stated it will close more than half its operations and fire about1,600 employees.
Labels: Accredited, layoffs
Lehman, HSBC, Accredited Commence Layoffs
The rising cost of credit took its toll on Lehman Brothers Holdings Inc., Accredited Home Lenders Holding Co. and HSBC Holdings Plc as the subprime mortgage fallout spreads through the economy.
Lehman, the biggest underwriter of U.S. bonds backed by mortgages, became the first firm on Wall Street to shut its subprime-lending unit and said 1,200 employees will lose their jobs....Accredited said in a statement today it will shut more than half of its mortgage operations and fire about 1,600 people....HSBC plans to close its Carmel, Indiana, office by the end of the second quarter of next year, eliminating 600 jobs, spokesman Michael Trevino said.
In addition to the job cuts announced today, at least 20,957 layoffs in the financial sector have been announced this month as a result of the subprime mortgage mess.It will be interesting to see what the overall August job numbers look like when they're released after Labor Day.
You know the Fed will be looking very closely at them before they make any decisions on rate cuts.UPDATE: The Associated Press reports that job layoffs related to the subprime mess in the financial sector have totaled 38,000 for the year - but over 24,000 have come in just the last three weeks.
// posted by reality-based educator @ 4:55 PM
Comments:
Aug. 22, 2007Bank of America is making a $2 billion equity investment in Countrywide Financial, the embattled mortgage giant. Bank of America will purchase $2 billion worth of preferred Countrywide stock yielding 7.25%, and that can be converted into common stock at $18 a share.
Lehman, the biggest underwriter of U.S. bonds backed by mortgages, became the first firm on Wall Street to shut its subprime-lending unit and said 1,200 employees will lose their jobs....Accredited said in a statement today it will shut more than half of its mortgage operations and fire about 1,600 people....HSBC plans to close its Carmel, Indiana, office by the end of the second quarter of next year, eliminating 600 jobs, spokesman Michael Trevino said.
In addition to the job cuts announced today, at least 20,957 layoffs in the financial sector have been announced this month as a result of the subprime mortgage mess.It will be interesting to see what the overall August job numbers look like when they're released after Labor Day.
You know the Fed will be looking very closely at them before they make any decisions on rate cuts.UPDATE: The Associated Press reports that job layoffs related to the subprime mess in the financial sector have totaled 38,000 for the year - but over 24,000 have come in just the last three weeks.
// posted by reality-based educator @ 4:55 PM
Comments:
Aug. 22, 2007Bank of America is making a $2 billion equity investment in Countrywide Financial, the embattled mortgage giant. Bank of America will purchase $2 billion worth of preferred Countrywide stock yielding 7.25%, and that can be converted into common stock at $18 a share.
Labels: Accredited, HSBC, layoffs, Lehman
June 2007 Passenger Airline: Employment Up 2.3 Percent from June 2006
Washington, DC – August 2007 – U.S. scheduled passenger airlines employed 2.3 percent more workers in June 2007 than in June 2006, the fifth consecutive increase in full-time equivalent employee (FTE) levels for the scheduled passenger carriers from the same month of the previous year, the U.S. Department of Transportation’s Bureau of Transportation Statistics (BTS) reported Tuesday (August 21). FTE calculations count two part-time employees as one full-time employee. (related tables are linked here)
BTS, a part of the Research and Innovative Technology Administration (RITA), reported that the network airlines, a group that includes most of the industry’s largest passenger carriers, reported more FTEs than the prior year for the second consecutive month after having reduced FTEs continuously since 9/11.
Adding FTEs from June 2006 to June 2007 were network carriers Continental Airlines, Alaska Airlines, Delta Air Lines and US Airways, all of the low-cost carriers except for ATA Airlines, and regional carriers American Eagle Airlines, SkyWest Airlines, ExpressJet Airlines, Horizon Air, Mesa Airlines, Pinnacle Airlines, Shuttle America, Republic Airlines and GoJet Airlines.
Scheduled passenger airlines include network, low-cost, regional and other airlines. Many regional carriers were not required to report employment numbers before 2003, so year-to-year comparisons involving regional carriers, or the total industry, are not available for the years before 2003.
The 413,500 FTEs employed by the industry in June was the most in any month since September 2005. The seven network carriers employed 268,600 FTEs in June, 65.0 percent of the passenger airline total, while low-cost carriers employed 17.7 percent and regional carriers employed 14.5 percent.
American Airlines employed the most FTEs in June among the network carriers, Southwest Airlines employed the most among low-cost carriers, and SkyWest employed the most among regional carriers. Six of the top 10 employers in the industry are network carriers.
Network Airlines
Network carrier FTEs increased 1.3 percent in June 2007 compared to June 2006, the second consecutive monthly gain from the same month of the previous year. Prior to the May increase, the network group had reduced FTEs from the previous year every month since August 2001.
Four network carriers increased FTEs from June 2006 to June 2007. They were: Delta up 8.3 percent, US Airways up 6.0 percent, Continental up 4.5 percent, and Alaska up 1.5 percent. The largest FTE decreases were reported by Northwest Airlines, down 4.4 percent and United Airlines, down 2.6 percent.
Collectively, the seven network carriers reduced their FTE headcount by 15.4 percent, or 48,900 FTEs, from June 2003 to June 2007. Network carrier FTEs dropped from 317,500 to 268,600 during the four-year period.
FTEs at six of the network carriers declined in June 2007 from June 2003. The exception was Continental with a 3.4 percent increase over June 2003. The biggest percentage decline was at Northwest, down 24.6 percent, a reduction of 9,500 FTEs, followed by US Airways at 22.7 percent. The other FTE decreases during that time were United, down 18.6 percent; Delta, down 16.3 percent; American, down 14.7 percent; and Alaska, down 6.1 percent.
Data for US Airways and America West Airlines, now in the process of merging operations, are separately reported – US Airways’ data are included in the network carriers’ category and America West’s in the low-cost carriers’ category. US Airways will begin reporting a single number for the merged companies later this year.
Low-Cost Airlines
Low-cost carrier FTEs rose 5.3 percent in June 2007 compared to June 2006, the ninth consecutive increase after 18 consecutive monthly decreases from the previous year and the third consecutive increase of more than 5 percent.
All the low-cost carriers had FTE increases from June 2006 to June 2007 except ATA, which reported a decline of 9.2 percent. AirTran Airways and Frontier Airlines reported increases of more than 10 percent. For the first time since it began reporting employment data in February 2000, JetBlue Airways did not report a year-over-year increase in its FTE headcount as the number remained unchanged.
Low-cost carrier FTEs were 70,600 in June 2003, 69,400 in June 2006 and 73,100 in June 2007. The rise from 2003 to 2007 was 3.5 percent. The 2003 to 2007 increase would be 10.1 percent if the 2003 employment data are excluded for Independence Air, which discontinued all flights on Jan. 5, 2006.
Employment data for Independence, which changed its business model from a regional to low-cost carrier in mid-2004, have been included with low-cost carriers for 2004 and 2005 for consistency.
Low-cost carriers are those that the industry recognizes as operating under a low-cost business model, with fewer infrastructure costs and greater expectations of productivity.
Regional Airlines
Regional carrier FTEs were up 5.1 percent in June 2007 compared to June 2006, the fifth consecutive month with an increase in FTEs of more than 5 percent from the same month of the previous year.
Sky West and Republic reported the largest increases in the group. Sky West, the regional carrier with the most FTEs, employed 23.2 percent more FTEs in June 2007 than June 2006, while Republic employed 82.0 percent more.
Regional carrier FTEs rose from 51,900 in June 2004 to 59,900 in June 2007, an increase of 15.3 percent.
The 10 regional carriers reporting employment data in both 2003 and 2007 employed 19.6 percent more FTEs in June 2007 than in June 2003. Of that group, SkyWest reported the biggest gain, 94.8 percent, followed by ExpressJet at 37.2 percent. Mesaba Airlines, Air Wisconsin, Atlantic Southeast Airlines and Executive Airlines reported fewer FTEs in June 2007 than June 2003.
Regional carriers typically provide service from small cities, using primarily regional jets to support the network carriers’ hub and spoke systems.
Reporting Notes
Airlines that operate at least one aircraft with the capacity to carry combined passengers, cargo and fuel of 18,000 pounds – the payload factor – must report monthly employment statistics.
The Other Carrier category generally reflects those airlines that operate within specific niche markets, such as Aloha Airlines and Hawaiian Airlines in serving the Hawaiian Islands.
Data are compiled from monthly reports filed with BTS by commercial air carriers as of Aug. 10.
Additional airline employment data can be found on the BTS website. BTS has scheduled release of July airline employment data for Sept. 18.
BTS, a part of the Research and Innovative Technology Administration (RITA), reported that the network airlines, a group that includes most of the industry’s largest passenger carriers, reported more FTEs than the prior year for the second consecutive month after having reduced FTEs continuously since 9/11.
Adding FTEs from June 2006 to June 2007 were network carriers Continental Airlines, Alaska Airlines, Delta Air Lines and US Airways, all of the low-cost carriers except for ATA Airlines, and regional carriers American Eagle Airlines, SkyWest Airlines, ExpressJet Airlines, Horizon Air, Mesa Airlines, Pinnacle Airlines, Shuttle America, Republic Airlines and GoJet Airlines.
Scheduled passenger airlines include network, low-cost, regional and other airlines. Many regional carriers were not required to report employment numbers before 2003, so year-to-year comparisons involving regional carriers, or the total industry, are not available for the years before 2003.
The 413,500 FTEs employed by the industry in June was the most in any month since September 2005. The seven network carriers employed 268,600 FTEs in June, 65.0 percent of the passenger airline total, while low-cost carriers employed 17.7 percent and regional carriers employed 14.5 percent.
American Airlines employed the most FTEs in June among the network carriers, Southwest Airlines employed the most among low-cost carriers, and SkyWest employed the most among regional carriers. Six of the top 10 employers in the industry are network carriers.
Network Airlines
Network carrier FTEs increased 1.3 percent in June 2007 compared to June 2006, the second consecutive monthly gain from the same month of the previous year. Prior to the May increase, the network group had reduced FTEs from the previous year every month since August 2001.
Four network carriers increased FTEs from June 2006 to June 2007. They were: Delta up 8.3 percent, US Airways up 6.0 percent, Continental up 4.5 percent, and Alaska up 1.5 percent. The largest FTE decreases were reported by Northwest Airlines, down 4.4 percent and United Airlines, down 2.6 percent.
Collectively, the seven network carriers reduced their FTE headcount by 15.4 percent, or 48,900 FTEs, from June 2003 to June 2007. Network carrier FTEs dropped from 317,500 to 268,600 during the four-year period.
FTEs at six of the network carriers declined in June 2007 from June 2003. The exception was Continental with a 3.4 percent increase over June 2003. The biggest percentage decline was at Northwest, down 24.6 percent, a reduction of 9,500 FTEs, followed by US Airways at 22.7 percent. The other FTE decreases during that time were United, down 18.6 percent; Delta, down 16.3 percent; American, down 14.7 percent; and Alaska, down 6.1 percent.
Data for US Airways and America West Airlines, now in the process of merging operations, are separately reported – US Airways’ data are included in the network carriers’ category and America West’s in the low-cost carriers’ category. US Airways will begin reporting a single number for the merged companies later this year.
Low-Cost Airlines
Low-cost carrier FTEs rose 5.3 percent in June 2007 compared to June 2006, the ninth consecutive increase after 18 consecutive monthly decreases from the previous year and the third consecutive increase of more than 5 percent.
All the low-cost carriers had FTE increases from June 2006 to June 2007 except ATA, which reported a decline of 9.2 percent. AirTran Airways and Frontier Airlines reported increases of more than 10 percent. For the first time since it began reporting employment data in February 2000, JetBlue Airways did not report a year-over-year increase in its FTE headcount as the number remained unchanged.
Low-cost carrier FTEs were 70,600 in June 2003, 69,400 in June 2006 and 73,100 in June 2007. The rise from 2003 to 2007 was 3.5 percent. The 2003 to 2007 increase would be 10.1 percent if the 2003 employment data are excluded for Independence Air, which discontinued all flights on Jan. 5, 2006.
Employment data for Independence, which changed its business model from a regional to low-cost carrier in mid-2004, have been included with low-cost carriers for 2004 and 2005 for consistency.
Low-cost carriers are those that the industry recognizes as operating under a low-cost business model, with fewer infrastructure costs and greater expectations of productivity.
Regional Airlines
Regional carrier FTEs were up 5.1 percent in June 2007 compared to June 2006, the fifth consecutive month with an increase in FTEs of more than 5 percent from the same month of the previous year.
Sky West and Republic reported the largest increases in the group. Sky West, the regional carrier with the most FTEs, employed 23.2 percent more FTEs in June 2007 than June 2006, while Republic employed 82.0 percent more.
Regional carrier FTEs rose from 51,900 in June 2004 to 59,900 in June 2007, an increase of 15.3 percent.
The 10 regional carriers reporting employment data in both 2003 and 2007 employed 19.6 percent more FTEs in June 2007 than in June 2003. Of that group, SkyWest reported the biggest gain, 94.8 percent, followed by ExpressJet at 37.2 percent. Mesaba Airlines, Air Wisconsin, Atlantic Southeast Airlines and Executive Airlines reported fewer FTEs in June 2007 than June 2003.
Regional carriers typically provide service from small cities, using primarily regional jets to support the network carriers’ hub and spoke systems.
Reporting Notes
Airlines that operate at least one aircraft with the capacity to carry combined passengers, cargo and fuel of 18,000 pounds – the payload factor – must report monthly employment statistics.
The Other Carrier category generally reflects those airlines that operate within specific niche markets, such as Aloha Airlines and Hawaiian Airlines in serving the Hawaiian Islands.
Data are compiled from monthly reports filed with BTS by commercial air carriers as of Aug. 10.
Additional airline employment data can be found on the BTS website. BTS has scheduled release of July airline employment data for Sept. 18.
Labels: airlines, employment
14,000 more unemployed in Ohio
Jobless rates in five area counties are lower than state's 5.8 percent
By Marilyn Miller Beacon Journal business writer
Published on Wednesday, Aug 22, 2007
More people were unemployed in Ohio in July than a year earlier.
An Ohio Department of Job & Family Services report showed that 14,000 more people were unemployed in July 2007 than in July 2006.
That total of 347,000 jobless people translated to 5.8 percent of Ohio's total work force, up from a 5.6 percent unemployment rate a year earlier.
The latest figures also showed that jobless rates in Summit, Stark, Portage, Medina and Wayne counties were all below the rate for the state.
All five area counties ranked between 49th and 80th, in the bottom half of the ranking of Ohio's 88 counties from highest unemployment rates to lowest.
Stark showed a significant drop in its jobless rate from June, falling from 6.4 percent to 5.6 percent. A year earlier, the rate was 5.9 percent.
Medina County was at 5.5 percent in July, up from 5.0 percent a year earlier. Summit's rate was 5.2 percent, down from 5.4 percent. Portage was at 5.1 percent, also down from 5.4 percent, and Wayne remained the same, at 4.8 percent.
Jobless rates dropped in 72 of the 88 counties, ranging from a low of 4.0 percent in Mercer in western Ohio to a high of 8.7 percent in Meigs and Pike in southern Ohio. Six had a rate higher than 8.0 percent.
Ohio's unemployment rate, 5.8 percent, was down from 6.1 percent in June but higher than the national rate of 4.6 percent. A year earlier, the national rate was 4.8 percent.
Ohio's nonfarm wage and salary employment fell 8,400 from June to July: from 5,442,700 to 5,434,300, according to survey figures.
''The labor-market data showed mixed results in July,'' state agency director Helen Jones-Kelley said. ''Although the unemployment rate declined in July, overall employment also declined.''
The largest decline in the work force from June to July was in leisure and hospitality, accommodation and food services. A reduction in state government workers contributed to a drop in government employment. Other occupations with fewer jobs were trade, transportation and utilities, information, financial activities and educational and health services.
Increases in employment were seen in professional and business services.
Looking at figures compared with a year earlier, nonfarm payroll employment fell 1,600. Goods-producing industries were lower, and manufacturing declined because of a loss of jobs in durable goods production. Natural resources and mining slipped a bit, while construction was up slightly.
The largest increases from a year earlier were in educational and health services and professional and business services. Other services that had slight increases were trade, transportation and utilities.
Marilyn Miller can be reached at 330-996-3098 or 800-777-7232 or mmiller@thebeaconjournal.com.
More people were unemployed in Ohio in July than a year earlier.
An Ohio Department of Job & Family Services report showed that 14,000 more people were unemployed in July 2007 than in July 2006.
That total of 347,000 jobless people translated to 5.8 percent of Ohio's total work force, up from a 5.6 percent unemployment rate a year earlier.
The latest figures also showed that jobless rates in Summit, Stark, Portage, Medina and Wayne counties were all below the rate for the state.
All five area counties ranked between 49th and 80th, in the bottom half of the ranking of Ohio's 88 counties from highest unemployment rates to lowest.
Stark showed a significant drop in its jobless rate from June, falling from 6.4 percent to 5.6 percent. A year earlier, the rate was 5.9 percent.
Medina County was at 5.5 percent in July, up from 5.0 percent a year earlier. Summit's rate was 5.2 percent, down from 5.4 percent. Portage was at 5.1 percent, also down from 5.4 percent, and Wayne remained the same, at 4.8 percent.
Jobless rates dropped in 72 of the 88 counties, ranging from a low of 4.0 percent in Mercer in western Ohio to a high of 8.7 percent in Meigs and Pike in southern Ohio. Six had a rate higher than 8.0 percent.
Ohio's unemployment rate, 5.8 percent, was down from 6.1 percent in June but higher than the national rate of 4.6 percent. A year earlier, the national rate was 4.8 percent.
Ohio's nonfarm wage and salary employment fell 8,400 from June to July: from 5,442,700 to 5,434,300, according to survey figures.
''The labor-market data showed mixed results in July,'' state agency director Helen Jones-Kelley said. ''Although the unemployment rate declined in July, overall employment also declined.''
The largest decline in the work force from June to July was in leisure and hospitality, accommodation and food services. A reduction in state government workers contributed to a drop in government employment. Other occupations with fewer jobs were trade, transportation and utilities, information, financial activities and educational and health services.
Increases in employment were seen in professional and business services.
Looking at figures compared with a year earlier, nonfarm payroll employment fell 1,600. Goods-producing industries were lower, and manufacturing declined because of a loss of jobs in durable goods production. Natural resources and mining slipped a bit, while construction was up slightly.
The largest increases from a year earlier were in educational and health services and professional and business services. Other services that had slight increases were trade, transportation and utilities.
Marilyn Miller can be reached at 330-996-3098 or 800-777-7232 or mmiller@thebeaconjournal.com.
By Marilyn Miller Beacon Journal business writer
Published on Wednesday, Aug 22, 2007
More people were unemployed in Ohio in July than a year earlier.
An Ohio Department of Job & Family Services report showed that 14,000 more people were unemployed in July 2007 than in July 2006.
That total of 347,000 jobless people translated to 5.8 percent of Ohio's total work force, up from a 5.6 percent unemployment rate a year earlier.
The latest figures also showed that jobless rates in Summit, Stark, Portage, Medina and Wayne counties were all below the rate for the state.
All five area counties ranked between 49th and 80th, in the bottom half of the ranking of Ohio's 88 counties from highest unemployment rates to lowest.
Stark showed a significant drop in its jobless rate from June, falling from 6.4 percent to 5.6 percent. A year earlier, the rate was 5.9 percent.
Medina County was at 5.5 percent in July, up from 5.0 percent a year earlier. Summit's rate was 5.2 percent, down from 5.4 percent. Portage was at 5.1 percent, also down from 5.4 percent, and Wayne remained the same, at 4.8 percent.
Jobless rates dropped in 72 of the 88 counties, ranging from a low of 4.0 percent in Mercer in western Ohio to a high of 8.7 percent in Meigs and Pike in southern Ohio. Six had a rate higher than 8.0 percent.
Ohio's unemployment rate, 5.8 percent, was down from 6.1 percent in June but higher than the national rate of 4.6 percent. A year earlier, the national rate was 4.8 percent.
Ohio's nonfarm wage and salary employment fell 8,400 from June to July: from 5,442,700 to 5,434,300, according to survey figures.
''The labor-market data showed mixed results in July,'' state agency director Helen Jones-Kelley said. ''Although the unemployment rate declined in July, overall employment also declined.''
The largest decline in the work force from June to July was in leisure and hospitality, accommodation and food services. A reduction in state government workers contributed to a drop in government employment. Other occupations with fewer jobs were trade, transportation and utilities, information, financial activities and educational and health services.
Increases in employment were seen in professional and business services.
Looking at figures compared with a year earlier, nonfarm payroll employment fell 1,600. Goods-producing industries were lower, and manufacturing declined because of a loss of jobs in durable goods production. Natural resources and mining slipped a bit, while construction was up slightly.
The largest increases from a year earlier were in educational and health services and professional and business services. Other services that had slight increases were trade, transportation and utilities.
Marilyn Miller can be reached at 330-996-3098 or 800-777-7232 or mmiller@thebeaconjournal.com.
More people were unemployed in Ohio in July than a year earlier.
An Ohio Department of Job & Family Services report showed that 14,000 more people were unemployed in July 2007 than in July 2006.
That total of 347,000 jobless people translated to 5.8 percent of Ohio's total work force, up from a 5.6 percent unemployment rate a year earlier.
The latest figures also showed that jobless rates in Summit, Stark, Portage, Medina and Wayne counties were all below the rate for the state.
All five area counties ranked between 49th and 80th, in the bottom half of the ranking of Ohio's 88 counties from highest unemployment rates to lowest.
Stark showed a significant drop in its jobless rate from June, falling from 6.4 percent to 5.6 percent. A year earlier, the rate was 5.9 percent.
Medina County was at 5.5 percent in July, up from 5.0 percent a year earlier. Summit's rate was 5.2 percent, down from 5.4 percent. Portage was at 5.1 percent, also down from 5.4 percent, and Wayne remained the same, at 4.8 percent.
Jobless rates dropped in 72 of the 88 counties, ranging from a low of 4.0 percent in Mercer in western Ohio to a high of 8.7 percent in Meigs and Pike in southern Ohio. Six had a rate higher than 8.0 percent.
Ohio's unemployment rate, 5.8 percent, was down from 6.1 percent in June but higher than the national rate of 4.6 percent. A year earlier, the national rate was 4.8 percent.
Ohio's nonfarm wage and salary employment fell 8,400 from June to July: from 5,442,700 to 5,434,300, according to survey figures.
''The labor-market data showed mixed results in July,'' state agency director Helen Jones-Kelley said. ''Although the unemployment rate declined in July, overall employment also declined.''
The largest decline in the work force from June to July was in leisure and hospitality, accommodation and food services. A reduction in state government workers contributed to a drop in government employment. Other occupations with fewer jobs were trade, transportation and utilities, information, financial activities and educational and health services.
Increases in employment were seen in professional and business services.
Looking at figures compared with a year earlier, nonfarm payroll employment fell 1,600. Goods-producing industries were lower, and manufacturing declined because of a loss of jobs in durable goods production. Natural resources and mining slipped a bit, while construction was up slightly.
The largest increases from a year earlier were in educational and health services and professional and business services. Other services that had slight increases were trade, transportation and utilities.
Marilyn Miller can be reached at 330-996-3098 or 800-777-7232 or mmiller@thebeaconjournal.com.
Labels: Ohio, unemployment
Wednesday, August 22, 2007
149 face layoffs at booming Boeing
With the airplane business booming, Boeing has added airplane engineers and production workers at a fast clip since mid-2004.
But Friday, 149 senior information-technology staff members received 60-day layoff notices.
The airplane manufacturer is outsourcing their work to Computer Sciences Corporation (CSC) of El Segundo, Calif.
The people facing layoff are systems analysts, including administrators and design and integration specialists, mostly long-serving and nonunion professional staff.
Of the total, 123 are Puget Sound region employees. The rest are scattered around the U.S.
Boeing spokeswoman Cathy Rudolph said, "We have a very large IT population. We're always studying where does it make sense to do that work."
Rudolph added, "There is no overarching strategy to outsource large portions of IT work."
Some of the affected staff may find other positions within Boeing, while others have the option to be hired by CSC, Rudolph said.
An employee in the affected unit, Computer and Network Operations (CNO), said in an e-mail that CSC will have a job fair at Boeing this week.
Rudolph declined to comment on whether anyone moving from Boeing to CSC would see a significant difference in salary.
In 2003, CSC took over computer-systems monitoring, support and administration at Boeing's defense unit. CSC will now take over that role throughout Boeing
The company also bid to take over Boeing's mainframe operations, but according to the CNO employee, the bid came in higher than the in-house operation.
Rudolph confirmed this work will be kept within Boeing.
She said the outsourced work is "in line with CSC's core business." However, she said that doesn't mean Boeing intends to outsource more IT work.
CNO is headed by Boeing Vice President Radha Radhakrishnan, who has been discussing a restructuring of the unit internally for more than a year, Rudolph said.
Radhakrishnan sent a memo to all CNO employees last month saying that "the CNO Leadership Team has been working over the last four months to 'Paint the Future' of this organization," adding that the outsourcing would "achieve significant savings."
Radhakrishnan previously headed IT at Boeing's Satellite unit in El Segundo and is based in Seal Beach, Southern California.
Dominic Gates: 206-464-2963 or dgates@seattletimes.com
149 face layoffs at booming Boeing
With the airplane business booming, Boeing has added airplane engineers and production workers at a fast clip since mid-2004.
But Friday, 149 senior information-technology staff members received 60-day layoff notices.
The airplane manufacturer is outsourcing their work to Computer Sciences Corporation (CSC) of El Segundo, Calif.
The people facing layoff are systems analysts, including administrators and design and integration specialists, mostly long-serving and nonunion professional staff.
Of the total, 123 are Puget Sound region employees. The rest are scattered around the U.S.
Boeing spokeswoman Cathy Rudolph said, "We have a very large IT population. We're always studying where does it make sense to do that work."
Rudolph added, "There is no overarching strategy to outsource large portions of IT work."
Some of the affected staff may find other positions within Boeing, while others have the option to be hired by CSC, Rudolph said.
An employee in the affected unit, Computer and Network Operations (CNO), said in an e-mail that CSC will have a job fair at Boeing this week.
Rudolph declined to comment on whether anyone moving from Boeing to CSC would see a significant difference in salary.
In 2003, CSC took over computer-systems monitoring, support and administration at Boeing's defense unit. CSC will now take over that role throughout Boeing
The company also bid to take over Boeing's mainframe operations, but according to the CNO employee, the bid came in higher than the in-house operation.
Rudolph confirmed this work will be kept within Boeing.
She said the outsourced work is "in line with CSC's core business." However, she said that doesn't mean Boeing intends to outsource more IT work.
CNO is headed by Boeing Vice President Radha Radhakrishnan, who has been discussing a restructuring of the unit internally for more than a year, Rudolph said.
Radhakrishnan sent a memo to all CNO employees last month saying that "the CNO Leadership Team has been working over the last four months to 'Paint the Future' of this organization," adding that the outsourcing would "achieve significant savings."
Radhakrishnan previously headed IT at Boeing's Satellite unit in El Segundo and is based in Seal Beach, Southern California.
Dominic Gates: 206-464-2963 or dgates@seattletimes.com
Tuesday, August 21, 2007
Layoff Woes Continue On Wall Street
8/20/2007 3:15:45 PM Recent blood-letting in the home loan business has caused a slew of layoffs at a number of companies, including Bear Stearns and Countrywide Financial. While many Wall Street companies have already slimmed down after the credit squeeze and mortgage woes, some analysts expect the carnage to continue.
Bear Stearns announced last Wednesday that some 240 employees at a Bear Stearns lending unit had been laid off. The cuts come almost a month after the firm saw two hedge funds crumble, costing co-president Warren Spector his job.
Following in the heels of Bear Stearns, SunTrust Banks announced this Monday that it plans to lay off nearly 2,400 employees as part of a campaign to overhaul the bank, almost a tenth of its workforce. SunTrust hopes to save $530 million annually by 2009 with the reorganization. The company's spokesman, Barry Koling, told Forbes.com that the decision to eliminate jobs came after an extensive internal study over the course of several months. However, Koling also stated that the latest move had nothing to do with current mortgage and credit issues.
Yet another company, Countrywide Financial, also had to cut jobs in one of its loan origination units. It's unclear as to how many people were let go, but as of June the branch consisted of 6,785 employees. The entire loan origination unit employs 18,091. The layoffs came after the lender stated it would have to draw on an $11.5 billion credit line to ease its liquidity squeeze. After the announcement, all three ratings agencies cut their ratings on the company's senior debt.
The layoffs started at the beginning of the month, when American Home Mortgage Investment closed its doors. The company revealed that it was unable to make payments on about $800 million of debt, and its short-term credit lines had been revoked. Previously, American Home had blamed its troubles on disruptions in the credit market. Though the company did not give sub-prime mortgages, the firm noted that the meltdown caused the value of its assets to decrease significantly.
After the layoffs at Bear Stearns, some analysts, including Jim Cramer, have predicted even more bloodshed in areas tied to credit markets and hedge funds. While others at Wall Street dismiss the idea of further worries, history points the other way. Following the tech bubble burst, investment banks and brokerages laid off up to 25% of their work force.
Headhunters remarked that the meltdown in financial markets will likely lead to more cuts on Wall Street. However, end of the year bonuses appear safe for now. Alan Johnson, managing director of Johnson Associates, told CNN that he expects bonuses to top the record $23.9 billion posted by Wall Street firms last year. Johnson noted, however, that he anticipates they will fall in 2008. Meanwhile, others say it's still too early to forecast a downturn.
Bear Stearns announced last Wednesday that some 240 employees at a Bear Stearns lending unit had been laid off. The cuts come almost a month after the firm saw two hedge funds crumble, costing co-president Warren Spector his job.
Following in the heels of Bear Stearns, SunTrust Banks announced this Monday that it plans to lay off nearly 2,400 employees as part of a campaign to overhaul the bank, almost a tenth of its workforce. SunTrust hopes to save $530 million annually by 2009 with the reorganization. The company's spokesman, Barry Koling, told Forbes.com that the decision to eliminate jobs came after an extensive internal study over the course of several months. However, Koling also stated that the latest move had nothing to do with current mortgage and credit issues.
Yet another company, Countrywide Financial, also had to cut jobs in one of its loan origination units. It's unclear as to how many people were let go, but as of June the branch consisted of 6,785 employees. The entire loan origination unit employs 18,091. The layoffs came after the lender stated it would have to draw on an $11.5 billion credit line to ease its liquidity squeeze. After the announcement, all three ratings agencies cut their ratings on the company's senior debt.
The layoffs started at the beginning of the month, when American Home Mortgage Investment closed its doors. The company revealed that it was unable to make payments on about $800 million of debt, and its short-term credit lines had been revoked. Previously, American Home had blamed its troubles on disruptions in the credit market. Though the company did not give sub-prime mortgages, the firm noted that the meltdown caused the value of its assets to decrease significantly.
After the layoffs at Bear Stearns, some analysts, including Jim Cramer, have predicted even more bloodshed in areas tied to credit markets and hedge funds. While others at Wall Street dismiss the idea of further worries, history points the other way. Following the tech bubble burst, investment banks and brokerages laid off up to 25% of their work force.
Headhunters remarked that the meltdown in financial markets will likely lead to more cuts on Wall Street. However, end of the year bonuses appear safe for now. Alan Johnson, managing director of Johnson Associates, told CNN that he expects bonuses to top the record $23.9 billion posted by Wall Street firms last year. Johnson noted, however, that he anticipates they will fall in 2008. Meanwhile, others say it's still too early to forecast a downturn.
Labels: Bear Stearns, layoffs
What About My Bonus?: Wall Street Bonuses and Hiring Lose Certainity
|  | Bloomberg-Clip - (BLOOM-Clip) Aug. 20, 2007. 12:00 PM EST Bearish Stock Strategist Abhijit Chakrabortti Resigns From JPMorgan Chase to Become Morgan Stanley's Chief Global and U.S. Equity Strategist; Leona Helmsley, "The Queen of Mean" Dies at 87 |
Labels: bonuses, employment, hiring
Financial News: Thornburg Mortgage, SunTrust Bank
| | Bloomberg-Clip - (BLOOM-Clip) Aug. 20, 2007. 08:00 AM EST Thornburg to Sell $20.5 Billion of AAA Mortgage-Back Securities; SunTrust May Cut 2,400 Jobs |
Verizon Wireless Plans to Hire Nearly 300 by Year-End
Labels: Albuquerque, hiring, New Mexico, Verizon Wireless
Saturday, August 18, 2007
State, S. Fla. unemployment rates jump
BY NIALA BOODHOO
nboodhoo@MiamiHerald.com
State and some local unemployment rates increased sharply to their highest level in two years, according to government employment data released Friday.
Florida's July unemployment rate was 3.9 percent, the Bureau of Labor Statistics said, adding that it considered the increase significant. Last year, state unemployment was 3.3 percent. It was 3.5 percent last month.
The state unemployment rate of 3.9 percent, not seen since June 2005, is still below the national jobless rate of 4.6 percent.
At the same time, the number of jobs the state is adding continues to slow. In total, Florida added 127,100 nonfarm jobs compared to 2006.
The number of people without jobs in Miami-Dade and Broward counties also went up.
Miami-Dade's unemployment rate of 3.6 percent was also a jump from 3.3 percent the month before and has not been seen since last December.
Broward County's jobless rate of 3.8 percent was, like the state, a two-year high. However, unlike in Miami-Dade and the state, the government does not provide seasonally adjusted figures for Broward County.
nboodhoo@MiamiHerald.com
State and some local unemployment rates increased sharply to their highest level in two years, according to government employment data released Friday.
Florida's July unemployment rate was 3.9 percent, the Bureau of Labor Statistics said, adding that it considered the increase significant. Last year, state unemployment was 3.3 percent. It was 3.5 percent last month.
The state unemployment rate of 3.9 percent, not seen since June 2005, is still below the national jobless rate of 4.6 percent.
At the same time, the number of jobs the state is adding continues to slow. In total, Florida added 127,100 nonfarm jobs compared to 2006.
The number of people without jobs in Miami-Dade and Broward counties also went up.
Miami-Dade's unemployment rate of 3.6 percent was also a jump from 3.3 percent the month before and has not been seen since last December.
Broward County's jobless rate of 3.8 percent was, like the state, a two-year high. However, unlike in Miami-Dade and the state, the government does not provide seasonally adjusted figures for Broward County.
Labels: employment, Florida
US July payrolls up in 26 states, but Midwest lags
By Nancy Waitz
WASHINGTON, Aug 17 (Reuters) - U.S. employers boosted payrolls during July in 26 states, while the Midwest had the highest unemployment rate among the regions, a government report showed on Friday.
Texas led the list of 26 states that had increases in nonfarm payroll employment, with that state adding 29,400 jobs from June, the Labor Department said in its Regional and State Employment and Unemployment Report.
The Midwest had the highest jobless rate among regions at 5.2 percent in July, while the South registered the lowest jobless rate at 4.4 percent.
In a separate report issued two weeks ago on national employment data, the Labor Department said the U.S. economy overall added 92,000 jobs in July and the national jobless rate rose to 4.6 percent from 4.5 percent.
North Carolina held the top spot over 23 states and the District of Columbia for the largest decline in nonfarm employment with that state shedding 20,700 jobs. Wisconsin was unchanged, the Labor Department said.
Overall, on a seasonally adjusted basis in July, Michigan posted the highest state unemployment rate of 7.2 percent, followed by Mississippi at 6.7 percent and Alaska at 6.1 percent.
Idaho's July jobless rate of 2.3 percent was the lowest.
Over the year, nonfarm payrolls rose in 48 states and the District of Columbia. Utah led the way with a 4.8 percent gain for the year in jobs outside the farming sector.
The two states showing job losses over the year were Michigan with a 1.5 percent drop and Ohio with a decline of less than 0.1 percent.
WASHINGTON, Aug 17 (Reuters) - U.S. employers boosted payrolls during July in 26 states, while the Midwest had the highest unemployment rate among the regions, a government report showed on Friday.
Texas led the list of 26 states that had increases in nonfarm payroll employment, with that state adding 29,400 jobs from June, the Labor Department said in its Regional and State Employment and Unemployment Report.
The Midwest had the highest jobless rate among regions at 5.2 percent in July, while the South registered the lowest jobless rate at 4.4 percent.
In a separate report issued two weeks ago on national employment data, the Labor Department said the U.S. economy overall added 92,000 jobs in July and the national jobless rate rose to 4.6 percent from 4.5 percent.
North Carolina held the top spot over 23 states and the District of Columbia for the largest decline in nonfarm employment with that state shedding 20,700 jobs. Wisconsin was unchanged, the Labor Department said.
Overall, on a seasonally adjusted basis in July, Michigan posted the highest state unemployment rate of 7.2 percent, followed by Mississippi at 6.7 percent and Alaska at 6.1 percent.
Idaho's July jobless rate of 2.3 percent was the lowest.
Over the year, nonfarm payrolls rose in 48 states and the District of Columbia. Utah led the way with a 4.8 percent gain for the year in jobs outside the farming sector.
The two states showing job losses over the year were Michigan with a 1.5 percent drop and Ohio with a decline of less than 0.1 percent.
Labels: employment, US
A Weakening Labor Market: Slower Jobs Growth Puts Pressure on Consumer
| | Bloomberg-Clip - (BLOOM-Clip) Aug. 17, 2007. 08:00 AM EST Encore Credit Eliminating 100 Positions, Bear Stearns Home Mortgage Reducing Its Workforce by 140 |
Labels: Job Market
Bear Stearns Cuts Mortgage Jobs, Stock Signals Rescue
| | Bloomberg-Clip - (BLOOM-Clip) Aug. 17, 2007. 08:00 AM EST Encore Credit Eliminating 100 Positions, Bear Stearns Home Mortgage Reducing Its Workforce by 140 |
Labels: Bear Stearns, Encore Credit, layoffs, mortgage jobs
West Virginia Industrial Directory Reports State Manufacturing Jobs Down 1.5%
Labels: employment, West Virginia
Friday, August 17, 2007
New York State’s Private Sector Job Growth Matches U.S. in July
ALBANY, NY (08/16/2007; 1351)(readMedia)-- New York State’s private sector job count increased over the month by 5,500, or 0.1 percent, to 7,212,500 (seasonally adjusted) in July 2007, the State Labor Department reported today. Since the beginning of New York’s current economic expansion in August 2003, the state has added 308,700 private sector jobs. New York State’s unemployment rate, after seasonal adjustment, increasedfrom 4.7 percent in June 2007 to 4.9 percent in July 2007.
New York City’s seasonally adjusted unemployment rate also increased, going from 5.3 percent in June 2007 to 5.7 percent in July 2007. The rate in the balance of the state outside New York City increased from 4.2 percent in June 2007 to 4.3 percent in July 2007.
“In July 2007, New York State’s seasonally adjusted private sector job count grew by 0.1 percent over the month. This rate of growth matched the comparable U.S. growth rate,” said Nancy Dunphy, Deputy Commissioner for Employment Security.
Note: When comparing different months, seasonally adjusted data provide the most valid comparison, for example, June 2007 versus July 2007. Non-seasonally adjusted data are valuable in year-to-year comparisons of the same month, for example, July 2006 versus July 2007.
1) Unemployment rates (seasonally adjusted):
New York State’s unemployment rate, after seasonal adjustment, was 4.9 percent in July 2007, up from 4.7 percent in June 2007. In July 2006, the state’s rate was 4.6 percent. The nation’s rate was 4.6 percent in July 2007, up from 4.5 percent in June. In July 2006, the nation’s rate was 4.8 percent. In New York City, the unemployment rate was 5.7 percent in July 2007, up from 5.3 percent in June. In July 2006, the city’s rate was 5.0 percent. The rate for the balance of the state outside New York City was 4.3 percent in July 2007, up from 4.2 percent in June.
Unemployment Rates (seasonally adjusted)
July 2007
June 2007
July 2006
New York State
4.9
4.7
4.6
United States
4.6
4.5
4.8
New York City
5.7
5.3
5.0
NYS, excluding NYC
4.3
4.2
4.3
2) Job data (seasonally adjusted):
New York State and the nation, June 2007 - July 2007:
The number of private sector jobs in New York State increased by 5,500, or 0.1 percent, to 7,212,500 in July 2007, on a seasonally adjusted basis. Nationally, the number of private sector jobs increased by 0.1 percent over the same period. After seasonal adjustment, the number of nonfarm jobs in the state increased over the month by 11,800, or 0.1 percent, to 8,707,100 in July 2007. Nationally, the number of seasonally adjusted nonfarm jobs increased over the month by 0.1 percent.
3) Nonfarm jobs since July 2006 (not seasonally adjusted):
Total nonfarm jobs
+95,600
Private sector jobs
+87,500
Since July 2006, the number of nonfarm jobs in New York State increased by 95,600, or 1.1 percent, and the number of private sector jobs increased by 87,500, or 1.2 percent. Nationally, the number of nonfarm jobs increased by 1.3 percent and the number of private sector jobs increased by 1.4 percent between July 2006 and July 2007.
Educational and health services added the largest number of jobs (+29,500) over the July 2006-July 2007 period, with most of the increase in health care and social assistance (+19,500). Employment also increased in professional and business services; construction; leisure and hospitality; financial activities; trade, transportation and utilities; government; other services; and natural resources and mining.
Manufacturing (-14,200) registered the largest over-the-year drop among declining industries. Manufacturing job losses were mostly in non-durable goods. The over-the-year decline in non-durable goods employment (-13,100) was centered in chemical manufacturing (-4,800) and apparel manufacturing (-3,800). Employment losses in durable goods (-1,100) were centered in machinery manufacturing (-2,300). Information employment also declined over the year.
Industries With Job Gains:
Educational & Health Services
+29,500
Professional & Business Services
+24,500
Construction
+15,500
Leisure & Hospitality
+12,800
Financial Activities
+11,300
Trade, Transportation & Utilities
+9,300
Government
+8,100
Other Services
+2,700
Natural Resources & Mining
+600
Industries With Job Losses:
Manufacturing
-14,200
Information
-4,500
4) Nonfarm jobs since June 2007 (not seasonally adjusted):
Total nonfarm jobs
-78,500
Private sector jobs
-31,800
In July 2007, New York State had 8,708,700 total nonfarm jobs, including 7,248,800 private sector jobs. From June 2007 to July 2007, the number of nonfarm jobs decreased by 78,500 and the number of private sector jobs decreased by 31,800. Typically, both the total nonfarm and the private sector job counts decrease between June and July. On average, in the previous ten years, the number of nonfarm jobs in New York decreased by 78,200 from June to July, and the number of private sector jobs decreased by 40,600.
The not seasonally adjusted job count increased over the month in leisure and hospitality (+13,800), financial activities (+5,800), construction (+5,400), and natural resources and mining (+200). The job count decreased over the month in government (-46,700), educational and health services (-26,300), trade, transportation and utilities (-19,500), manufacturing (-5,800), information (-2,100), professional and business services (-1,700), and other services (-1,600).
5) New York State nonfarm job highlights since June 2007 (not seasonally adjusted):
Leisure and hospitality
Employment increased seasonally in most component industries, with gains largest in arts, entertainment and recreation.
Financial activities
Sector employment increased over the month, with gains concentrated in finance and insurance, particularly securities and commodity contracts.
Construction
Construction sector employment increased seasonally as all component industries added workers, most notably specialty trade contractors.
Natural resources and mining
Natural resources and mining sector employment increased seasonally in July.
Other services
Employment decreased over the month with losses focused in religious, grantmaking, civic and similar organizations.
Professional and business services
Over-the-month losses in administrative and support services more than overshadowed gains in professional, scientific and technical services.
Information Sector employment losses were centered in motion picture and sound recording.
Manufacturing
Manufacturing employment decreased over the month. Most losses were in durable goods, particularly transportation equipment manufacturing and fabricated metal product manufacturing.Trade, transportation and utilities
Sector employment losses were centered in transportation and warehousing, especially transit and ground passenger transportation, reflecting seasonal layoffs by many private providers of school bus transportation.
Educational and health services
Employment levels decreased in both educational services, reflecting the end of the school year for many private elementary and secondary schools and colleges and universities, and in health care and social assistance.
Government
Government employment declined in July due to seasonal staff reductions by public elementary and secondary schools.
6) Metropolitan Areas:
Job Growth and Unemployment Rates (not seasonally adjusted):
Albany-Schenectady-Troy: Since July 2006, the number of nonfarm jobs has increased by 4,200, or 0.9 percent, and the number of private sector jobs has increased by 2,700, or 0.8 percent. The area’s unemployment rate was 4.0 percent in July 2007, compared with 3.9 in June and 4.1 in July 2006.
Binghamton: Since July 2006, the number of nonfarm jobs increased by 300, or 0.3 percent, and the number of private sector jobs increased by 300, or 0.3 percent. The area’s unemployment rate was 4.6 percent in July 2007, compared with 4.4 in June and 4.8 in July 2006.
Buffalo-Niagara Falls: Since July 2006, the number of nonfarm jobs has increased by 6,700, or 1.2 percent, and the number of private sector jobs has increased by 4,800, or 1.1 percent. The area’s unemployment rate was 4.9 percent in July 2007, compared with 4.6 in June and 5.2 in July 2006.
Elmira: Since July 2006, the number of nonfarm jobs has increased by 200, or 0.5 percent, and the number of private sector jobs has increased by 100, or 0.3 percent. The area’s unemployment rate was 4.9 percent in July 2007, compared with 4.8 in June and 5.1 in July 2006.
Glens Falls: Since July 2006, the number of nonfarm jobs increased by 100, or 0.2 percent, and the number of private sector jobs decreased by 100, or 0.2 percent. The area’s unemployment rate was 3.8 percent in July 2007, compared with 3.7 in June and 3.8 in July 2006.
Ithaca: Since July 2006, the number of nonfarm jobs has increased by 200, or 0.3 percent, and the number of private sector jobs has increased by 100, or 0.2 percent. The area’s unemployment rate was 3.8 percent in July 2007, compared with 3.7 in June and 4.0 in July 2006.
Kingston: Since July 2006, the number of nonfarm jobs has increased by 1,400, or 2.2 percent, and the number of private sector jobs has increased by 1,300, or 2.6 percent. The area’s unemployment rate was 4.4 percent in July 2007, compared with 4.1 in June and 4.5 in July 2006.
Nassau-Suffolk: Since July 2006, the number of nonfarm jobs has increased by 8,000, or 0.6 percent, and the number of private sector jobs has increased by 7,300, or 0.7 percent. The area’s unemployment rate was 4.1 percent in July 2007, compared with 3.7 in June and 4.2 in July 2006.
New York City (five boroughs): Since July 2006, the number of nonfarm jobs has increased by 52,500, or 1.4 percent, and the number of private sector jobs has increased by 51,800, or 1.7 percent. The area’s unemployment rate was 6.1 percent in July 2007, compared with 5.2 in June and 5.6 in July 2006.
Poughkeepsie-Newburgh-Middletown: Since July 2006, the number of nonfarm jobs has increased by 2,700, or 1.1 percent, and the number of private sector jobs has increased by 2,100, or 1.0 percent. The area’s unemployment rate was 4.3 percent in July 2007, compared with 4.0 in June and 4.3 in July 2006.
Putnam-Rockland-Westchester: Since July 2006, the number of nonfarm jobs has increased by 6,400, or 1.1 percent, and the number of private sector jobs has increased by 5,300, or 1.1 percent. The area’s unemployment rate was 3.9 percent in July 2007, compared with 3.6 in June and 4.0 in July 2006.
Rochester: Since July 2006, the number of nonfarm jobs has increased by 3,300, or 0.6 percent, and the number of private sector jobs has increased by 2,400, or 0.6 percent. The area’s unemployment rate was 4.6 percent in July 2007, compared with 4.3 in June and 4.6 in July 2006.
Syracuse: Since July 2006, the number of nonfarm jobs has increased by 1,700, or 0.5 percent, and the number of private sector jobs has increased by 1,600, or 0.6 percent. The area’s unemployment rate was 4.4 percent in July 2007, compared with 4.3 in June and 4.7 in July 2006.
Utica-Rome: Since July 2006, the number of nonfarm jobs has increased by 600, or 0.4 percent, and the number of private sector jobs has decreased by 600, or 0.6 percent. The area’s unemployment rate was 4.2 percent in July 2007, compared with 4.1 in June and 4.3 in July 2006.
Note: The unemployment rate for New York and every other state is based on statistical regression models specified by the U. S. Bureau of Labor Statistics. Job data for New York are obtained from a survey of 18,000 business establishments. Job data exclude agricultural workers, the self-employed, unpaid family workers and domestic workers in private households.
New York City’s seasonally adjusted unemployment rate also increased, going from 5.3 percent in June 2007 to 5.7 percent in July 2007. The rate in the balance of the state outside New York City increased from 4.2 percent in June 2007 to 4.3 percent in July 2007.
“In July 2007, New York State’s seasonally adjusted private sector job count grew by 0.1 percent over the month. This rate of growth matched the comparable U.S. growth rate,” said Nancy Dunphy, Deputy Commissioner for Employment Security.
Note: When comparing different months, seasonally adjusted data provide the most valid comparison, for example, June 2007 versus July 2007. Non-seasonally adjusted data are valuable in year-to-year comparisons of the same month, for example, July 2006 versus July 2007.
1) Unemployment rates (seasonally adjusted):
New York State’s unemployment rate, after seasonal adjustment, was 4.9 percent in July 2007, up from 4.7 percent in June 2007. In July 2006, the state’s rate was 4.6 percent. The nation’s rate was 4.6 percent in July 2007, up from 4.5 percent in June. In July 2006, the nation’s rate was 4.8 percent. In New York City, the unemployment rate was 5.7 percent in July 2007, up from 5.3 percent in June. In July 2006, the city’s rate was 5.0 percent. The rate for the balance of the state outside New York City was 4.3 percent in July 2007, up from 4.2 percent in June.
Unemployment Rates (seasonally adjusted)
July 2007
June 2007
July 2006
New York State
4.9
4.7
4.6
United States
4.6
4.5
4.8
New York City
5.7
5.3
5.0
NYS, excluding NYC
4.3
4.2
4.3
2) Job data (seasonally adjusted):
New York State and the nation, June 2007 - July 2007:
The number of private sector jobs in New York State increased by 5,500, or 0.1 percent, to 7,212,500 in July 2007, on a seasonally adjusted basis. Nationally, the number of private sector jobs increased by 0.1 percent over the same period. After seasonal adjustment, the number of nonfarm jobs in the state increased over the month by 11,800, or 0.1 percent, to 8,707,100 in July 2007. Nationally, the number of seasonally adjusted nonfarm jobs increased over the month by 0.1 percent.
3) Nonfarm jobs since July 2006 (not seasonally adjusted):
Total nonfarm jobs
+95,600
Private sector jobs
+87,500
Since July 2006, the number of nonfarm jobs in New York State increased by 95,600, or 1.1 percent, and the number of private sector jobs increased by 87,500, or 1.2 percent. Nationally, the number of nonfarm jobs increased by 1.3 percent and the number of private sector jobs increased by 1.4 percent between July 2006 and July 2007.
Educational and health services added the largest number of jobs (+29,500) over the July 2006-July 2007 period, with most of the increase in health care and social assistance (+19,500). Employment also increased in professional and business services; construction; leisure and hospitality; financial activities; trade, transportation and utilities; government; other services; and natural resources and mining.
Manufacturing (-14,200) registered the largest over-the-year drop among declining industries. Manufacturing job losses were mostly in non-durable goods. The over-the-year decline in non-durable goods employment (-13,100) was centered in chemical manufacturing (-4,800) and apparel manufacturing (-3,800). Employment losses in durable goods (-1,100) were centered in machinery manufacturing (-2,300). Information employment also declined over the year.
Industries With Job Gains:
Educational & Health Services
+29,500
Professional & Business Services
+24,500
Construction
+15,500
Leisure & Hospitality
+12,800
Financial Activities
+11,300
Trade, Transportation & Utilities
+9,300
Government
+8,100
Other Services
+2,700
Natural Resources & Mining
+600
Industries With Job Losses:
Manufacturing
-14,200
Information
-4,500
4) Nonfarm jobs since June 2007 (not seasonally adjusted):
Total nonfarm jobs
-78,500
Private sector jobs
-31,800
In July 2007, New York State had 8,708,700 total nonfarm jobs, including 7,248,800 private sector jobs. From June 2007 to July 2007, the number of nonfarm jobs decreased by 78,500 and the number of private sector jobs decreased by 31,800. Typically, both the total nonfarm and the private sector job counts decrease between June and July. On average, in the previous ten years, the number of nonfarm jobs in New York decreased by 78,200 from June to July, and the number of private sector jobs decreased by 40,600.
The not seasonally adjusted job count increased over the month in leisure and hospitality (+13,800), financial activities (+5,800), construction (+5,400), and natural resources and mining (+200). The job count decreased over the month in government (-46,700), educational and health services (-26,300), trade, transportation and utilities (-19,500), manufacturing (-5,800), information (-2,100), professional and business services (-1,700), and other services (-1,600).
5) New York State nonfarm job highlights since June 2007 (not seasonally adjusted):
Leisure and hospitality
Employment increased seasonally in most component industries, with gains largest in arts, entertainment and recreation.
Financial activities
Sector employment increased over the month, with gains concentrated in finance and insurance, particularly securities and commodity contracts.
Construction
Construction sector employment increased seasonally as all component industries added workers, most notably specialty trade contractors.
Natural resources and mining
Natural resources and mining sector employment increased seasonally in July.
Other services
Employment decreased over the month with losses focused in religious, grantmaking, civic and similar organizations.
Professional and business services
Over-the-month losses in administrative and support services more than overshadowed gains in professional, scientific and technical services.
Information Sector employment losses were centered in motion picture and sound recording.
Manufacturing
Manufacturing employment decreased over the month. Most losses were in durable goods, particularly transportation equipment manufacturing and fabricated metal product manufacturing.Trade, transportation and utilities
Sector employment losses were centered in transportation and warehousing, especially transit and ground passenger transportation, reflecting seasonal layoffs by many private providers of school bus transportation.
Educational and health services
Employment levels decreased in both educational services, reflecting the end of the school year for many private elementary and secondary schools and colleges and universities, and in health care and social assistance.
Government
Government employment declined in July due to seasonal staff reductions by public elementary and secondary schools.
6) Metropolitan Areas:
Job Growth and Unemployment Rates (not seasonally adjusted):
Albany-Schenectady-Troy: Since July 2006, the number of nonfarm jobs has increased by 4,200, or 0.9 percent, and the number of private sector jobs has increased by 2,700, or 0.8 percent. The area’s unemployment rate was 4.0 percent in July 2007, compared with 3.9 in June and 4.1 in July 2006.
Binghamton: Since July 2006, the number of nonfarm jobs increased by 300, or 0.3 percent, and the number of private sector jobs increased by 300, or 0.3 percent. The area’s unemployment rate was 4.6 percent in July 2007, compared with 4.4 in June and 4.8 in July 2006.
Buffalo-Niagara Falls: Since July 2006, the number of nonfarm jobs has increased by 6,700, or 1.2 percent, and the number of private sector jobs has increased by 4,800, or 1.1 percent. The area’s unemployment rate was 4.9 percent in July 2007, compared with 4.6 in June and 5.2 in July 2006.
Elmira: Since July 2006, the number of nonfarm jobs has increased by 200, or 0.5 percent, and the number of private sector jobs has increased by 100, or 0.3 percent. The area’s unemployment rate was 4.9 percent in July 2007, compared with 4.8 in June and 5.1 in July 2006.
Glens Falls: Since July 2006, the number of nonfarm jobs increased by 100, or 0.2 percent, and the number of private sector jobs decreased by 100, or 0.2 percent. The area’s unemployment rate was 3.8 percent in July 2007, compared with 3.7 in June and 3.8 in July 2006.
Ithaca: Since July 2006, the number of nonfarm jobs has increased by 200, or 0.3 percent, and the number of private sector jobs has increased by 100, or 0.2 percent. The area’s unemployment rate was 3.8 percent in July 2007, compared with 3.7 in June and 4.0 in July 2006.
Kingston: Since July 2006, the number of nonfarm jobs has increased by 1,400, or 2.2 percent, and the number of private sector jobs has increased by 1,300, or 2.6 percent. The area’s unemployment rate was 4.4 percent in July 2007, compared with 4.1 in June and 4.5 in July 2006.
Nassau-Suffolk: Since July 2006, the number of nonfarm jobs has increased by 8,000, or 0.6 percent, and the number of private sector jobs has increased by 7,300, or 0.7 percent. The area’s unemployment rate was 4.1 percent in July 2007, compared with 3.7 in June and 4.2 in July 2006.
New York City (five boroughs): Since July 2006, the number of nonfarm jobs has increased by 52,500, or 1.4 percent, and the number of private sector jobs has increased by 51,800, or 1.7 percent. The area’s unemployment rate was 6.1 percent in July 2007, compared with 5.2 in June and 5.6 in July 2006.
Poughkeepsie-Newburgh-Middletown: Since July 2006, the number of nonfarm jobs has increased by 2,700, or 1.1 percent, and the number of private sector jobs has increased by 2,100, or 1.0 percent. The area’s unemployment rate was 4.3 percent in July 2007, compared with 4.0 in June and 4.3 in July 2006.
Putnam-Rockland-Westchester: Since July 2006, the number of nonfarm jobs has increased by 6,400, or 1.1 percent, and the number of private sector jobs has increased by 5,300, or 1.1 percent. The area’s unemployment rate was 3.9 percent in July 2007, compared with 3.6 in June and 4.0 in July 2006.
Rochester: Since July 2006, the number of nonfarm jobs has increased by 3,300, or 0.6 percent, and the number of private sector jobs has increased by 2,400, or 0.6 percent. The area’s unemployment rate was 4.6 percent in July 2007, compared with 4.3 in June and 4.6 in July 2006.
Syracuse: Since July 2006, the number of nonfarm jobs has increased by 1,700, or 0.5 percent, and the number of private sector jobs has increased by 1,600, or 0.6 percent. The area’s unemployment rate was 4.4 percent in July 2007, compared with 4.3 in June and 4.7 in July 2006.
Utica-Rome: Since July 2006, the number of nonfarm jobs has increased by 600, or 0.4 percent, and the number of private sector jobs has decreased by 600, or 0.6 percent. The area’s unemployment rate was 4.2 percent in July 2007, compared with 4.1 in June and 4.3 in July 2006.
Note: The unemployment rate for New York and every other state is based on statistical regression models specified by the U. S. Bureau of Labor Statistics. Job data for New York are obtained from a survey of 18,000 business establishments. Job data exclude agricultural workers, the self-employed, unpaid family workers and domestic workers in private households.
Labels: employment, New York
Wisconsin unemployment at 4.8 percent
The monthly decline bucked the national trend. The July unadjusted unemployment rate nationwide increased to 4.9 percent from 4.7 percent in June.
Compared with last year, Wisconsin's unadjusted rate rose from 4.7 percent in July 2006.
The job decline reflects a seasonal decrease in governmental employment as schools dismissed for the summer, Workforce Development Secretary Roberta Gassman said. Private employers added 4,700 jobs during the month, reflecting growth in goods-producing industries, including manufacturing and construction. The manufacturing sector added 3,300 jobs between June and July.
The seasonally adjusted Wisconsin unemployment rate for July 2007 was 5 percent, unchanged from June 2007 and up three-tenths of a percentage point from the July 2006 rate of 4.7 percent.
Total state employment increased by 500 jobs from July 2006 to July 2007, to 2,920,900, on a seasonally adjusted basis. Wisconsin employment was up 400 in July compared with June.
Compared with last year, Wisconsin's unadjusted rate rose from 4.7 percent in July 2006.
The job decline reflects a seasonal decrease in governmental employment as schools dismissed for the summer, Workforce Development Secretary Roberta Gassman said. Private employers added 4,700 jobs during the month, reflecting growth in goods-producing industries, including manufacturing and construction. The manufacturing sector added 3,300 jobs between June and July.
The seasonally adjusted Wisconsin unemployment rate for July 2007 was 5 percent, unchanged from June 2007 and up three-tenths of a percentage point from the July 2006 rate of 4.7 percent.
Total state employment increased by 500 jobs from July 2006 to July 2007, to 2,920,900, on a seasonally adjusted basis. Wisconsin employment was up 400 in July compared with June.
Labels: unemployment, Wisconsin
Housing Starts Fall More Than Expected, Jobless Claims Jump Unexpectedly
8/16/2007 10:50:41 AM Some disappointing economic data has been released Thursday morning, with government reports showing bigger than expected drops in July housing starts and building permits as well as a bigger than expected increase in weekly jobless claims. The data has added to the recent concerns that problems in the credit markets could impact the economy as a whole.
While the weaker than expected data also added to optimism that the Federal Reserve may consider cutting interest rates in the near future, recent comments from St. Louis Federal Reserve Bank President William Poole have helped to dash those hopes.
Earlier this morning, the Department of Commerce released a report showing that housing starts fell 6.1 percent to an annual rate of 1.381 million units in July from the revised June estimate of 1.470 million units. With the decrease, housing starts were down 20.9 percent year-over-year and at their lowest annual rate since January of 1997.
Economists had been expecting a somewhat more modest decrease to a 1.405 million unit rate compared to the 1.467 million unit rate originally reported for the previous month. The bigger than expected drop in housing starts was partly due to a notable decline in starts in the South, which fell 11.0 percent. Housing starts fell 3.7 percent in the West and 1.3 percent in the Northeast, while starts in the Midwest edged up 2.6 percent.
As mentioned above, the Commerce Department also said that building permits fell 2.8 percent to an annual rate of 1.373 million units in July from the revised June rate of 1.413 million units. The decrease contributed to a 22.6 percent drop compared to July of 2006. Building permits are seen as an indicator of future housing demand. The drop in building permits exceeded the estimates of economists, who had expected building permits to fall to a 1.400 million unit rate compared to the 1.406 million originally reported for the previous week.
The weaker than expected data added to recent concerns about the outlook for the housing market, which have been aggravated by the recent subprime mortgage woes and tightening lending standards. The housing market has been slumping for much of the past after experiencing a prolonged boom.
In related news, mortgage lender Countrywide Financial (CFC) announced on Thursday that it has supplemented its funding liquidity position by drawing on an $11.5 billion credit facility. Countrywide noted that funding liquidity for the mortgage industry has become constrained along with reduced liquidity in the secondary market.Separately, the Department of Labor said that jobless claims rose to 322,000 from the previous week's unrevised figure of 316,000.
The increase came as a surprise to economists, who had expected jobless claims to edge down to about 315,000. The report also showed that the less volatile four-week moving average rose to 312,500.Recent employment data has painted a negative picture of the labor market, as last week's jobless claims report showed that claims increased by more than economists had been expecting.
Earlier this month, a report from the Labor Department showed that non-farm payroll employment increase by a smaller than expected 92,000 jobs in July. Economists had been expecting a more significant increase of about 135,000 jobs.
The report also showed that the unemployment rate unexpectedly edged up to 4.6 percent in July from 4.5 percent in June. With the increase, the unemployment rate reached a six-month high, although it remains at relatively low levels.
Despite the troubling data, however, St. Louis Fed President William Poole said that there have not been any indications that the problems in the subprime mortgage market are negatively impacting the broader U.S. economy.
“It's premature to say this upset in the market is changing the course of the economy in any fundamental way,” Poole said in an interview with Bloomberg. “Obviously, there could be an impact, but we have to rely on some real evidence.”Poole said that there was no need for the Federal Reserve to enact an emergency interest rate cut, barring a “calamity.”
Some speculated that Poole's remarks also indicated that the Federal Reserve is unlikely to cut rates when it meets on September 18th.In spite of Poole's comments, the Federal Reserve has been among the central banks injecting funds into the banking system in an attempt to avoid a credit crisis.
On Thursday, the Fed injected another $17 billion into the system for a total of $88 billion in the past week.
While the weaker than expected data also added to optimism that the Federal Reserve may consider cutting interest rates in the near future, recent comments from St. Louis Federal Reserve Bank President William Poole have helped to dash those hopes.
Earlier this morning, the Department of Commerce released a report showing that housing starts fell 6.1 percent to an annual rate of 1.381 million units in July from the revised June estimate of 1.470 million units. With the decrease, housing starts were down 20.9 percent year-over-year and at their lowest annual rate since January of 1997.
Economists had been expecting a somewhat more modest decrease to a 1.405 million unit rate compared to the 1.467 million unit rate originally reported for the previous month. The bigger than expected drop in housing starts was partly due to a notable decline in starts in the South, which fell 11.0 percent. Housing starts fell 3.7 percent in the West and 1.3 percent in the Northeast, while starts in the Midwest edged up 2.6 percent.
As mentioned above, the Commerce Department also said that building permits fell 2.8 percent to an annual rate of 1.373 million units in July from the revised June rate of 1.413 million units. The decrease contributed to a 22.6 percent drop compared to July of 2006. Building permits are seen as an indicator of future housing demand. The drop in building permits exceeded the estimates of economists, who had expected building permits to fall to a 1.400 million unit rate compared to the 1.406 million originally reported for the previous week.
The weaker than expected data added to recent concerns about the outlook for the housing market, which have been aggravated by the recent subprime mortgage woes and tightening lending standards. The housing market has been slumping for much of the past after experiencing a prolonged boom.
In related news, mortgage lender Countrywide Financial (CFC) announced on Thursday that it has supplemented its funding liquidity position by drawing on an $11.5 billion credit facility. Countrywide noted that funding liquidity for the mortgage industry has become constrained along with reduced liquidity in the secondary market.Separately, the Department of Labor said that jobless claims rose to 322,000 from the previous week's unrevised figure of 316,000.
The increase came as a surprise to economists, who had expected jobless claims to edge down to about 315,000. The report also showed that the less volatile four-week moving average rose to 312,500.Recent employment data has painted a negative picture of the labor market, as last week's jobless claims report showed that claims increased by more than economists had been expecting.
Earlier this month, a report from the Labor Department showed that non-farm payroll employment increase by a smaller than expected 92,000 jobs in July. Economists had been expecting a more significant increase of about 135,000 jobs.
The report also showed that the unemployment rate unexpectedly edged up to 4.6 percent in July from 4.5 percent in June. With the increase, the unemployment rate reached a six-month high, although it remains at relatively low levels.
Despite the troubling data, however, St. Louis Fed President William Poole said that there have not been any indications that the problems in the subprime mortgage market are negatively impacting the broader U.S. economy.
“It's premature to say this upset in the market is changing the course of the economy in any fundamental way,” Poole said in an interview with Bloomberg. “Obviously, there could be an impact, but we have to rely on some real evidence.”Poole said that there was no need for the Federal Reserve to enact an emergency interest rate cut, barring a “calamity.”
Some speculated that Poole's remarks also indicated that the Federal Reserve is unlikely to cut rates when it meets on September 18th.In spite of Poole's comments, the Federal Reserve has been among the central banks injecting funds into the banking system in an attempt to avoid a credit crisis.
On Thursday, the Fed injected another $17 billion into the system for a total of $88 billion in the past week.
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