TCC Program Helping Fill Jobs From Barnett Shale
Labels: Barnett Shale, hiring
Sunday, June 29, 2008
Sutter Health To Announce Bay Area Layoffs
Labels: California, layoffs, San Francisco, Sutter Health
Employee Layoffs in Japan
Layoffs have begun. Instead of calling them layoffs, companies give employees 'no assignments'. Left with nothing to do, employees come to the office and find that their telephones and computers have been removed. It is quite obvious to everyone in the office which employees are no longer deemed necessary. This subtle form of 'non-verbal communication' is very effective. It is far easier for company management to send an employee adrift without a life preserver than to sit down with them and tell them to 'hit the road'.
I think it is time for the voters to throw out the current government and let Ozawa and his crew an opportunity to run the country. Let's prat that the next government can find its way through its own BS and turn around the economy and restore Japan's education system and social welfare system.
I think it is time for the voters to throw out the current government and let Ozawa and his crew an opportunity to run the country. Let's prat that the next government can find its way through its own BS and turn around the economy and restore Japan's education system and social welfare system.
Webster Announces Massive Layoff Plan
By Howard French
Journal Inquirer
06/30/08
James C. Smith, chairman and CEO, Webster Financial Corp.
Waterbury-based Webster Financial Corp., which operates Webster Bank, plans to eliminate 240 jobs over the next 24 months, about half of those through attrition and the balance through outright layoffs.
The job cuts are the result of Webster’s “comprehensive revenue enhancement and cost reduction initiative, called the ‘OneWebster’ initiative,” Chairman and Chief Executive Officer James C. Smith.
“Webster expects to increase annual pre-tax earnings by $50 million within two years through actions that will save approximately $40 million in costs and achieve an additional $10 million in incremental revenue growth … as a result of this initiative,” Smith said.
Most of the plan will be executed during the next six to nine months, and the plan will be fully implemented in 24 months, he said.
“Webster will incur severance and other related charges of approximately $3.1 million in conjunction with these position eliminations, of which approximately $2.6 million will be recorded in the second quarter of 2008,” Smith said. In addition, Webster expects to incur approximately $10 million in other implementation costs, of which approximately $5 million will be recorded in the second quarter of 2008, he added.
“With these changes, Webster expects to meet its efficiency ratio target while improving its ability to deliver top quality customer service, reduce transaction times, and make banking easier for Webster customers,” Smith said.
“The large majority of Webster people will continue in their current or comparable assignments or will be reassigned to new jobs,” he said. Affected employees will have “the full support of Webster’s severance plan with outplacement services to help their transition, and Webster will consider them for future employment as the bank creates job opportunities in the future,” Smith said.
“One of the major successes of this effort was our ability to realize efficiencies equal to 10 percent of our cost base while 97 percent of our employees remain minimally impacted,” he said.
Webster will provide additional information about the cost-cutting plan “at or before its July 22 second quarter earnings announcement,” Smith said.
Webster Bank operates 181 branches and owns the asset-based lending firm Webster Business Credit Corp., the insurance premium finance company Budget Installment Corp., and Center Capital Corp., an equipment finance company headquartered in Farmington.
Webster has been struggling with declining profits, and in April announced a 30 percent slip in net earnings for the first quarter of its fiscal year to $24.4 million, down from $35 million in the comparable period a year earlier.
Smith blamed the declining real estate market and related factors for the financial performance.
Journal Inquirer
06/30/08
James C. Smith, chairman and CEO, Webster Financial Corp.
Waterbury-based Webster Financial Corp., which operates Webster Bank, plans to eliminate 240 jobs over the next 24 months, about half of those through attrition and the balance through outright layoffs.
The job cuts are the result of Webster’s “comprehensive revenue enhancement and cost reduction initiative, called the ‘OneWebster’ initiative,” Chairman and Chief Executive Officer James C. Smith.
“Webster expects to increase annual pre-tax earnings by $50 million within two years through actions that will save approximately $40 million in costs and achieve an additional $10 million in incremental revenue growth … as a result of this initiative,” Smith said.
Most of the plan will be executed during the next six to nine months, and the plan will be fully implemented in 24 months, he said.
“Webster will incur severance and other related charges of approximately $3.1 million in conjunction with these position eliminations, of which approximately $2.6 million will be recorded in the second quarter of 2008,” Smith said. In addition, Webster expects to incur approximately $10 million in other implementation costs, of which approximately $5 million will be recorded in the second quarter of 2008, he added.
“With these changes, Webster expects to meet its efficiency ratio target while improving its ability to deliver top quality customer service, reduce transaction times, and make banking easier for Webster customers,” Smith said.
“The large majority of Webster people will continue in their current or comparable assignments or will be reassigned to new jobs,” he said. Affected employees will have “the full support of Webster’s severance plan with outplacement services to help their transition, and Webster will consider them for future employment as the bank creates job opportunities in the future,” Smith said.
“One of the major successes of this effort was our ability to realize efficiencies equal to 10 percent of our cost base while 97 percent of our employees remain minimally impacted,” he said.
Webster will provide additional information about the cost-cutting plan “at or before its July 22 second quarter earnings announcement,” Smith said.
Webster Bank operates 181 branches and owns the asset-based lending firm Webster Business Credit Corp., the insurance premium finance company Budget Installment Corp., and Center Capital Corp., an equipment finance company headquartered in Farmington.
Webster has been struggling with declining profits, and in April announced a 30 percent slip in net earnings for the first quarter of its fiscal year to $24.4 million, down from $35 million in the comparable period a year earlier.
Smith blamed the declining real estate market and related factors for the financial performance.
Labels: Connecticut, Hartford, layoffs, Webster Financial
Siemens Lay Off
Alright guys, you knew this was coming. The marching orders came down from head quarter.
Frankfurt, Germany (AHN) - Germany's largest electronic firm, Siemens, is considering cutting over 17,000 white collar jobs world wide to reduce administrative expenses.
Siemens chief executive officer Peter Loescher downplayed worries that the telecom firm would be engaged in a massive layoff and promised he would avoid forced redundancies. Healthcare sector faces 2,800 job cuts.
Good Luck!
Frankfurt, Germany (AHN) - Germany's largest electronic firm, Siemens, is considering cutting over 17,000 white collar jobs world wide to reduce administrative expenses.
Siemens chief executive officer Peter Loescher downplayed worries that the telecom firm would be engaged in a massive layoff and promised he would avoid forced redundancies. Healthcare sector faces 2,800 job cuts.
Good Luck!
100-plus will be receiving layoff notices at Foxwoods
Tribe says reorganization won't target MGM Grand
By Karin Crompton Published on 6/28/2008
Only a year ago, at the first-ever summit of its kind held in Hartford, speakers dissected the myriad ways the Mohegan and Mashantucket Pequot casinos have made their impact on Connecticut. Mostly, the summit focused on the casinos' economic impact, their growth and where the state would be without their infusion of cash.
For years, the casinos seemed immune to changes in the economy and the layoffs that have plagued other industries.
But on Thursday, Foxwoods Resort Casino announced it would lay off employees - amending the announcement Friday to say that about 1 percent, or a little more than 100 people, would lose their jobs. All of the layoffs affect Foxwoods employees and not those at the new MGM Grand, according to a tribal spokeswoman.
The move to lay off casino workers came three months after the Mashantucket Pequots, who run Foxwoods, offered buyouts to employees of the tribal government.
Both casinos' credit ratings have dropped this past year, and slot revenues have been down.
Foxwoods reported a 17 percent year-over-year drop in slots revenue in December, while Mohegan Sun reported an 18.8 percent drop.
Both casinos saw steady declines until May, when their numbers rebounded somewhat: Foxwoods posted a 7.7 percent gain in its net slots win, including figures for the newly opened MGM Grand, and Mohegan Sun's net slots win increased by two-tenths of a percent.
Are casino layoffs a sign of the times? Or are they a natural shift in a business that employs 10,000 people?
”I think you have to remember when money is good and people have disposable incomes, then many people choose to (spend) it by gambling,” said John Tirinzonie, a labor economist with the state Department of Labor. “The problem is that when people have to tighten their purse strings, it's going to affect a variety of things, and I don't think casinos are any more immune to that than restaurants or retail or any of that.”
The Chamber of Commerce of Eastern Connecticut was among the chief organizers of last year's Native American Economic Impact Summit, held at the Connecticut Convention Center in Hartford. Tony Sheridan, chamber president, said things have changed since the summit - though not for the worse, despite layoff announcements.
Sheridan said the two casinos' employment rolls have gone up “dramatically” since the summit, increasing by about 2,000 people. Their importance to the state's economy, he said, is even greater when considering the loss of revenue elsewhere.
”It's a huge part of our economic engine now in the state of Connecticut,” Sheridan said. “The amount of hiring that's going on is still going on over there, even though there are some layoffs - which is confusing to some people. There are still a significant amount of layoffs. … What's happening, quite frankly, is these are normal adjustments that a company goes through.”
Sheridan compared the situation to events in the last year at Pfizer, which, despite layoffs, also hired new employees.
Several small companies told the chamber this week that they're looking for engineers, Sheridan said, adding that there is a “backlog for engineers in the area.”
Lori Potter, a Foxwoods spokeswoman, said Friday that she's been told the layoffs announced Thursday, which affect mostly middle management and some hourly employees, are all the casino has planned right now.
Potter said part of the reason for the job cuts is the economy and rising fuel costs affecting casinos industrywide. Mostly, she said, they are a result of interim president Barry Cregan's review of how the casino operates as an organization.
Potter said there was recently “a review of the whole organization to determine that there's no duplication of effort, that everything is being run in the most cost-effective, strategic way possible for the management of Foxwoods overall.”
Potter added that the casino has a number of developments under way, and as those are completed, more jobs will be available. She said Foxwoods encouraged many of the employees who were laid off Thursday to look internally for new job postings.
K.CROMPTON@THEDAY.COM
By Karin Crompton Published on 6/28/2008
Only a year ago, at the first-ever summit of its kind held in Hartford, speakers dissected the myriad ways the Mohegan and Mashantucket Pequot casinos have made their impact on Connecticut. Mostly, the summit focused on the casinos' economic impact, their growth and where the state would be without their infusion of cash.
For years, the casinos seemed immune to changes in the economy and the layoffs that have plagued other industries.
But on Thursday, Foxwoods Resort Casino announced it would lay off employees - amending the announcement Friday to say that about 1 percent, or a little more than 100 people, would lose their jobs. All of the layoffs affect Foxwoods employees and not those at the new MGM Grand, according to a tribal spokeswoman.
The move to lay off casino workers came three months after the Mashantucket Pequots, who run Foxwoods, offered buyouts to employees of the tribal government.
Both casinos' credit ratings have dropped this past year, and slot revenues have been down.
Foxwoods reported a 17 percent year-over-year drop in slots revenue in December, while Mohegan Sun reported an 18.8 percent drop.
Both casinos saw steady declines until May, when their numbers rebounded somewhat: Foxwoods posted a 7.7 percent gain in its net slots win, including figures for the newly opened MGM Grand, and Mohegan Sun's net slots win increased by two-tenths of a percent.
Are casino layoffs a sign of the times? Or are they a natural shift in a business that employs 10,000 people?
”I think you have to remember when money is good and people have disposable incomes, then many people choose to (spend) it by gambling,” said John Tirinzonie, a labor economist with the state Department of Labor. “The problem is that when people have to tighten their purse strings, it's going to affect a variety of things, and I don't think casinos are any more immune to that than restaurants or retail or any of that.”
The Chamber of Commerce of Eastern Connecticut was among the chief organizers of last year's Native American Economic Impact Summit, held at the Connecticut Convention Center in Hartford. Tony Sheridan, chamber president, said things have changed since the summit - though not for the worse, despite layoff announcements.
Sheridan said the two casinos' employment rolls have gone up “dramatically” since the summit, increasing by about 2,000 people. Their importance to the state's economy, he said, is even greater when considering the loss of revenue elsewhere.
”It's a huge part of our economic engine now in the state of Connecticut,” Sheridan said. “The amount of hiring that's going on is still going on over there, even though there are some layoffs - which is confusing to some people. There are still a significant amount of layoffs. … What's happening, quite frankly, is these are normal adjustments that a company goes through.”
Sheridan compared the situation to events in the last year at Pfizer, which, despite layoffs, also hired new employees.
Several small companies told the chamber this week that they're looking for engineers, Sheridan said, adding that there is a “backlog for engineers in the area.”
Lori Potter, a Foxwoods spokeswoman, said Friday that she's been told the layoffs announced Thursday, which affect mostly middle management and some hourly employees, are all the casino has planned right now.
Potter said part of the reason for the job cuts is the economy and rising fuel costs affecting casinos industrywide. Mostly, she said, they are a result of interim president Barry Cregan's review of how the casino operates as an organization.
Potter said there was recently “a review of the whole organization to determine that there's no duplication of effort, that everything is being run in the most cost-effective, strategic way possible for the management of Foxwoods overall.”
Potter added that the casino has a number of developments under way, and as those are completed, more jobs will be available. She said Foxwoods encouraged many of the employees who were laid off Thursday to look internally for new job postings.
K.CROMPTON@THEDAY.COM
Labels: Connecticut, Foxwoods, layoffs
Paper mill to layoff 100 people
SNOWFLAKE - More than 25 percent of the workers at the Catalyst Paper Mill outside Snowflake will lose their jobs.
About 100 positions will be affected when the mill's corrugated paper medium line is closed down no later than Oct. 15, General Manager John Mckee said.
The equipment, which manufactures the accordion-folded inner material used in corrugated cardboard boxes, is owned by Smurfit-Stone but was operated and maintained by Catalyst workers. The move will affect all employees at the paper mill.
"This will be difficult on the people side," Mckee said. "The equipment side is easy but this will impact people's lives and their communities.
"We will have to go back and look at our positions to make sure we're running efficiently. We can't afford a high cost of making newsprint. We're seeing an overall decline in the use of newsprint. It makes it challenging to those who have to compete for the market."
Although Smurfit-Stone set the cut-off date of Oct. 15, Mckee said it could happen earlier. They will come in and take out their equipment. In the meantime, Catalyst will continue to look at things to remain profitable. McKee said not a lot of newsprint equipment is manufactured in the United States but it doesn't mean they won't keep working.
Mckee said it won't be just people who work on that equipment. Some of those who run the pulpers and who load the rolls on trucks and railcars won't be needed.
"A certain number of the technical staff also supports that operation," he said. "Each job will be reviewed. As difficult as it is, we have to make sure we will be running effectively on a long term basis."
No other jobs are available at the plant, McKee said, adding it's the devastating part of the people's side of the decision.
"There will be a spin-off in the community," he said. "Some may leave the area and the others will have to find other employment."
Although this move may come as news to those not working at the mill, Mckee said it had been talked about to employees for the past several years. The machine has been in place since Stone Container sold the mill about 10 years ago, he added.
While there is regret that the layoff has to occur, Mckee said, "We have an outstanding workforce. A lot of people from Catalyst (which bought the mill in February) have come here and are always impressed by our workers. That makes this move even more difficult. "Catalyst is taking this very seriously," he said.
The paper mill had been owned by Abitibi Consolidated but, when that company made the decision to merge with Bowater to become AbitibiBowater, the Department of Justice dictated that the profitable mill had to be sold because it could create something close to a monopoly.
Smurfit-Stone had a 10-year contract with the paper mill which began when Abitibi Consolidated purchased the plant. The contract ran out this year, Mckee said.
About 100 positions will be affected when the mill's corrugated paper medium line is closed down no later than Oct. 15, General Manager John Mckee said.
The equipment, which manufactures the accordion-folded inner material used in corrugated cardboard boxes, is owned by Smurfit-Stone but was operated and maintained by Catalyst workers. The move will affect all employees at the paper mill.
"This will be difficult on the people side," Mckee said. "The equipment side is easy but this will impact people's lives and their communities.
"We will have to go back and look at our positions to make sure we're running efficiently. We can't afford a high cost of making newsprint. We're seeing an overall decline in the use of newsprint. It makes it challenging to those who have to compete for the market."
Although Smurfit-Stone set the cut-off date of Oct. 15, Mckee said it could happen earlier. They will come in and take out their equipment. In the meantime, Catalyst will continue to look at things to remain profitable. McKee said not a lot of newsprint equipment is manufactured in the United States but it doesn't mean they won't keep working.
Mckee said it won't be just people who work on that equipment. Some of those who run the pulpers and who load the rolls on trucks and railcars won't be needed.
"A certain number of the technical staff also supports that operation," he said. "Each job will be reviewed. As difficult as it is, we have to make sure we will be running effectively on a long term basis."
No other jobs are available at the plant, McKee said, adding it's the devastating part of the people's side of the decision.
"There will be a spin-off in the community," he said. "Some may leave the area and the others will have to find other employment."
Although this move may come as news to those not working at the mill, Mckee said it had been talked about to employees for the past several years. The machine has been in place since Stone Container sold the mill about 10 years ago, he added.
While there is regret that the layoff has to occur, Mckee said, "We have an outstanding workforce. A lot of people from Catalyst (which bought the mill in February) have come here and are always impressed by our workers. That makes this move even more difficult. "Catalyst is taking this very seriously," he said.
The paper mill had been owned by Abitibi Consolidated but, when that company made the decision to merge with Bowater to become AbitibiBowater, the Department of Justice dictated that the profitable mill had to be sold because it could create something close to a monopoly.
Smurfit-Stone had a 10-year contract with the paper mill which began when Abitibi Consolidated purchased the plant. The contract ran out this year, Mckee said.
Labels: Catalyst Paper Mill, layoffs
Brunswick to close four boat plants, layoff 2,700
Seeks to trim $300M in costs
June 27, 2008
NEWS-SUN STAFF REPORT
LAKE FOREST -- Brunswick Corp. said Thursday the slumping marine market is forcing it to reduce costs by $300 million, including the closing of four boat manufacturing plants and laying off 2,700 workers.
The company said it plans to have 17 or fewer boat plants by the end of 2009, compared with the 29 it had in 2007, requiring the closure of four plants in addition to eight plant closures already completed or announced.
Brunswick said officials notified employees that 1,000 hourly and salaried workers at certain marine plants would be laid off. Further layoffs approximately 1,000 hourly and 700 salaried employees across the company's marine business units and staff functions also are being contemplated as additional plant closures and consolidations, and other cost-cutting measures are completed.
"Retail unit sales of power boats in the United States have been in decline since late 2005; however, the rate of decline has been accelerating," Dustan McCoy, Brunswick chairman and chief operating officer, said. "Industry retail unit sales were down 13 percent in the fourth quarter of 2007 and down 21 percent in the first quarter of 2008 compared with the respective year-ago quarters."
Total unit sales of power boats in the U.S. in 2007 were at their lowest in more than 40 years, he added.
The company said it also will continue its efforts to reduce the complexity of its operations, including reducing the number of models and option packages, and assessing the continued participation in certain market segments.
McCoy said Lake Forest-based Brunswick has implemented cost savings initiatives over the years to reduce its manufacturing footprint and leverage purchases of components and materials.
"While these efforts have resulted in significant savings, the realities of the current U.S. marine market have caused us to step up the pace and magnitude of these efforts," he said, noting an uncertain economy is eroding consumer confidence and reducing purchases of discretionary items such as boats, billiard tables and fitness equipment.
June 27, 2008
NEWS-SUN STAFF REPORT
LAKE FOREST -- Brunswick Corp. said Thursday the slumping marine market is forcing it to reduce costs by $300 million, including the closing of four boat manufacturing plants and laying off 2,700 workers.
The company said it plans to have 17 or fewer boat plants by the end of 2009, compared with the 29 it had in 2007, requiring the closure of four plants in addition to eight plant closures already completed or announced.
Brunswick said officials notified employees that 1,000 hourly and salaried workers at certain marine plants would be laid off. Further layoffs approximately 1,000 hourly and 700 salaried employees across the company's marine business units and staff functions also are being contemplated as additional plant closures and consolidations, and other cost-cutting measures are completed.
"Retail unit sales of power boats in the United States have been in decline since late 2005; however, the rate of decline has been accelerating," Dustan McCoy, Brunswick chairman and chief operating officer, said. "Industry retail unit sales were down 13 percent in the fourth quarter of 2007 and down 21 percent in the first quarter of 2008 compared with the respective year-ago quarters."
Total unit sales of power boats in the U.S. in 2007 were at their lowest in more than 40 years, he added.
The company said it also will continue its efforts to reduce the complexity of its operations, including reducing the number of models and option packages, and assessing the continued participation in certain market segments.
McCoy said Lake Forest-based Brunswick has implemented cost savings initiatives over the years to reduce its manufacturing footprint and leverage purchases of components and materials.
"While these efforts have resulted in significant savings, the realities of the current U.S. marine market have caused us to step up the pace and magnitude of these efforts," he said, noting an uncertain economy is eroding consumer confidence and reducing purchases of discretionary items such as boats, billiard tables and fitness equipment.
Labels: Brunswick Corp, Illinois, Lake Forest, layoffs
Another sad news UIQ Announce Plans To Layoff 200 Employees
AAS reported that UIQ have announced plans to layoff of 200 employees (reports BLT.se). Currently the majority of the 375 staff are employed in the Ronneby offices, with the balance of staff in two foreign offices in London and Budapest. These offices will probably close. Further detailsat AAS.
Retailer to lay off 126 workers at its downtown store
Little Rock, Ark.-based Dillard's Inc. has filed notice of plans to lay off more than 100 employees at its store in downtown San Antonio.
Earlier this month, the retailer filed a work-force alignment and retraining notice (WARN) report with the Texas Workforce Commission (TWC). In the report, Dillard's states that its store at 102 Alamo Plaza will cease operations and will close its doors no later than Aug. 23 of this year.
The filing shows that Dillard's expects a total of 126 employees to be affected by the closing -- including 85 sales associates.
According to the TWC Web site, under federal law employers with 100 or more employees must file a WARN report when the company plans to shut down an employment site with 50 or more workers. An employer must also file a report if it plans to layoff at least 33 percent of its workforce.
The downtown Dillard's store is part of area retail center Rivercenter Mall.
The WARN report comes on the heels of an announcement by Rivercenter's owner, New York-based Ashkenazy Acquisition Corp. (AAC), that it had purchased the former Joske's department store building from Dillard's.
That building, which dates back to 1867, spans a total of 550,000 square feet. The Dillard's store occupies about 160,000 square feet of that property.
The Joske's building buy is part of a larger investment that AAC is making to revitalize Rivercenter, which opened its doors in 1988.
At the time that AAC announced the purchase, Dillard's spokeswoman Julie Bull stated that her firm's downtown store would remain open until mid-August. She also stated that the company was working to relocate the Rivercenter employees to the retailer's four remaining stores in San Antonio, as follows: North Star Mall, Ingram Park Mall, The Shops at La Cantera and Rolling Oaks Mall.
Earlier this month, the retailer filed a work-force alignment and retraining notice (WARN) report with the Texas Workforce Commission (TWC). In the report, Dillard's states that its store at 102 Alamo Plaza will cease operations and will close its doors no later than Aug. 23 of this year.
The filing shows that Dillard's expects a total of 126 employees to be affected by the closing -- including 85 sales associates.
According to the TWC Web site, under federal law employers with 100 or more employees must file a WARN report when the company plans to shut down an employment site with 50 or more workers. An employer must also file a report if it plans to layoff at least 33 percent of its workforce.
The downtown Dillard's store is part of area retail center Rivercenter Mall.
The WARN report comes on the heels of an announcement by Rivercenter's owner, New York-based Ashkenazy Acquisition Corp. (AAC), that it had purchased the former Joske's department store building from Dillard's.
That building, which dates back to 1867, spans a total of 550,000 square feet. The Dillard's store occupies about 160,000 square feet of that property.
The Joske's building buy is part of a larger investment that AAC is making to revitalize Rivercenter, which opened its doors in 1988.
At the time that AAC announced the purchase, Dillard's spokeswoman Julie Bull stated that her firm's downtown store would remain open until mid-August. She also stated that the company was working to relocate the Rivercenter employees to the retailer's four remaining stores in San Antonio, as follows: North Star Mall, Ingram Park Mall, The Shops at La Cantera and Rolling Oaks Mall.
Labels: Dillard's, layoffs, San Antonio, Texas
Volvo Cars to lay off 1,500 employees
STOCKHOLM, Jun 25, 2008 (Xinhua via COMTEX) -- Swedish Volvo Cars said Wednesday that it was going to cut 1,500 jobs following a big first-quarter loss on declining sales.
The 1,500 jobs include 1,200 workers in Sweden who had already received layoff notices and 300 positions overseas. Meanwhile, contracts with about 500 consultants will also be cancelled, according to an announcement from Volvo headquarters in the Swedish second largest city Gothenburg.
The reduction in personnel is part of a sweeping program to reduce costs by 4 billion kronor (about 661 million U.S. dollars).
The work to overhaul the organization will continue through the fall and is expected to be completed by the end of the year.
"We have to meet these worsening market conditions, primarily in the American market. The market's contribution to covering Volvo Cars' total costs is, at the present time, too little," Volvo Cars CEO Fredrik Arp said in a statement.
The decision is a "difficult but necessary measure to reach a better financial position," he added.
Volvo Cars, owned by U.S.-based Ford Motors, suffered a loss of 900 million kronor (about 151 million dollars) in the first financial quarter of the year.
The 1,500 jobs include 1,200 workers in Sweden who had already received layoff notices and 300 positions overseas. Meanwhile, contracts with about 500 consultants will also be cancelled, according to an announcement from Volvo headquarters in the Swedish second largest city Gothenburg.
The reduction in personnel is part of a sweeping program to reduce costs by 4 billion kronor (about 661 million U.S. dollars).
The work to overhaul the organization will continue through the fall and is expected to be completed by the end of the year.
"We have to meet these worsening market conditions, primarily in the American market. The market's contribution to covering Volvo Cars' total costs is, at the present time, too little," Volvo Cars CEO Fredrik Arp said in a statement.
The decision is a "difficult but necessary measure to reach a better financial position," he added.
Volvo Cars, owned by U.S.-based Ford Motors, suffered a loss of 900 million kronor (about 151 million dollars) in the first financial quarter of the year.
Labels: layoffs, Sweden, Volvo Cars
Rise in Turkey's manufacturing employment
Data from the Turkish Statistics Institute shows that the manufacturing industry in Turkey saw a 1.7 per cent increase in employment year-on-year in the first quarter of 2008.
In a special report on the industry, the institute also found a significant difference between the public and private sector, with employment growing by 2.4 per cent and 1.6 per cent, respectively.
In the public sector manufacturing industry, the highest growth in employee numbers was seen in the electrical equipment and devices sector, while the biggest decrease was in the production of paper and related products.
Turkey's increase in manufacturing employment over the last year is in contrast to trends in other global economies where workforces in the sector have been trimmed over the past 12 months.
In a special report on the industry, the institute also found a significant difference between the public and private sector, with employment growing by 2.4 per cent and 1.6 per cent, respectively.
In the public sector manufacturing industry, the highest growth in employee numbers was seen in the electrical equipment and devices sector, while the biggest decrease was in the production of paper and related products.
Turkey's increase in manufacturing employment over the last year is in contrast to trends in other global economies where workforces in the sector have been trimmed over the past 12 months.
Labels: employment, manufacturing, Turkey
The (Baltimore) Sun to cut 100 jobs
The (Baltimore) Sun will cut about 100 jobs through buyouts, layoffs and the closing of open positions.
Publisher Tim Ryan announced the cuts Wednesday in a memo to newspaper staff that was obtained by The Associated Press.
It's the latest in a series of cuts at The Sun, which is owned by Tribune Company.
Last year, 41 employees accepted buyouts and three advertising designers were laid off. The year before, The Sun closed its last two foreign bureaus.
Ryan's memo says The Sun will offer buyouts Friday to all employees. Layoffs will be announced July 18.
Publisher Tim Ryan announced the cuts Wednesday in a memo to newspaper staff that was obtained by The Associated Press.
It's the latest in a series of cuts at The Sun, which is owned by Tribune Company.
Last year, 41 employees accepted buyouts and three advertising designers were laid off. The year before, The Sun closed its last two foreign bureaus.
Ryan's memo says The Sun will offer buyouts Friday to all employees. Layoffs will be announced July 18.
Labels: Baltimore, layoffs, Maryland, The Baltimore Sun
Ky.’s Jobless Rate Increases
Kentucky’s seasonally adjusted preliminary unemployment rate for May 2008 rose to 6.2 percent from April 2008’s revised 5.6 percent, according to the Office of Employment and Training (OET), an agency of the Kentucky Education Cabinet. May 2007’s jobless rate was 5.6 percent.
The U.S. seasonally adjusted jobless rate increased from 5 percent in April 2008 to 5.5 percent in May 2008, according to the U.S. Department of Labor.
Unemployment statistics are based on estimates and are compiled to measure trends rather than actually to count people working.
"The increase in the civilian labor force reflects the influx of students searching for summer employment as well as individuals compelled to seek work to compensate for rising prices. This surge of entrants and reentrants into the labor force, coupled with the weak economy, is causing individuals to have an extremely difficult time finding a job that matches their skills. The net effect is a significant rise in the unemployment rate," said Justine Detzel, OET chief labor market analyst.
Five of the 11 major nonfarm North American Industry Classification System (NAICS) job sectors reported employment increases in May 2008, while five decreased and one stayed the same, according to OET.
An increase of 600 jobs in May 2008 brought Kentucky’s nonfarm employment to a seasonally adjusted total of 1,879,100. Since May 2007, Kentucky’s nonfarm employment has climbed by 10,000.
According to the seasonally adjusted employment data, the government sector, which includes public education, public administration agencies, and state-owned hospitals, added 1,800 positions in May 2008. Since May 2007, this sector has risen by 9,500 jobs.
The manufacturing sector gained 1,100 jobs in May 2008. Compared to May 2007, jobs in the sector were down by 6,000 in May 2008.
"This marks the second time this year that manufacturing employment has risen. The durable goods subsector accounted for these job gains. This employment increase reflects employees at a major manufacturer returning to work after a layoff," Detzel said.
"The year-over-year employment decrease in manufacturing is concentrated in the durable goods subsector but both the nondurable goods and durable goods subsectors experienced extensive employment losses. Consumers are curtailing spending on nonessential items because they are being squeezed by higher gasoline and food prices. In addition, concerns about the fragile economy are causing consumers to be more cautious about purchasing big-ticket items," she said.
The construction sector recorded 200 more positions in May 2008. Since May 2007, employment in this sector has increased by 1,500 positions. "This is the second consecutive month of employment gains in the construction sector, which is reflective of strength in heavy and civil engineering construction," said Detzel.
Between April 2008 and May 2008, the number of positions in the natural resources and mining sector rose by 100 jobs. Since May 2007, the segment has gained 200 jobs.
The trade, transportation and utilities sector grew by 100 jobs in May 2008. This area includes retail and wholesale trade, transportation and warehousing businesses, and utilities, and it is the largest sector in Kentucky with 391,100 employees. Since May 2007, the number of jobs in this sector has jumped by 4,900.
"All industries in the sector reported year-over-year job growth, but the largest gain was in retail trade enterprises," Detzel said.
The information sector held steady from April 2008 to May 2008. This segment, which includes firms involved in publishing, Internet activities, and broadcasting and news syndication, has lost 200 positions since May 2007.
The number of jobs in the professional and business services sector fell by 1,800 in May 2008. This area had 1,300 fewer employees in May 2008 than in May 2007.
The professional and business services sector includes professional, scientific and technical services, management of companies, and administrative and support management, including temporary help agencies.
"Administrative and support management businesses accounted for the majority of the month-to-month employment losses in the professional and business services sector, but professional, scientific and technical enterprises also exhibited extensive job losses," said Detzel.
The number of jobs in the financial activities sector decreased by 400 in May 2008. This segment, which includes businesses involved in finance, insurance, real estate and property leasing or rental, has added 800 positions over the past 12 months.
Kentucky’s educational and health services sector lost 300 jobs in May 2008. Since last May, this segment has shrunk by 500 jobs. This sector includes private and nonprofit establishments that provide either education and training, or health care and social assistance to their clients.
The state’s other services sector, which includes such establishments as repair and maintenance businesses, personal and laundry services, religious organizations, and civic and professional organizations, decreased by 200 jobs in May 2008. This area had 200 more jobs in May 2008 than in May 2007.
Kentucky’s leisure and hospitality sector reported an employment loss of 100 jobs in May 2008. Since May 2007, employment in the sector has increased by 900 positions. The leisure and hospitality sector includes arts, entertainment and recreation, accommodations, and food services and drinking places industries.
The U.S. Bureau of Labor Statistics’ monthly estimate of the number of employed Kentuckians for May 2008 was 1,919,841 on a seasonally adjusted basis. This figure is down 10,305 from the 1,930,146 employed in April 2008, and down 11,588 from the 1,931,429 employed in May 2007.
The monthly estimate of the number of unemployed Kentuckians for May 2008 was 127,285, up 11,787 from the 115,498 Kentuckians unemployed in April 2008, but up 13,690 from the 113,595 unemployed in May 2007.
The monthly estimate of the number of Kentuckians in the civilian labor force for May 2008 was 2,047,126. This figure is up 1,482 from the 2,045,644 recorded in April 2008, and up 2,102 from the 2,045,024 recorded for May 2007.
Civilian labor force statistics include non-military workers and unemployed Kentuckians who are actively seeking work. They do not include unemployed Kentuckians who have not looked for employment within the past four weeks.
Kentucky’s statewide unemployment rate and employment levels are seasonally adjusted. Employment statistics undergo sharp fluctuations due to seasonal events, such as weather changes, harvests, holidays and school openings and closings.
Seasonal adjustments eliminate these influences and make it easier to observe statistical trends. However, because of the small sample size, county unemployment rates are not seasonally adjusted.
Learn more about the Office of Employment and Training at Workforce.ky.gov.
A complementary experimental hours and earnings series is available at BLS.gov/sae/saeaepp.htm.
The U.S. seasonally adjusted jobless rate increased from 5 percent in April 2008 to 5.5 percent in May 2008, according to the U.S. Department of Labor.
Unemployment statistics are based on estimates and are compiled to measure trends rather than actually to count people working.
"The increase in the civilian labor force reflects the influx of students searching for summer employment as well as individuals compelled to seek work to compensate for rising prices. This surge of entrants and reentrants into the labor force, coupled with the weak economy, is causing individuals to have an extremely difficult time finding a job that matches their skills. The net effect is a significant rise in the unemployment rate," said Justine Detzel, OET chief labor market analyst.
Five of the 11 major nonfarm North American Industry Classification System (NAICS) job sectors reported employment increases in May 2008, while five decreased and one stayed the same, according to OET.
An increase of 600 jobs in May 2008 brought Kentucky’s nonfarm employment to a seasonally adjusted total of 1,879,100. Since May 2007, Kentucky’s nonfarm employment has climbed by 10,000.
According to the seasonally adjusted employment data, the government sector, which includes public education, public administration agencies, and state-owned hospitals, added 1,800 positions in May 2008. Since May 2007, this sector has risen by 9,500 jobs.
The manufacturing sector gained 1,100 jobs in May 2008. Compared to May 2007, jobs in the sector were down by 6,000 in May 2008.
"This marks the second time this year that manufacturing employment has risen. The durable goods subsector accounted for these job gains. This employment increase reflects employees at a major manufacturer returning to work after a layoff," Detzel said.
"The year-over-year employment decrease in manufacturing is concentrated in the durable goods subsector but both the nondurable goods and durable goods subsectors experienced extensive employment losses. Consumers are curtailing spending on nonessential items because they are being squeezed by higher gasoline and food prices. In addition, concerns about the fragile economy are causing consumers to be more cautious about purchasing big-ticket items," she said.
The construction sector recorded 200 more positions in May 2008. Since May 2007, employment in this sector has increased by 1,500 positions. "This is the second consecutive month of employment gains in the construction sector, which is reflective of strength in heavy and civil engineering construction," said Detzel.
Between April 2008 and May 2008, the number of positions in the natural resources and mining sector rose by 100 jobs. Since May 2007, the segment has gained 200 jobs.
The trade, transportation and utilities sector grew by 100 jobs in May 2008. This area includes retail and wholesale trade, transportation and warehousing businesses, and utilities, and it is the largest sector in Kentucky with 391,100 employees. Since May 2007, the number of jobs in this sector has jumped by 4,900.
"All industries in the sector reported year-over-year job growth, but the largest gain was in retail trade enterprises," Detzel said.
The information sector held steady from April 2008 to May 2008. This segment, which includes firms involved in publishing, Internet activities, and broadcasting and news syndication, has lost 200 positions since May 2007.
The number of jobs in the professional and business services sector fell by 1,800 in May 2008. This area had 1,300 fewer employees in May 2008 than in May 2007.
The professional and business services sector includes professional, scientific and technical services, management of companies, and administrative and support management, including temporary help agencies.
"Administrative and support management businesses accounted for the majority of the month-to-month employment losses in the professional and business services sector, but professional, scientific and technical enterprises also exhibited extensive job losses," said Detzel.
The number of jobs in the financial activities sector decreased by 400 in May 2008. This segment, which includes businesses involved in finance, insurance, real estate and property leasing or rental, has added 800 positions over the past 12 months.
Kentucky’s educational and health services sector lost 300 jobs in May 2008. Since last May, this segment has shrunk by 500 jobs. This sector includes private and nonprofit establishments that provide either education and training, or health care and social assistance to their clients.
The state’s other services sector, which includes such establishments as repair and maintenance businesses, personal and laundry services, religious organizations, and civic and professional organizations, decreased by 200 jobs in May 2008. This area had 200 more jobs in May 2008 than in May 2007.
Kentucky’s leisure and hospitality sector reported an employment loss of 100 jobs in May 2008. Since May 2007, employment in the sector has increased by 900 positions. The leisure and hospitality sector includes arts, entertainment and recreation, accommodations, and food services and drinking places industries.
The U.S. Bureau of Labor Statistics’ monthly estimate of the number of employed Kentuckians for May 2008 was 1,919,841 on a seasonally adjusted basis. This figure is down 10,305 from the 1,930,146 employed in April 2008, and down 11,588 from the 1,931,429 employed in May 2007.
The monthly estimate of the number of unemployed Kentuckians for May 2008 was 127,285, up 11,787 from the 115,498 Kentuckians unemployed in April 2008, but up 13,690 from the 113,595 unemployed in May 2007.
The monthly estimate of the number of Kentuckians in the civilian labor force for May 2008 was 2,047,126. This figure is up 1,482 from the 2,045,644 recorded in April 2008, and up 2,102 from the 2,045,024 recorded for May 2007.
Civilian labor force statistics include non-military workers and unemployed Kentuckians who are actively seeking work. They do not include unemployed Kentuckians who have not looked for employment within the past four weeks.
Kentucky’s statewide unemployment rate and employment levels are seasonally adjusted. Employment statistics undergo sharp fluctuations due to seasonal events, such as weather changes, harvests, holidays and school openings and closings.
Seasonal adjustments eliminate these influences and make it easier to observe statistical trends. However, because of the small sample size, county unemployment rates are not seasonally adjusted.
Learn more about the Office of Employment and Training at Workforce.ky.gov.
A complementary experimental hours and earnings series is available at BLS.gov/sae/saeaepp.htm.
Labels: Kentucky, unemployment
Same job, different employer for 122 Genco Sears workers
By Tracy Turner
THE COLUMBUS DISPATCH
A Pittsburgh-based logistics company that ran a West Side operation for Sears has lost that contract, it announced this week.
The Genco Sears facility at 5330 Crosswind Drive will be run by Sears effective Sept. 1, and the 122 people who work there at that point will become Sears employees, a Genco Sears office manager said.
The loss of the contract prompted a filing with the Ohio Department of Job and Family Services regarding the change in employment status of the workers.
tturner@dispatch.com
THE COLUMBUS DISPATCH
A Pittsburgh-based logistics company that ran a West Side operation for Sears has lost that contract, it announced this week.
The Genco Sears facility at 5330 Crosswind Drive will be run by Sears effective Sept. 1, and the 122 people who work there at that point will become Sears employees, a Genco Sears office manager said.
The loss of the contract prompted a filing with the Ohio Department of Job and Family Services regarding the change in employment status of the workers.
tturner@dispatch.com
Mass layoffs increase in New York
Mass layoffs spiked higher in New York in May, mirroring the national trend. Ninety-five state employers were included in the latest U.S. Bureau of Labor Statistics report.
A mass layoff is defined as one that results in at least 50 workers losing their jobs, either temporarily or permanently. A total of 9,613 workers were laid off by the 95 New York companies cited in the federal report.
Both figures were substantially higher than the corresponding numbers from a year ago. New York had 29 mass layoffs affecting 2,358 workers in May 2007.
National layoff figures were also sharply higher, rising from 923 mass layoffs a year ago to 1,552 this May -- and from 85,816 affected workers to 159,471.
Only California (382) and Florida (125) topped New York's number of employers with mass layoffs last month. And only California (34,085) had more affected workers.
A mass layoff is defined as one that results in at least 50 workers losing their jobs, either temporarily or permanently. A total of 9,613 workers were laid off by the 95 New York companies cited in the federal report.
Both figures were substantially higher than the corresponding numbers from a year ago. New York had 29 mass layoffs affecting 2,358 workers in May 2007.
National layoff figures were also sharply higher, rising from 923 mass layoffs a year ago to 1,552 this May -- and from 85,816 affected workers to 159,471.
Only California (382) and Florida (125) topped New York's number of employers with mass layoffs last month. And only California (34,085) had more affected workers.
Citigroup to layoff 6,500 employees
World's biggest bank Citigroup, led by India-born Vikram Pandit, is in for an aggressive round of layoffs, where it will start today firing about 6,500 employees from its investment banking business, media reports said.
After posting a loss to the tune of 15 billion dollars in the past two quarters and expected to see further billions of dollars of subprime crisis-related write-downs, Citigroup would dismiss this week 10 per cent of its 65,000-strong investment banking workforce across the world, the Wall Street Journal reported.
Quoting unnamed people familiar with the matter, the report said that the "pink slips are likely to be handed out on Monday."
The latest round of layoffs come top off close to 10,000 employees having shown the door earlier this year, as part of Pandit's aim to cut the company's annual expenses by 15 billion dollars. The company has more than 3,50,000 employees on its payrolls across the world.
In another report, British daily The Times quoted unnamed sources as saying that that even senior managing directors would not be immune from the layoffs.
"Citgroups mergers and acquisitions bankers may bear the brunt of the cost-cutting because their ranks were not sharply reduced earlier this year. No major department of the investment bank is likely to be spared, apart from certain businesses in emerging markets and its lucrative transactions services division," the Times report said.
In April, Citigroup said that 9,000 jobs would go on top of the 21,000 eliminated in the past year.
The Wall Street Journal report said that "no major department is likely to be spared, aside from some businesses in emerging markets and Citigroup's lucrative transactions-services arm."
"Entire trading desks in New York and other cities are expected to be eliminated. And unlike Citigroup's other recent reductions, this round will feature layoffs of dozens of senior managing directors," it quoted the people close to the matter as saying.
The latest round of job cuts is the first major "move by John Havens, who took the helm of Citigroup's institutional-clients group, which includes the investment bank, in late March."
The report said that, Havens, a longtime lieutenant of Pandit, has concluded that some of the investment bank's businesses have been rendered obsolete by the credit crunch, while he sees others as operating inefficiently and generating inadequate returns.
The report in UK daily The Times further said that investment banking giant Goldman Sachs is also understood to have made more jobs cuts at its investment banking division last week.
"It has been eliminating 10 per cent of the roles in the M&A and corporate fund raising divisions this year, and the latest round of redundancies began last week," the report noted.
Recently, Swiss investment banking major Credit Suisse announced 75 job cuts in its investment bank and support services division in the UK. So far in 2008, Credit Suisse has cut 1,000 investment banking jobs worldwide.
After posting a loss to the tune of 15 billion dollars in the past two quarters and expected to see further billions of dollars of subprime crisis-related write-downs, Citigroup would dismiss this week 10 per cent of its 65,000-strong investment banking workforce across the world, the Wall Street Journal reported.
Quoting unnamed people familiar with the matter, the report said that the "pink slips are likely to be handed out on Monday."
The latest round of layoffs come top off close to 10,000 employees having shown the door earlier this year, as part of Pandit's aim to cut the company's annual expenses by 15 billion dollars. The company has more than 3,50,000 employees on its payrolls across the world.
In another report, British daily The Times quoted unnamed sources as saying that that even senior managing directors would not be immune from the layoffs.
"Citgroups mergers and acquisitions bankers may bear the brunt of the cost-cutting because their ranks were not sharply reduced earlier this year. No major department of the investment bank is likely to be spared, apart from certain businesses in emerging markets and its lucrative transactions services division," the Times report said.
In April, Citigroup said that 9,000 jobs would go on top of the 21,000 eliminated in the past year.
The Wall Street Journal report said that "no major department is likely to be spared, aside from some businesses in emerging markets and Citigroup's lucrative transactions-services arm."
"Entire trading desks in New York and other cities are expected to be eliminated. And unlike Citigroup's other recent reductions, this round will feature layoffs of dozens of senior managing directors," it quoted the people close to the matter as saying.
The latest round of job cuts is the first major "move by John Havens, who took the helm of Citigroup's institutional-clients group, which includes the investment bank, in late March."
The report said that, Havens, a longtime lieutenant of Pandit, has concluded that some of the investment bank's businesses have been rendered obsolete by the credit crunch, while he sees others as operating inefficiently and generating inadequate returns.
The report in UK daily The Times further said that investment banking giant Goldman Sachs is also understood to have made more jobs cuts at its investment banking division last week.
"It has been eliminating 10 per cent of the roles in the M&A and corporate fund raising divisions this year, and the latest round of redundancies began last week," the report noted.
Recently, Swiss investment banking major Credit Suisse announced 75 job cuts in its investment bank and support services division in the UK. So far in 2008, Credit Suisse has cut 1,000 investment banking jobs worldwide.
950 pilots at United Airlines to lose their jobs in layoffs
By Dan Reed, USA TODAY
United Airlines (UAUA) announced plans Monday to lay off 950 pilots — about 15% of its total — becoming the first big U.S. carrier to impose job cuts on cockpit crews.
The reductions will likely be followed at other U.S. carriers as they race to cut costs, fleets and payrolls in response to record jet fuel prices near $4 a gallon. Industry analysts warn that high fuel prices will push some big U.S. airlines into bankruptcy and perhaps liquidation. A recent study by AirlineForecasts predicts that oil prices of $130 to $140 a barrel could result in the loss of 75,000 to 85,000 jobs in the U.S. airline industry, including about 11,500 pilot jobs.
The study, published two weeks ago by the Business Travel Coalition, an advocacy group for corporations with large travel budgets, did not put a specific time frame on those expected personnel cuts. But it predicted likely bankruptcy filings and shutdowns before the end of 2009 if fuel prices remain high.
TODAY IN THE SKY: Continuing coverage of United Airlines
Airlines are on pace to spend $30 billion more on fuel this year than they did a year ago, the study said. The study's authors expect carriers to be able to offset only about $4 billion of that cost increase through higher fares and increased fees for various services, such as checking bags, previously included in the ticket price.
FIND MORE STORIES IN: Boeing | Northwest | Delta | Labor Day | Business Travel Coalition | Megan McCarthy
United lost $537 million in the first quarter, when fuel prices pushed toward $100 a barrel. Its losses, and those of most of its rivals, are expected to grow exponentially now that crude is selling above $130, especially after Labor Day, when the peak summer travel season ends.
Shares of United's parent, UAL, fell $1.07, or 14.9%, to close at $6.09 on a day when the shares of all the USA's big carriers suffered large percentage losses.
Although United's pilot layoffs are the first announced among the industry's signature employees, they aren't the first overall. Last week the USA's No. 2 carrier said it would eliminate 1,400 to 1,600 management and salaried positions. United spokeswoman Megan McCarthy said some layoff notices affecting those workers already have gone out.
Other large airlines, including Delta, Northwest and American, have begun eliminating jobs through voluntary means but have yet to announce layoffs. However, all the big carriers except Southwest have announced significant service cutbacks that will begin taking effect rapidly after Labor Day.
United's fleet will shrink from 460 today to 360 by the end of 2009 with the retirement of 96 Boeing 737s and six Boeing 747s. No new planes are scheduled for delivery.
McCarthy said the airline's overall mainline capacity in the fourth quarter of this year will be down between 9.5% and 10.5% from the fourth quarter of 2007.
That large of a cutback will require significantly fewer workers at United, McCarthy said, but managers have yet to determine how many jobs will be eliminated among other unionized work groups such as flight attendants, mechanics, agents and ground crew.
United Airlines (UAUA) announced plans Monday to lay off 950 pilots — about 15% of its total — becoming the first big U.S. carrier to impose job cuts on cockpit crews.
The reductions will likely be followed at other U.S. carriers as they race to cut costs, fleets and payrolls in response to record jet fuel prices near $4 a gallon. Industry analysts warn that high fuel prices will push some big U.S. airlines into bankruptcy and perhaps liquidation. A recent study by AirlineForecasts predicts that oil prices of $130 to $140 a barrel could result in the loss of 75,000 to 85,000 jobs in the U.S. airline industry, including about 11,500 pilot jobs.
The study, published two weeks ago by the Business Travel Coalition, an advocacy group for corporations with large travel budgets, did not put a specific time frame on those expected personnel cuts. But it predicted likely bankruptcy filings and shutdowns before the end of 2009 if fuel prices remain high.
TODAY IN THE SKY: Continuing coverage of United Airlines
Airlines are on pace to spend $30 billion more on fuel this year than they did a year ago, the study said. The study's authors expect carriers to be able to offset only about $4 billion of that cost increase through higher fares and increased fees for various services, such as checking bags, previously included in the ticket price.
FIND MORE STORIES IN: Boeing | Northwest | Delta | Labor Day | Business Travel Coalition | Megan McCarthy
United lost $537 million in the first quarter, when fuel prices pushed toward $100 a barrel. Its losses, and those of most of its rivals, are expected to grow exponentially now that crude is selling above $130, especially after Labor Day, when the peak summer travel season ends.
Shares of United's parent, UAL, fell $1.07, or 14.9%, to close at $6.09 on a day when the shares of all the USA's big carriers suffered large percentage losses.
Although United's pilot layoffs are the first announced among the industry's signature employees, they aren't the first overall. Last week the USA's No. 2 carrier said it would eliminate 1,400 to 1,600 management and salaried positions. United spokeswoman Megan McCarthy said some layoff notices affecting those workers already have gone out.
Other large airlines, including Delta, Northwest and American, have begun eliminating jobs through voluntary means but have yet to announce layoffs. However, all the big carriers except Southwest have announced significant service cutbacks that will begin taking effect rapidly after Labor Day.
United's fleet will shrink from 460 today to 360 by the end of 2009 with the retirement of 96 Boeing 737s and six Boeing 747s. No new planes are scheduled for delivery.
McCarthy said the airline's overall mainline capacity in the fourth quarter of this year will be down between 9.5% and 10.5% from the fourth quarter of 2007.
That large of a cutback will require significantly fewer workers at United, McCarthy said, but managers have yet to determine how many jobs will be eliminated among other unionized work groups such as flight attendants, mechanics, agents and ground crew.
Labels: layoffs, United Airlines
Report: Financial lay-offs could be worst since tech bust
By Riley McDermid
NEW YORK (MarketWatch) - Financial firms may lose as many as 175,000 jobs in the next 12 months, a reduction that could exceed even the worst layoffs after the tech boom imploded in 2000 to 2003, a news report said Tuesday. "The worst is yet to come," Russ Gerson, head of New York-based recruiting firm Gerson Group, told Bloomberg News. "We are going to have a major contraction. This is affecting all areas of the investment banking universe and it's affecting all areas globally." The market was roiled Monday by rumors that banks Citigroup Inc. (C:
Citigroup, Inc may reduce their investment banking divisions by 10% as part of an effort by investment banks to reduce costs and streamline operations
NEW YORK (MarketWatch) - Financial firms may lose as many as 175,000 jobs in the next 12 months, a reduction that could exceed even the worst layoffs after the tech boom imploded in 2000 to 2003, a news report said Tuesday. "The worst is yet to come," Russ Gerson, head of New York-based recruiting firm Gerson Group, told Bloomberg News. "We are going to have a major contraction. This is affecting all areas of the investment banking universe and it's affecting all areas globally." The market was roiled Monday by rumors that banks Citigroup Inc. (C:
Citigroup, Inc may reduce their investment banking divisions by 10% as part of an effort by investment banks to reduce costs and streamline operations
Labels: layoffs, Wall Street
Ohio mass layoffs way up in May
Large-scale job cutbacks nearly doubled in Ohio last month, resulting in a big jump in unemployment insurance filings, the Bureau of Labor Statistics reported.
A report for May showed 67 dismissals of 50 workers or more in Ohio, up from 34 a year earlier. Unemployment insurance claims as a result more than doubled to 7,621 from 3,350 a year ago, not seasonally adjusted.
Ohio had one of the 10 highest volumes of unemployment insurance claims last month.
Mass layoffs nationwide increased by more than a third to 1,626, up from 1,199 a year ago, seasonally adjusted. Resulting unemployment insurance claims grew 42 percent to 171,387 from 120,587.
Transportation-equipment manufacturing and passenger transportation sectors saw the largest losses, the bureau said.
All four census regions last month saw an uptick in large-scale cutbacks and unemployment insurance filings as layoffs in the Midwest jumped 80 percent for the month, hitting 390, compared with 217 a year ago. Resulting unemployment insurance claims in the region nearly doubled to 45,462 from 23,747.
The bureau plans to release June statistics on July 23.
A report for May showed 67 dismissals of 50 workers or more in Ohio, up from 34 a year earlier. Unemployment insurance claims as a result more than doubled to 7,621 from 3,350 a year ago, not seasonally adjusted.
Ohio had one of the 10 highest volumes of unemployment insurance claims last month.
Mass layoffs nationwide increased by more than a third to 1,626, up from 1,199 a year ago, seasonally adjusted. Resulting unemployment insurance claims grew 42 percent to 171,387 from 120,587.
Transportation-equipment manufacturing and passenger transportation sectors saw the largest losses, the bureau said.
All four census regions last month saw an uptick in large-scale cutbacks and unemployment insurance filings as layoffs in the Midwest jumped 80 percent for the month, hitting 390, compared with 217 a year ago. Resulting unemployment insurance claims in the region nearly doubled to 45,462 from 23,747.
The bureau plans to release June statistics on July 23.
Manufacturing accounts for 25% of May mass layoffs
In May, employers took 1,626 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 June 20. Each action involved at least 50 persons from a single employer; the number of workers involved totaled 171,387, on a seasonally adjusted basis. Layoff events and associated initial claimants were the highest for the month of May since 2003. The number of mass layoff events in May 2008 increased sharply by 318 from the prior month, while the number of associated initial claims rose by 37,473. In May, 528 mass layoff events were reported in the manufacturing sector, seasonally adjusted, resulting in 72,058 initial claims. Over the month, mass layoff events in manufacturing increased by 45 and initial claims increased by 11,506.
From January through May 2008, the total number of events (seasonally adjusted), at 7,615, and initial claims (seasonally adjusted), at 783,942, were considerably higher than in January-May 2007 (6,325 and 650,605, respectively).
The national unemployment rate was 5.5 percent in May, seasonally adjusted, up from 5.0 percent in the prior month and up from 4.5 percent a year earlier. Total non-farm payroll employment decreased by 49,000 in May from the previous month, but increased by 236,000 from a year earlier.
Industry Distribution (Not Seasonally Adjusted)
The number of mass layoff events in May was 1,552 on a not seasonally adjusted basis; the number of associated initial claims was 159,471. Average weekly layoff events rose from 231 in May 2007 to 310 in May 2008, while average weekly initial claimants increased from 21,454 to 31,894. Both the average weekly number of events and claims reached the highest levels for the month of May since 2003.
The largest over-the-year increases in May 2008 average weekly initial claims associated with mass layoffs occurred in transportation equipment manufacturing (+1,766) and in transit and ground passenger transportation (+1,176). The largest decreases occurred in general merchandise stores (-256) and in textile mills (-126).
The manufacturing sector accounted for 25 percent of all mass layoff events and 32 percent of initial claims filed in May; a year earlier, manufacturing made up 24 percent of events and 31 percent of initial claims. In May 2008, the number of manufacturing claimants was highest in transportation equipment manufacturing (21,667), followed by food manufacturing (4,800). Administrative and waste services accounted for 12 percent of mass layoff events and 10 percent of associated initial claims in May, primarily from temporary help services.
Geographic Distribution (Not Seasonally Adjusted)
Of the four census regions, the highest number of initial claims in May due to mass layoffs was in the West (45,558). The Midwest had the second-largest number of initial claims among the regions (45,462), followed by the South with 42,832 and the Northeast with 25,619.
All four regions experienced over-the-year increases in average weekly initial claims – the Midwest (+3,156), the South (+2,944), the West (+2,365) and the Northeast (+1,976). Eight of the nine divisions had over-the-year increases in average weekly initial claims, led by the East North Central (+3,334).
California recorded the highest number of initial claims filed due to mass layoff events in May with 34,085, largely due to layoffs in motion picture and sound recording industries and in administrative and support services. The next highest states reporting mass layoff initial claims were New York (9,613), Pennsylvania (8,975), Florida (8,841) and Kentucky (8,666).
Forty states reported over-the-year increases in average weekly initial claims associated with mass layoffs, led by California (+1,422), New York (+1,333), Illinois (+843) and Florida (+752). States with the largest over-the-year decreases in average weekly claims were Missouri (-705) and Virginia (-162). In 2008, six states reported program highs in terms of average weekly initial claims for the month of May (with data available back to 1995) – Florida, Hawaii, Indiana, Kentucky, Louisiana and Ohio.
Read the full report and view all of the data tables by clicking on the link below:
http://www.bls.gov/news.release/mmls.htm
From January through May 2008, the total number of events (seasonally adjusted), at 7,615, and initial claims (seasonally adjusted), at 783,942, were considerably higher than in January-May 2007 (6,325 and 650,605, respectively).
The national unemployment rate was 5.5 percent in May, seasonally adjusted, up from 5.0 percent in the prior month and up from 4.5 percent a year earlier. Total non-farm payroll employment decreased by 49,000 in May from the previous month, but increased by 236,000 from a year earlier.
Industry Distribution (Not Seasonally Adjusted)
The number of mass layoff events in May was 1,552 on a not seasonally adjusted basis; the number of associated initial claims was 159,471. Average weekly layoff events rose from 231 in May 2007 to 310 in May 2008, while average weekly initial claimants increased from 21,454 to 31,894. Both the average weekly number of events and claims reached the highest levels for the month of May since 2003.
The largest over-the-year increases in May 2008 average weekly initial claims associated with mass layoffs occurred in transportation equipment manufacturing (+1,766) and in transit and ground passenger transportation (+1,176). The largest decreases occurred in general merchandise stores (-256) and in textile mills (-126).
The manufacturing sector accounted for 25 percent of all mass layoff events and 32 percent of initial claims filed in May; a year earlier, manufacturing made up 24 percent of events and 31 percent of initial claims. In May 2008, the number of manufacturing claimants was highest in transportation equipment manufacturing (21,667), followed by food manufacturing (4,800). Administrative and waste services accounted for 12 percent of mass layoff events and 10 percent of associated initial claims in May, primarily from temporary help services.
Geographic Distribution (Not Seasonally Adjusted)
Of the four census regions, the highest number of initial claims in May due to mass layoffs was in the West (45,558). The Midwest had the second-largest number of initial claims among the regions (45,462), followed by the South with 42,832 and the Northeast with 25,619.
All four regions experienced over-the-year increases in average weekly initial claims – the Midwest (+3,156), the South (+2,944), the West (+2,365) and the Northeast (+1,976). Eight of the nine divisions had over-the-year increases in average weekly initial claims, led by the East North Central (+3,334).
California recorded the highest number of initial claims filed due to mass layoff events in May with 34,085, largely due to layoffs in motion picture and sound recording industries and in administrative and support services. The next highest states reporting mass layoff initial claims were New York (9,613), Pennsylvania (8,975), Florida (8,841) and Kentucky (8,666).
Forty states reported over-the-year increases in average weekly initial claims associated with mass layoffs, led by California (+1,422), New York (+1,333), Illinois (+843) and Florida (+752). States with the largest over-the-year decreases in average weekly claims were Missouri (-705) and Virginia (-162). In 2008, six states reported program highs in terms of average weekly initial claims for the month of May (with data available back to 1995) – Florida, Hawaii, Indiana, Kentucky, Louisiana and Ohio.
Read the full report and view all of the data tables by clicking on the link below:
http://www.bls.gov/news.release/mmls.htm
Labels: layoffs, manufacturing
When it comes to new jobs, Seattle is the leading cybercity
127,700 tech workers rise from dot-com ashes
By JOHN COOK
P-I REPORTER
The Seattle area added the greatest number of high-tech jobs in 2006, outpacing Boston, San Francisco and more than 50 other U.S. cities, according to the Cybercities report from the American Electronics Association.
The report, released Tuesday, is another indication that the high-tech economy in the Seattle area continues to purr as companies such as Microsoft, Google, Amazon.com and dozens of startup enterprises add new workers. (The P-I recently reported on Microsoft's record employment growth, with 38,856 workers in the Puget Sound region and 89,809 worldwide as of May 31.)
The Seattle area added 7,800 jobs in the high-tech sector in 2006, a 6.5 percent increase over the previous year. The next-highest major "cybercity" was Phoenix, which experienced high-tech job growth of 4.3 percent. Of the medium-sized cybercities, Riverside-San Bernardino, Calif., had the fastest job growth at 11.5 percent.
In absolute employment numbers, Seattle's tech work force now stands at 127,700. That makes it the ninth-biggest city for tech workers, according to the report.
And the latest surge in tech employment is bringing the region back to levels not seen since the dot-com boom years. In 2001, the AeA reported that the Seattle area -- including King, Pierce and Snohomish counties -- employed 129,400 in the tech sector.
Although the AeA report is based on Bureau of Labor Statistics data from 2006 -- the most recent year available -- the industry continues to experience robust growth even as much of the rest of the economy slows, said Christopher Hansen, president and chief executive of the trade group.
"The tech sector is not laying people off," Hansen said. "If anything, the industry is having trouble getting enough people with the right credentials."
Although the trade group publishes an annual Cyberstates report, "Cybercities 2008" is the first examination of the industry's health in the nation's biggest cities since 2000, before the high-tech bubble burst.
Between 2001 and 2004, thousands of tech workers lost jobs as the dot-com bubble deflated. Employment in the Seattle region hit a low point of 114,600 in 2003.
Recent data show the tech sector is "climbing back to 'pre-bubble-bursting' levels of employment and activity," Hansen said. The bubble of the late 1990s was the product of "an exuberance of investment" in companies that often lacked solid fundamentals, but the current growth is being driven by a more stable industry that has become integrated into the broader economy, he added.
Other findings in the report include:
# Seattle led the nation in the number of software-publishing jobs, with 43,600 workers.
# Technology workers in the Seattle area received an average wage of $96,200 in 2006, 93 percent more than the average private-sector wage. (Ranked fifth)
# The Seattle-area high-tech payroll was $12.3 billion in 2006. (Ranked eighth)
# There were 4,900 high-tech establishments in the Seattle area in 2006. (Ranked 15th)
# The Seattle area had 18,800 jobs in telecommunications services. (Ranked ninth)
This report includes information from The Associated Press. P-I reporter John Cook can be reached at 206-448-8075 or johncook@seattlepi.com. For more information on Seattle-area startups or venture capital firms, visit seattlepi.com/venture.
By JOHN COOK
P-I REPORTER
The Seattle area added the greatest number of high-tech jobs in 2006, outpacing Boston, San Francisco and more than 50 other U.S. cities, according to the Cybercities report from the American Electronics Association.
The report, released Tuesday, is another indication that the high-tech economy in the Seattle area continues to purr as companies such as Microsoft, Google, Amazon.com and dozens of startup enterprises add new workers. (The P-I recently reported on Microsoft's record employment growth, with 38,856 workers in the Puget Sound region and 89,809 worldwide as of May 31.)
The Seattle area added 7,800 jobs in the high-tech sector in 2006, a 6.5 percent increase over the previous year. The next-highest major "cybercity" was Phoenix, which experienced high-tech job growth of 4.3 percent. Of the medium-sized cybercities, Riverside-San Bernardino, Calif., had the fastest job growth at 11.5 percent.
In absolute employment numbers, Seattle's tech work force now stands at 127,700. That makes it the ninth-biggest city for tech workers, according to the report.
And the latest surge in tech employment is bringing the region back to levels not seen since the dot-com boom years. In 2001, the AeA reported that the Seattle area -- including King, Pierce and Snohomish counties -- employed 129,400 in the tech sector.
Although the AeA report is based on Bureau of Labor Statistics data from 2006 -- the most recent year available -- the industry continues to experience robust growth even as much of the rest of the economy slows, said Christopher Hansen, president and chief executive of the trade group.
"The tech sector is not laying people off," Hansen said. "If anything, the industry is having trouble getting enough people with the right credentials."
Although the trade group publishes an annual Cyberstates report, "Cybercities 2008" is the first examination of the industry's health in the nation's biggest cities since 2000, before the high-tech bubble burst.
Between 2001 and 2004, thousands of tech workers lost jobs as the dot-com bubble deflated. Employment in the Seattle region hit a low point of 114,600 in 2003.
Recent data show the tech sector is "climbing back to 'pre-bubble-bursting' levels of employment and activity," Hansen said. The bubble of the late 1990s was the product of "an exuberance of investment" in companies that often lacked solid fundamentals, but the current growth is being driven by a more stable industry that has become integrated into the broader economy, he added.
Other findings in the report include:
# Seattle led the nation in the number of software-publishing jobs, with 43,600 workers.
# Technology workers in the Seattle area received an average wage of $96,200 in 2006, 93 percent more than the average private-sector wage. (Ranked fifth)
# The Seattle-area high-tech payroll was $12.3 billion in 2006. (Ranked eighth)
# There were 4,900 high-tech establishments in the Seattle area in 2006. (Ranked 15th)
# The Seattle area had 18,800 jobs in telecommunications services. (Ranked ninth)
This report includes information from The Associated Press. P-I reporter John Cook can be reached at 206-448-8075 or johncook@seattlepi.com. For more information on Seattle-area startups or venture capital firms, visit seattlepi.com/venture.
Labels: employment, Seattle, Washington
South Africa: New-Look Survey Shakes Up Jobless Data
Business Day (Johannesburg)
23 June 2008
Posted to the web 23 June 2008
Mariam Isa
Johannesburg
A RADICAL overhaul of the way the labour force is surveyed is likely to have a "serious impact" on existing employment data, which estimate the country's jobless rate at 23%.
A report from Statistics SA due today says that more than 300 permanent staff have been hired to run its revamped Labour Force Survey (LFS), which will be published quarterly rather than twice a year.
Questions have been simplified, reduced and also translated into the 10 official languages other than English in a bid to make responses more accurate, says the report, obtained by Business Day.
The new survey, first due in August, will also cut the 50% "proxy" response rate of the existing LFS , which the International Monetary Fund (IMF) has said is too high. Proxy responses come from people close to intended respondents.
"We will be using permanent staff instead of contract workers -- and the proxy rate is going to go down," said Yandiswa Mbetsheni, head of household labour data at Stats SA. "These things alone will have a very serious impact on the data."
Mbetsheni declined to be drawn on whether the changes would push SA's employment rate up or down.
Analysts say that the pace of job creation has lagged behind the economy's rapid growth rate of about 5% over each of the past four years.
There have also been glaring discrepancies between data from the existing LFS -- based on household responses -- and the Quarterly Employment Statistics (QES), drawn from companies and excluding the farming and informal sectors.
Econometrix director Azar Jammine said: "One of the big problems has been the big divergence between the QES, which is a proxy for formal sector employment and the LFS.
"Markets will focus on whether growth in employment has been faster, but I would be very sceptical of a survey which shows far more job creation."
SA's overall jobless rate has fallen from a peak of 31,2% in 2003 to 23% last September, its lowest since records began, according to the latest LFS.
But job creation grew just 2,3% in the fourth quarter of last year, according to the last QES -- too slow to meet official goals of halving unemployment by 2014.
A team of international experts advising SA on how to boost its growth rate has said the biggest constraint is the fact that only 42,6% of the working-age population are employed.
Lack of skills and education are seen as the main problems, which will take time to address.
Mbetsheni said Stats SA would release the new LFS for the first and second quarters on August 28, along with one in the old format for March.
The organisation would carry on publishing the revamped LFS four weeks after the end of every quarter, compared with a six-month lag for the current biannual survey. It said the changes to the LFS, which covers more than 30800 "dwellings", were a response to recommendations from IMF consultants in June 2005. These included more relevant questions on informal sector employment, which was seen as surprisingly low, and making job-search questions "less confrontational", Mbetsheni said.
Relevant Links
Southern Africa
Economy, Business and Finance
Labour
South Africa
That could have an effect on the "expanded" jobless rate, which includes people who have stopped looking for work. It has also declined to 35,8% from more than 40% a few years ago.
The new LFS surveys will once a year publish data on people who say they are "underemployed", meaning they would like to work more.
Stats SA presents its revised format for the LFS to the IMF tomorrow, when it will publish its QES for March, which may show if January' s power outages in January prompted companies to shed jobs.
23 June 2008
Posted to the web 23 June 2008
Mariam Isa
Johannesburg
A RADICAL overhaul of the way the labour force is surveyed is likely to have a "serious impact" on existing employment data, which estimate the country's jobless rate at 23%.
A report from Statistics SA due today says that more than 300 permanent staff have been hired to run its revamped Labour Force Survey (LFS), which will be published quarterly rather than twice a year.
Questions have been simplified, reduced and also translated into the 10 official languages other than English in a bid to make responses more accurate, says the report, obtained by Business Day.
The new survey, first due in August, will also cut the 50% "proxy" response rate of the existing LFS , which the International Monetary Fund (IMF) has said is too high. Proxy responses come from people close to intended respondents.
"We will be using permanent staff instead of contract workers -- and the proxy rate is going to go down," said Yandiswa Mbetsheni, head of household labour data at Stats SA. "These things alone will have a very serious impact on the data."
Mbetsheni declined to be drawn on whether the changes would push SA's employment rate up or down.
Analysts say that the pace of job creation has lagged behind the economy's rapid growth rate of about 5% over each of the past four years.
There have also been glaring discrepancies between data from the existing LFS -- based on household responses -- and the Quarterly Employment Statistics (QES), drawn from companies and excluding the farming and informal sectors.
Econometrix director Azar Jammine said: "One of the big problems has been the big divergence between the QES, which is a proxy for formal sector employment and the LFS.
"Markets will focus on whether growth in employment has been faster, but I would be very sceptical of a survey which shows far more job creation."
SA's overall jobless rate has fallen from a peak of 31,2% in 2003 to 23% last September, its lowest since records began, according to the latest LFS.
But job creation grew just 2,3% in the fourth quarter of last year, according to the last QES -- too slow to meet official goals of halving unemployment by 2014.
A team of international experts advising SA on how to boost its growth rate has said the biggest constraint is the fact that only 42,6% of the working-age population are employed.
Lack of skills and education are seen as the main problems, which will take time to address.
Mbetsheni said Stats SA would release the new LFS for the first and second quarters on August 28, along with one in the old format for March.
The organisation would carry on publishing the revamped LFS four weeks after the end of every quarter, compared with a six-month lag for the current biannual survey. It said the changes to the LFS, which covers more than 30800 "dwellings", were a response to recommendations from IMF consultants in June 2005. These included more relevant questions on informal sector employment, which was seen as surprisingly low, and making job-search questions "less confrontational", Mbetsheni said.
Relevant Links
Southern Africa
Economy, Business and Finance
Labour
South Africa
That could have an effect on the "expanded" jobless rate, which includes people who have stopped looking for work. It has also declined to 35,8% from more than 40% a few years ago.
The new LFS surveys will once a year publish data on people who say they are "underemployed", meaning they would like to work more.
Stats SA presents its revised format for the LFS to the IMF tomorrow, when it will publish its QES for March, which may show if January' s power outages in January prompted companies to shed jobs.
Labels: South Africa, unemployment
STREET'S GLOOM
LAYOFFS DRAIN CITY'S ECONOMY
By KAJA WHITEHOUSE
Last updated: 2:50 am
June 29, 2008
For tens of thousands of recently pink-slipped Wall Streeters, the forecast for the rest of the year calls for rising personal expenses, a storm of bills coming due - and few job opportunities.
At least they can get a good deal on a summer house rental.
Job cuts in the troubled financial services sectors hit 66,031 through May 31, according to Challenger, Gray & Christmas, and are threatening to break last year's grim mark of 153,105.
People caught up in the first few rounds of cuts, back in August and September, were fortunate enough to be hacked at a time when the larger economy had yet to feel the effects of the subprime collapse, experts said.
But as Wall Street's bloodletting continues and previously healthy sectors fall under the dual pressures of rising gas prices and drooping consumer demand, the latest victims of Wall Street's subprime slime- including 6,500 Citigroup investment bankers - may have a far tougher time getting another job.
"When you see a company like Goldman Sachs announcing layoffs you know things" have gotten bad, said John Challenger, CEO of the outplacement firm.
Challenger is referring to last week's news that Goldman Sachs, one of the few financial firms largely unscathed by the collapse of subprime, is laying off 10 percent of its investment banking staff due to a slowdown in business.
Even hedge funds and private equity firms, traditional alternatives for former Wall Street execs, are no longer safe havens. Hurt by the credit crunch and volatile financial markets, hedge fund launches at the start of the year slowed to their lowest level in eight years, according to data from Hedge Fund Research.
And those fortunate enough to nab a job in those industries are receiving lower salaries than they would have a year ago.
"Private equity and hedge funds are upgrading talent at this time," said Michael Magsig, with executive recruitment firm Korn/Ferry International. "They can get more seasoned people at a lesser cost, frankly, than what that talent might have cost them" before the downturn, he said.
The layoffs could drag down the city's economy even further. Add to the pink slips the fact that Wall Street's generous severance checks to the jobless will soon stop, said Jeff Weissenstein of the New York State Department of Labor.
"This is probably just the tip of the iceberg," said Weissenstein.
By KAJA WHITEHOUSE
Last updated: 2:50 am
June 29, 2008
For tens of thousands of recently pink-slipped Wall Streeters, the forecast for the rest of the year calls for rising personal expenses, a storm of bills coming due - and few job opportunities.
At least they can get a good deal on a summer house rental.
Job cuts in the troubled financial services sectors hit 66,031 through May 31, according to Challenger, Gray & Christmas, and are threatening to break last year's grim mark of 153,105.
People caught up in the first few rounds of cuts, back in August and September, were fortunate enough to be hacked at a time when the larger economy had yet to feel the effects of the subprime collapse, experts said.
But as Wall Street's bloodletting continues and previously healthy sectors fall under the dual pressures of rising gas prices and drooping consumer demand, the latest victims of Wall Street's subprime slime- including 6,500 Citigroup investment bankers - may have a far tougher time getting another job.
"When you see a company like Goldman Sachs announcing layoffs you know things" have gotten bad, said John Challenger, CEO of the outplacement firm.
Challenger is referring to last week's news that Goldman Sachs, one of the few financial firms largely unscathed by the collapse of subprime, is laying off 10 percent of its investment banking staff due to a slowdown in business.
Even hedge funds and private equity firms, traditional alternatives for former Wall Street execs, are no longer safe havens. Hurt by the credit crunch and volatile financial markets, hedge fund launches at the start of the year slowed to their lowest level in eight years, according to data from Hedge Fund Research.
And those fortunate enough to nab a job in those industries are receiving lower salaries than they would have a year ago.
"Private equity and hedge funds are upgrading talent at this time," said Michael Magsig, with executive recruitment firm Korn/Ferry International. "They can get more seasoned people at a lesser cost, frankly, than what that talent might have cost them" before the downturn, he said.
The layoffs could drag down the city's economy even further. Add to the pink slips the fact that Wall Street's generous severance checks to the jobless will soon stop, said Jeff Weissenstein of the New York State Department of Labor.
"This is probably just the tip of the iceberg," said Weissenstein.
Labels: layoffs, New York City, Wall Street
Saturday, June 21, 2008
SF City Budget To Include Hundreds Of Layoffs
Labels: California, layoffs, municipal workers, San Francisco
Kansas unemployment, mass layoffs increase in May
Kansas saw an increase in its mass layoffs and unemployment rate between April and May, the Bureau of Labor Statistics announced.
The state's mass layoffs jumped from five in April to 12 last month, which affected 893 people. Those numbers coincide with the rest of the country, where in May employers took 1,626 mass layoff actions, resulting in 171,387 filings for unemployment insurance, seasonally adjusted.
Both events and initial claims were the highest for the month of May since 2003.
Additionally, Kansas saw its seasonally adjusted unemployment rate spike from 4 percent in April to 4.6 percent in May. That compares to the 4.2 percent rate in May 2007.
Seasonally adjusted rates mean Christmas and summer hiring spikes have been taken out.
The state's mass layoffs jumped from five in April to 12 last month, which affected 893 people. Those numbers coincide with the rest of the country, where in May employers took 1,626 mass layoff actions, resulting in 171,387 filings for unemployment insurance, seasonally adjusted.
Both events and initial claims were the highest for the month of May since 2003.
Additionally, Kansas saw its seasonally adjusted unemployment rate spike from 4 percent in April to 4.6 percent in May. That compares to the 4.2 percent rate in May 2007.
Seasonally adjusted rates mean Christmas and summer hiring spikes have been taken out.
Tennessee's mass layoffs jump in May
Tennessee reported 24 mass layoffs in May and 2,418 initial claims for unemployment insurance, both up significantly from the prior year, according to numbers released Friday by the U.S. Department of Labor.
That compares to 13 mass layoffs and 705 initial claims in May 2007. The number of mass layoffs decreased from eight in May, affecting 570 workers.
A mass layoff is described as an unexpected layoff of at least 50 people at one company.
The figures are not seasonally adjusted.
There were 1,626 mass layoffs in the U.S. in May, seasonally adjusted, involving 171,387 workers. The number of mass layoff events in May increased by 318 from April, and the number of associated initial claims increased by 37,473. The national unemployment rate was 5.5 percent in May, seasonally adjusted, up from 4.5 percent a year earlier, 5 percent in May 2007.
Tennessee's unemployment rate rose one percentage point in May to 6.4 percent, up from 5.4 percent in April and 4.7 percent in May 2007, according to the Tennessee Department of Labor and Workforce Development.
Seasonal adjustment is the process of estimating and removing the statistical effect of regularly recurring seasonal events such as changes in the weather, holidays and the beginning and ending of the school year.
That compares to 13 mass layoffs and 705 initial claims in May 2007. The number of mass layoffs decreased from eight in May, affecting 570 workers.
A mass layoff is described as an unexpected layoff of at least 50 people at one company.
The figures are not seasonally adjusted.
There were 1,626 mass layoffs in the U.S. in May, seasonally adjusted, involving 171,387 workers. The number of mass layoff events in May increased by 318 from April, and the number of associated initial claims increased by 37,473. The national unemployment rate was 5.5 percent in May, seasonally adjusted, up from 4.5 percent a year earlier, 5 percent in May 2007.
Tennessee's unemployment rate rose one percentage point in May to 6.4 percent, up from 5.4 percent in April and 4.7 percent in May 2007, according to the Tennessee Department of Labor and Workforce Development.
Seasonal adjustment is the process of estimating and removing the statistical effect of regularly recurring seasonal events such as changes in the weather, holidays and the beginning and ending of the school year.
Hawaii reports 4 'mass layoffs' in May
There were four "mass layoffs" in Hawaii in May, which resulted in the loss of 304 jobs for at least 31 days, according to the U.S. Department of Labor on Friday.
In May 2007, there were three mass layoff events that resulted in the loss of 251 jobs.
A mass layoff is when there are 50 or more initial claims for unemployment insurance benefits from one employer during a five-week period, with at least 50 workers separated for more than 30 days.
Hawaii was one of six states that reported program highs in terms of average weekly initial claims in May, the department said. The other five were Florida, Indiana, Kentucky, Louisiana and Ohio.
The increase in layoffs during May included the loss of 50 jobs at ATA Airlines, which shut down its passenger operations April 3.
Nationwide there were 1,626 mass layoffs in May that resulted in the separation of 171,387 workers from their jobs for at least 31 days, seasonally adjusted.
Seasonal adjustment is the process of estimating and removing the effect of regularly recurring seasonal events such as changes in the weather, holidays and the beginning and ending of the school year.
The manufacturing industry accounted for 25 percent of all mass layoff events in May.
In May 2007, there were three mass layoff events that resulted in the loss of 251 jobs.
A mass layoff is when there are 50 or more initial claims for unemployment insurance benefits from one employer during a five-week period, with at least 50 workers separated for more than 30 days.
Hawaii was one of six states that reported program highs in terms of average weekly initial claims in May, the department said. The other five were Florida, Indiana, Kentucky, Louisiana and Ohio.
The increase in layoffs during May included the loss of 50 jobs at ATA Airlines, which shut down its passenger operations April 3.
Nationwide there were 1,626 mass layoffs in May that resulted in the separation of 171,387 workers from their jobs for at least 31 days, seasonally adjusted.
Seasonal adjustment is the process of estimating and removing the effect of regularly recurring seasonal events such as changes in the weather, holidays and the beginning and ending of the school year.
The manufacturing industry accounted for 25 percent of all mass layoff events in May.
Mass layoff numbers double in May
The number of Coloradans who lost their jobs through mass layoffs more than doubled in a month's time, the federal Bureau of Labor Statistics said Friday.
The government counted 930 people who make initial claims for unemployment insurance during May, up from 455 in April. Eight companies had layoffs last month, an increase from five in April.
A mass layoff is defined as a company cutting at least 50 jobs.
A year earlier, three companies were involved in eliminating 276 jobs through mass layoffs in Colorado.
The government counted 930 people who make initial claims for unemployment insurance during May, up from 455 in April. Eight companies had layoffs last month, an increase from five in April.
A mass layoff is defined as a company cutting at least 50 jobs.
A year earlier, three companies were involved in eliminating 276 jobs through mass layoffs in Colorado.
Toyota to layoff 200 temp workers at truck plant
Toyota Tundra plant to lay off temp workers, slow production
June 17, 2008: 07:01 PM EST
NEW YORK (Associated Press) - Toyota Motor Corp. on Tuesday told 200 temporary workers at its full-size truck plant here they will be laid off this summer.
The company will also slow production at its Tundra plant, scheduling 14 days between now and October when no trucks will roll off the assembly lines. Those days, workers will be allowed to take vacation, days without pay or work at the plant on non-manufacturing duties as they choose, said Toyota spokesman Mike Goss.
The temporary workers were hired at the plant with hopes of becoming permanent employees as other workers left, but they will instead be returned to the agency that helped hire them, Goss said.
"We have a very long-term view of that factory in Texas. We're trying not to overreact. We're trying not to shut it down," said Goss, who noted record-high gas prices and a slowing economy have badly damaged truck sales.
The layoffs announced Tuesday do not affect the company's permanent work force of 2,000 at the San Antonio plant that opened in November 2006. At full capacity, the plant can produce 200,000 trucks a year.
It's not clear how the layoffs or slowed production might affect the 21 onsite suppliers that make parts for the Toyota Tundra plant. Those companies employ another 2,000 workers. Top of page
June 17, 2008: 07:01 PM EST
NEW YORK (Associated Press) - Toyota Motor Corp. on Tuesday told 200 temporary workers at its full-size truck plant here they will be laid off this summer.
The company will also slow production at its Tundra plant, scheduling 14 days between now and October when no trucks will roll off the assembly lines. Those days, workers will be allowed to take vacation, days without pay or work at the plant on non-manufacturing duties as they choose, said Toyota spokesman Mike Goss.
The temporary workers were hired at the plant with hopes of becoming permanent employees as other workers left, but they will instead be returned to the agency that helped hire them, Goss said.
"We have a very long-term view of that factory in Texas. We're trying not to overreact. We're trying not to shut it down," said Goss, who noted record-high gas prices and a slowing economy have badly damaged truck sales.
The layoffs announced Tuesday do not affect the company's permanent work force of 2,000 at the San Antonio plant that opened in November 2006. At full capacity, the plant can produce 200,000 trucks a year.
It's not clear how the layoffs or slowed production might affect the 21 onsite suppliers that make parts for the Toyota Tundra plant. Those companies employ another 2,000 workers. Top of page
Western Forest Products to lay off nearly 2,000 workers
Labels: Canada, layoffs, Western Forest Products
GE Healthcare announces layoffs
Waukesha, Wis. - Citing a drop in diagnostic imaging sales, GE Healthcare in Waukesha has laid off an undetermined number of employees, according to a report in the Milwaukee Journal Sentinel.
The Waukesha facility, which employs about 3,000 workers, will let go less than 400 workers, according to GE spokesman Brian McKaig.
McKaig cited the impact of the federal Deficit Reduction Act, which has resulted in less federal reimbursement for certain diagnostic imaging procedures.
The company, which employs 7,000 people statewide, had reported a decline in first quarter profits.
Workers were told of the layoffs June 19, and they will receive assistance with their job search.
The Waukesha facility, which employs about 3,000 workers, will let go less than 400 workers, according to GE spokesman Brian McKaig.
McKaig cited the impact of the federal Deficit Reduction Act, which has resulted in less federal reimbursement for certain diagnostic imaging procedures.
The company, which employs 7,000 people statewide, had reported a decline in first quarter profits.
Workers were told of the layoffs June 19, and they will receive assistance with their job search.
Labels: GE Healthcare, layoffs, Wisconsin
Employment in Texas up 2.3 percent since May 2007
Texas employers added about 8,700 jobs across the state in May, representing an annual growth rate of 2.3 percent since May of 2007, according to figures released Friday by the Texas Workforce Commission.
This compares to 0.2 percent annual job growth nationally over the same period.
After posting a record-low Texas unemployment rate of 4.1 percent in April, the statewide seasonally adjusted unemployment rate rose to 4.5 percent in May. Unemployment in Texas is up from 4.4 percent in May 2007.
"Job growth in Texas remained strong, outpacing the national trend," says Texas Workforce Commission Chairman Tom Pauken. "Despite the fact that the number of those seeking work went up this month, the Texas unemployment rate remained at historically low levels, staying below the 5.0 percent mark for nearly two years."
The San Antonio Metropolitan Statistical Area's unemployment rate stood at 4 percent for May 2008, according to non-seasonally adjusted state labor market data. This compares to an unemployment rate of 3.7 percent for May 2007.
This compares to 0.2 percent annual job growth nationally over the same period.
After posting a record-low Texas unemployment rate of 4.1 percent in April, the statewide seasonally adjusted unemployment rate rose to 4.5 percent in May. Unemployment in Texas is up from 4.4 percent in May 2007.
"Job growth in Texas remained strong, outpacing the national trend," says Texas Workforce Commission Chairman Tom Pauken. "Despite the fact that the number of those seeking work went up this month, the Texas unemployment rate remained at historically low levels, staying below the 5.0 percent mark for nearly two years."
The San Antonio Metropolitan Statistical Area's unemployment rate stood at 4 percent for May 2008, according to non-seasonally adjusted state labor market data. This compares to an unemployment rate of 3.7 percent for May 2007.
Labels: employment, Texas
State jobless rate jumps to 6.3% in May
Ohio's unemployment rate jumped more than half a percentage point in May to its highest level in nearly five years, the Ohio Department of Job and Family Services reported Friday.
Unemployment data for May shows the state's jobless rate ticked up to 6.3 percent in May, up from 5.6 percent in April. The last time the state's unemployment rate stood as high was in July 2003.
The jobless rate a year ago was 5.6 percent.
The department attributed the sharp rise to an increase in Ohioans who began searching for jobs, re-entering the labor force. The number of unemployed Ohio workers grew 13 percent to 380,000, up from 335,000 in April, while the labor force grew by about 10,000 people over the month, pushing past 6 million.
The state saw the largest employment gains in educational and health services jobs along with the leisure and hospitality business. Small employment declines occurred in the information, financial and government sectors.
The national jobless rate jumped half a percent to 5.5 percent in May, up from 5 percent in April.
The Department of Job and Family Services expects to release metro-area and county-level unemployment statistics June 24. June unemployment figures will be released July 18.
Unemployment data for May shows the state's jobless rate ticked up to 6.3 percent in May, up from 5.6 percent in April. The last time the state's unemployment rate stood as high was in July 2003.
The jobless rate a year ago was 5.6 percent.
The department attributed the sharp rise to an increase in Ohioans who began searching for jobs, re-entering the labor force. The number of unemployed Ohio workers grew 13 percent to 380,000, up from 335,000 in April, while the labor force grew by about 10,000 people over the month, pushing past 6 million.
The state saw the largest employment gains in educational and health services jobs along with the leisure and hospitality business. Small employment declines occurred in the information, financial and government sectors.
The national jobless rate jumped half a percent to 5.5 percent in May, up from 5 percent in April.
The Department of Job and Family Services expects to release metro-area and county-level unemployment statistics June 24. June unemployment figures will be released July 18.
Labels: Ohio, unemployment
County's unemployment rate rises to 5.5 percent
By Thomas Kupper
UNION-TRIBUNE STAFF WRITER
12:00 p.m. June 20, 2008
San Diego County's unemployment rate rose to 5.5 percent last month, the highest it's been in nearly five years, reflecting the loss of 3,200 jobs in the local economy over the past year.
It was the largest annual job loss the state Employment Development Department has reported since the prolonged local recession of the early 1990s, when thousands of defense-related jobs were eliminated.
The department also reported Friday that statewide unemployment rose sharply to 6.8 percent, compared with 6.2 percent a month earlier. Statewide employment was down by 10,900 jobs from a year earlier.
The San Diego employment rate was up from 5.1 percent in April.
As in recent months, the largest job losses were in areas tied to the collapse of the real estate market, with builders cutting back activity or leaving the area entirely.
There were 8,900 fewer construction jobs in the county than a year earlier, a decline of 10 percent. Financial businesses showed a decline of 5,400 jobs, or 6.7 percent, with losses in lending, real estate sales and leasing.
One area that showed an increase was leisure and hospitality, with 4,500 more jobs than a year earlier.
Statewide data showed similar trends, with construction employment down by 88,400 jobs from a year earlier. Financial services declined by 34,900 over the year.
While the local job losses are mild compared with the 1990s recession, when annual losses peaked at just over 20,000 a year, they represent a break from 15 years of continual economic expansion.
March's employment data was the first since 1993 to show local job losses on an annual basis, with April data showing a small increase. During the national recession early this decade, local job growth dropped sharply but never declined over a one-year period.
Thomas Kupper: (619) 293-1037; thom.kupper@uniontrib.com
UNION-TRIBUNE STAFF WRITER
12:00 p.m. June 20, 2008
San Diego County's unemployment rate rose to 5.5 percent last month, the highest it's been in nearly five years, reflecting the loss of 3,200 jobs in the local economy over the past year.
It was the largest annual job loss the state Employment Development Department has reported since the prolonged local recession of the early 1990s, when thousands of defense-related jobs were eliminated.
The department also reported Friday that statewide unemployment rose sharply to 6.8 percent, compared with 6.2 percent a month earlier. Statewide employment was down by 10,900 jobs from a year earlier.
The San Diego employment rate was up from 5.1 percent in April.
As in recent months, the largest job losses were in areas tied to the collapse of the real estate market, with builders cutting back activity or leaving the area entirely.
There were 8,900 fewer construction jobs in the county than a year earlier, a decline of 10 percent. Financial businesses showed a decline of 5,400 jobs, or 6.7 percent, with losses in lending, real estate sales and leasing.
One area that showed an increase was leisure and hospitality, with 4,500 more jobs than a year earlier.
Statewide data showed similar trends, with construction employment down by 88,400 jobs from a year earlier. Financial services declined by 34,900 over the year.
While the local job losses are mild compared with the 1990s recession, when annual losses peaked at just over 20,000 a year, they represent a break from 15 years of continual economic expansion.
March's employment data was the first since 1993 to show local job losses on an annual basis, with April data showing a small increase. During the national recession early this decade, local job growth dropped sharply but never declined over a one-year period.
Thomas Kupper: (619) 293-1037; thom.kupper@uniontrib.com
Labels: California, San Diego, unemployment
Layoffs Show on New York Unemployment Rolls
By PATRICK McGEEHAN
Published: June 20, 2008
The New York Times
Week after week, Wall Street banks and other big employers have announced layoffs by the thousands, but month after month, the official gauges of the job market in the New York metropolitan area registered few signs of a downturn.
Until now.
By several measures released this week, unemployment is on the rise in and around New York City, and the increase is beginning to worry government officials and economists.
The most concrete count, the number of people collecting unemployment benefits, rose by more than 10 percent in May in the city and the surrounding states, up sharply from the previous months. The unemployment rates for the city, New York State and New Jersey all jumped by half a percentage point to more than 5 percent in May, after adjustments for seasonal fluctuations.
The rate of joblessness in both the city and the state is now 5.2 percent, up from 4.7 percent in April, the State Labor Department said on Thursday. A day earlier, New Jersey officials said their state’s unemployment rate had risen to 5.4 percent from 4.9 percent. The national rate rose to 5.5 percent, from 5 percent in April.
Analysts attributed the sudden rise to a combination of a weakening economy and the end of severance payments for people whose layoffs were announced months ago. Layoffs on Wall Street tend to have less of an immediate effect on unemployment statistics because financial companies often hand out severance that tides people over for weeks or months, delaying their need to seek unemployment benefits, analysts said.
Marcia J. Van Wagner, the city’s deputy comptroller for budget, said that although there have been layoffs on the order of 20,000 to 40,000 workers in recent months, the full impact is just now being felt. “It’s like the tsunami is still making its way across the ocean,” she said.
In the city, the total number of jobs is still higher than it was a year ago, fueled by growth in the transportation, education and health industries. But total employment in the city is up just 1 percent in the past year, compared with a growth rate that was nearly three times as large before the financial markets started to swoon last summer.
James Brown, an analyst with the State Labor Department, noted that employment nationally has been falling, and therefore New York City’s 1 percent growth looked relatively good. But, he added, “It is important to realize how much the city’s economy has slowed recently.”
Mr. Brown said he expected the jobs picture to dim further in coming months as the city absorbed the loss of several thousand jobs at Bear Stearns, the big investment bank that collapsed in March.
And Wall Street, the bellwether of the city’s economy, is clearly shrinking. The local securities industry lost about 1,400 jobs in the last year, according to the state.
“What we’re starting to see now is the hit to the financial sector that didn’t show up as soon as construction declined nationally,” said James Parrott, chief economist in Manhattan for the Fiscal Policy Institute, a liberal-leaning research group that examines tax, budget and economic public policy in New York State. “Now the decline has spread to the broader securities industry that’s centered in New York City and feeds a lot of activity in the region.”
Many economists, including Mr. Parrott, track the actual counts of people collecting benefits because they view them as a more accurate measure of economic hardship than the unemployment rate, which is often revised later. In the last several weeks, those rolls have been growing at a fast clip.
In New York City, the number of people receiving unemployment checks rose almost 15 percent in May, to 58,500, Mr. Brown said. In April, that number had increased just 6 percent.
Statewide, the number of people collecting unemployment rose 13 percent in May. In New Jersey, the increase in May was more than 10 percent. In Connecticut in the last two weeks of May, the increase was 16 percent.
Gladys Bright, who lives in the Clinton Hill section of Brooklyn, could be joining that group soon. Ms. Bright, 50, said she was laid off in late May from her custodial job at a post office in Lower Manhattan, where she was classified as a “casual worker” and had been laid off from time to time.
On Wednesday, she was still waiting to hear if she would receive unemployment benefits. The last time she collected unemployment, she received $323 a week after taxes, she said, adding that she expected to receive about the same amount this time.
In the meantime, she said she would limit her spending and try to find a permanent job, despite the state of the economy.
“It’s very bad because they’re laying off a lot of people from different companies,” Ms. Bright said. “The economy is bad. Everything is on the rise, like food,” she said, adding, “You have to cut back on stuff.”
Marvin Finkelstein is closer to the other end of the financial bridge between jobs. Mr. Finkelstein, 57, has been collecting unemployment for four months since he was dismissed after six years as a substitute teacher in the city’s public schools.
“It’s tough. I have a lot less than what I did,” he said, as tears welled in his eyes. “I cut back on luxuries. And I live on whatever savings I have.”
Mr. Finkelstein, who was searching for a job at the Workforce1 Career Center in Brooklyn on Wednesday, said he had been receiving $278 a week in benefits, barely enough to cover the $897 monthly rent on his one-bedroom apartment in Flushing, Queens.
He was uncertain what he would do if he did not find work before his checks ran out. The standard limit to unemployment benefits is 26 weeks, though Democrats in Congress have been pushing for a 13-week extension.
On Thursday, the House approved a bipartisan war-financing bill that included the 13-week extension of benefits.
Gov. David A. Paterson of New York and Gov. Jon S. Corzine of New Jersey sent letters to Congress in April urging passage of the extension. In New Jersey, David J. Socolow, the state’s commissioner of labor and work force development, said the need is becoming dire as a rapidly growing number of people exhaust their benefits.
In the last three months, benefits have run out for more than 45 percent of the people collecting unemployment in New Jersey, Mr. Socolow said. That is a higher rate than in any of the previous 24 months. At the same time, the average period during which people stayed on unemployment benefits has risen to more than 18.3 weeks from fewer than 18 weeks last year.
“People are taking longer to find a job,” Mr. Socolow said. “When you see that it’s creeping up for a few extra weeks, that’s not out of laziness on the part of the worker.”
Published: June 20, 2008
The New York Times
Week after week, Wall Street banks and other big employers have announced layoffs by the thousands, but month after month, the official gauges of the job market in the New York metropolitan area registered few signs of a downturn.
Until now.
By several measures released this week, unemployment is on the rise in and around New York City, and the increase is beginning to worry government officials and economists.
The most concrete count, the number of people collecting unemployment benefits, rose by more than 10 percent in May in the city and the surrounding states, up sharply from the previous months. The unemployment rates for the city, New York State and New Jersey all jumped by half a percentage point to more than 5 percent in May, after adjustments for seasonal fluctuations.
The rate of joblessness in both the city and the state is now 5.2 percent, up from 4.7 percent in April, the State Labor Department said on Thursday. A day earlier, New Jersey officials said their state’s unemployment rate had risen to 5.4 percent from 4.9 percent. The national rate rose to 5.5 percent, from 5 percent in April.
Analysts attributed the sudden rise to a combination of a weakening economy and the end of severance payments for people whose layoffs were announced months ago. Layoffs on Wall Street tend to have less of an immediate effect on unemployment statistics because financial companies often hand out severance that tides people over for weeks or months, delaying their need to seek unemployment benefits, analysts said.
Marcia J. Van Wagner, the city’s deputy comptroller for budget, said that although there have been layoffs on the order of 20,000 to 40,000 workers in recent months, the full impact is just now being felt. “It’s like the tsunami is still making its way across the ocean,” she said.
In the city, the total number of jobs is still higher than it was a year ago, fueled by growth in the transportation, education and health industries. But total employment in the city is up just 1 percent in the past year, compared with a growth rate that was nearly three times as large before the financial markets started to swoon last summer.
James Brown, an analyst with the State Labor Department, noted that employment nationally has been falling, and therefore New York City’s 1 percent growth looked relatively good. But, he added, “It is important to realize how much the city’s economy has slowed recently.”
Mr. Brown said he expected the jobs picture to dim further in coming months as the city absorbed the loss of several thousand jobs at Bear Stearns, the big investment bank that collapsed in March.
And Wall Street, the bellwether of the city’s economy, is clearly shrinking. The local securities industry lost about 1,400 jobs in the last year, according to the state.
“What we’re starting to see now is the hit to the financial sector that didn’t show up as soon as construction declined nationally,” said James Parrott, chief economist in Manhattan for the Fiscal Policy Institute, a liberal-leaning research group that examines tax, budget and economic public policy in New York State. “Now the decline has spread to the broader securities industry that’s centered in New York City and feeds a lot of activity in the region.”
Many economists, including Mr. Parrott, track the actual counts of people collecting benefits because they view them as a more accurate measure of economic hardship than the unemployment rate, which is often revised later. In the last several weeks, those rolls have been growing at a fast clip.
In New York City, the number of people receiving unemployment checks rose almost 15 percent in May, to 58,500, Mr. Brown said. In April, that number had increased just 6 percent.
Statewide, the number of people collecting unemployment rose 13 percent in May. In New Jersey, the increase in May was more than 10 percent. In Connecticut in the last two weeks of May, the increase was 16 percent.
Gladys Bright, who lives in the Clinton Hill section of Brooklyn, could be joining that group soon. Ms. Bright, 50, said she was laid off in late May from her custodial job at a post office in Lower Manhattan, where she was classified as a “casual worker” and had been laid off from time to time.
On Wednesday, she was still waiting to hear if she would receive unemployment benefits. The last time she collected unemployment, she received $323 a week after taxes, she said, adding that she expected to receive about the same amount this time.
In the meantime, she said she would limit her spending and try to find a permanent job, despite the state of the economy.
“It’s very bad because they’re laying off a lot of people from different companies,” Ms. Bright said. “The economy is bad. Everything is on the rise, like food,” she said, adding, “You have to cut back on stuff.”
Marvin Finkelstein is closer to the other end of the financial bridge between jobs. Mr. Finkelstein, 57, has been collecting unemployment for four months since he was dismissed after six years as a substitute teacher in the city’s public schools.
“It’s tough. I have a lot less than what I did,” he said, as tears welled in his eyes. “I cut back on luxuries. And I live on whatever savings I have.”
Mr. Finkelstein, who was searching for a job at the Workforce1 Career Center in Brooklyn on Wednesday, said he had been receiving $278 a week in benefits, barely enough to cover the $897 monthly rent on his one-bedroom apartment in Flushing, Queens.
He was uncertain what he would do if he did not find work before his checks ran out. The standard limit to unemployment benefits is 26 weeks, though Democrats in Congress have been pushing for a 13-week extension.
On Thursday, the House approved a bipartisan war-financing bill that included the 13-week extension of benefits.
Gov. David A. Paterson of New York and Gov. Jon S. Corzine of New Jersey sent letters to Congress in April urging passage of the extension. In New Jersey, David J. Socolow, the state’s commissioner of labor and work force development, said the need is becoming dire as a rapidly growing number of people exhaust their benefits.
In the last three months, benefits have run out for more than 45 percent of the people collecting unemployment in New Jersey, Mr. Socolow said. That is a higher rate than in any of the previous 24 months. At the same time, the average period during which people stayed on unemployment benefits has risen to more than 18.3 weeks from fewer than 18 weeks last year.
“People are taking longer to find a job,” Mr. Socolow said. “When you see that it’s creeping up for a few extra weeks, that’s not out of laziness on the part of the worker.”
Labels: New York, unemployment
Triad Guaranty negotiations fail, to layoff 100
Triad Guaranty has failed to come to an agreement with a private investment group to form a new mortgage insurer, and will go into "run-off" and cease writing new business.
The failure of negotiations with Lightyear Capital means there will be no new business written by the company. As a result, the company said it will layoff about 100 people in coming weeks. Most of Triad's employees are based at its Winston-Salem headquarters.
Freddie Mac has also denied the company's appeal of its suspension as an approved insurer for mortgage loans. Freddie Mac is a government-backed entity that guarantees loans, and without its approval Triad would not be able to find new insurance customers.
Triad, like other mortgage insurers, has been hit hard by the mortgage and housing crisis. Mortgage insurance companies pay back lenders when home owners default on their loans, as many more have in recent months.
Triad's "run-off" will begin on July 15, after which no new policies will be written and the company's operations will be limited to servicing existing policies.
In an announcement, CEO Mark Tonnesen did not go into detail as to why negotiations with Lightyear failed. The two groups had been hoping to agree to create a new mortgage insurer that would have taken over many of Triad's assets and employees.
"Certain hurdles arose that prevented the transaction from being feasible," Tonnesen said.
He said the company is continuing to look for other options "but we are not optimistic that any opportunities will surface."
The failure of negotiations with Lightyear Capital means there will be no new business written by the company. As a result, the company said it will layoff about 100 people in coming weeks. Most of Triad's employees are based at its Winston-Salem headquarters.
Freddie Mac has also denied the company's appeal of its suspension as an approved insurer for mortgage loans. Freddie Mac is a government-backed entity that guarantees loans, and without its approval Triad would not be able to find new insurance customers.
Triad, like other mortgage insurers, has been hit hard by the mortgage and housing crisis. Mortgage insurance companies pay back lenders when home owners default on their loans, as many more have in recent months.
Triad's "run-off" will begin on July 15, after which no new policies will be written and the company's operations will be limited to servicing existing policies.
In an announcement, CEO Mark Tonnesen did not go into detail as to why negotiations with Lightyear failed. The two groups had been hoping to agree to create a new mortgage insurer that would have taken over many of Triad's assets and employees.
"Certain hurdles arose that prevented the transaction from being feasible," Tonnesen said.
He said the company is continuing to look for other options "but we are not optimistic that any opportunities will surface."
Labels: Greensboro, layoffs, Triad region, Winston-Salem
Detroit schools' layoff target balloons to 1,400
Jennifer Mrozowski / The Detroit News
DETROIT -- Detroit Public Schools must reduce its staff by nearly 1,400 people to help decrease its massive budget shortfall, according to a draft budget document obtained by The Detroit News.
The June 13 document by Chief Financial Officer Joan McCray gives an indication of some of the deficit reduction strategies being considered. The district has just weeks before the end of the fiscal year to eliminate a projected $408 million shortfall for fiscal year 2009 that was published this week as part of a draft budget. That proposed reduction would eliminate nearly 9 percent of the district's total staff.
A public hearing on the budget is at 11 a.m. today, and board members also are expected to discuss the shortfall during a regular board meeting at 6 p.m.
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Officials spent part of Wednesday doing damage control, explaining that the draft budget on display Monday did not include deficit reduction plans and made the projected shortfall appear worse. Under Michigan law, school districts must adopt balanced budgets or get state approval for a plan to eliminate a deficit to avoid state oversight.
"I appreciate them trying to be transparent," board President Carla Scott said of the district administration. "But they're scaring the staff. They're scaring the public. We have a much better handle on this than they are showing by not explaining."
The district, which employs nearly 16,000 people, has not made any decisions on which positions would need to be cut, said district spokesman Steve Wasko. However, the district has previously outlined in other documents that 818 of those positions under consideration for reduction would come from the teaching ranks.
Enrollment dropping
Officials have said that staff must be reduced to match declining enrollment, which is expected to fall by 8,129 students to 98,356 students this fall. Enrollment has fallen precipitously in the last decade from 167,264 students in 1999-2000 to 106,485 this school year.
The number of teachers has fallen from more than 8,600 in 1999-2000 to 6,348 in 2007-08, according to figures provided by the district, but documents and public statements by McCray suggest the school system has not reduced staff in accordance with the plummeting enrollment for several years. Board members, however, have criticized Superintendent Connie Calloway's administration for neglecting to lay off the appropriate number of staff members this year, contributing to the shortfall.
While not offering specifics on who should be laid off, the June 13 document by McCray shows that 300 staff members received layoff notices May 1 and another 518 will receive notices Aug. 27. The document says another 578 staff members "must be noticed to balance the budget." The salary savings would be $221.4 million, the document said.
Teachers plan to protest the layoffs and poor classroom conditions before today's board meeting.
"We are rallying for our schools," said Detroit Federation of Teachers union president Virginia Cantrell. "We are asking the district to rescind all of the layoffs due to the fact that we had oversized classes all year. We are asking the district to restore art, music, science and gym. And we are asking for books and supplies to be in every classroom when school opens."
The district should not be considering such drastic teacher cuts because at least 300 to 400 teachers are retiring or leaving the district, which will help reduce the shortfall, Cantrell said. The DFT represents 7,949 members, of which 5,880 are classroom teachers.
Budget is work-in-progress
To underscore that the budget is still a work-in-progress, McCray sent a memo to stakeholders Wednesday, saying the district is investigating using grant funding to reduce the $480 million shortfall, as well as reduce expenditures through the possible staff cuts. The projected budget for fiscal year 2009 is $1.37 billion.
"The budget document as it stands reflects an extremely preliminary indication of where the district's financial status stands and where that will take us if no adjustments are made," Wasko said. "The cover includes twice the words 'Draft' and 'Proposed.' That's what this is. There is a process to be followed between now and June 30 -- the close of the fiscal year."
Any updated recommendations will be made available for public viewing, he said.
"The district's goal is to adopt a balanced budget, and to do so in a way that does not encumber the district in future years with inflated enrollment numbers, failure to layoff staff as necessary, or the inability to provide textbooks for our children," Wasko said.
You can reach Jennifer Mrozowski at (313) 222-2269.
DETROIT -- Detroit Public Schools must reduce its staff by nearly 1,400 people to help decrease its massive budget shortfall, according to a draft budget document obtained by The Detroit News.
The June 13 document by Chief Financial Officer Joan McCray gives an indication of some of the deficit reduction strategies being considered. The district has just weeks before the end of the fiscal year to eliminate a projected $408 million shortfall for fiscal year 2009 that was published this week as part of a draft budget. That proposed reduction would eliminate nearly 9 percent of the district's total staff.
A public hearing on the budget is at 11 a.m. today, and board members also are expected to discuss the shortfall during a regular board meeting at 6 p.m.
Advertisement
Officials spent part of Wednesday doing damage control, explaining that the draft budget on display Monday did not include deficit reduction plans and made the projected shortfall appear worse. Under Michigan law, school districts must adopt balanced budgets or get state approval for a plan to eliminate a deficit to avoid state oversight.
"I appreciate them trying to be transparent," board President Carla Scott said of the district administration. "But they're scaring the staff. They're scaring the public. We have a much better handle on this than they are showing by not explaining."
The district, which employs nearly 16,000 people, has not made any decisions on which positions would need to be cut, said district spokesman Steve Wasko. However, the district has previously outlined in other documents that 818 of those positions under consideration for reduction would come from the teaching ranks.
Enrollment dropping
Officials have said that staff must be reduced to match declining enrollment, which is expected to fall by 8,129 students to 98,356 students this fall. Enrollment has fallen precipitously in the last decade from 167,264 students in 1999-2000 to 106,485 this school year.
The number of teachers has fallen from more than 8,600 in 1999-2000 to 6,348 in 2007-08, according to figures provided by the district, but documents and public statements by McCray suggest the school system has not reduced staff in accordance with the plummeting enrollment for several years. Board members, however, have criticized Superintendent Connie Calloway's administration for neglecting to lay off the appropriate number of staff members this year, contributing to the shortfall.
While not offering specifics on who should be laid off, the June 13 document by McCray shows that 300 staff members received layoff notices May 1 and another 518 will receive notices Aug. 27. The document says another 578 staff members "must be noticed to balance the budget." The salary savings would be $221.4 million, the document said.
Teachers plan to protest the layoffs and poor classroom conditions before today's board meeting.
"We are rallying for our schools," said Detroit Federation of Teachers union president Virginia Cantrell. "We are asking the district to rescind all of the layoffs due to the fact that we had oversized classes all year. We are asking the district to restore art, music, science and gym. And we are asking for books and supplies to be in every classroom when school opens."
The district should not be considering such drastic teacher cuts because at least 300 to 400 teachers are retiring or leaving the district, which will help reduce the shortfall, Cantrell said. The DFT represents 7,949 members, of which 5,880 are classroom teachers.
Budget is work-in-progress
To underscore that the budget is still a work-in-progress, McCray sent a memo to stakeholders Wednesday, saying the district is investigating using grant funding to reduce the $480 million shortfall, as well as reduce expenditures through the possible staff cuts. The projected budget for fiscal year 2009 is $1.37 billion.
"The budget document as it stands reflects an extremely preliminary indication of where the district's financial status stands and where that will take us if no adjustments are made," Wasko said. "The cover includes twice the words 'Draft' and 'Proposed.' That's what this is. There is a process to be followed between now and June 30 -- the close of the fiscal year."
Any updated recommendations will be made available for public viewing, he said.
"The district's goal is to adopt a balanced budget, and to do so in a way that does not encumber the district in future years with inflated enrollment numbers, failure to layoff staff as necessary, or the inability to provide textbooks for our children," Wasko said.
You can reach Jennifer Mrozowski at (313) 222-2269.
Labels: Detroit schools, layoffs, Michigan
Magna to lay off 400
Jun 18, 2008 11:35 AM
Tony Van Alphen
Business Reporter
Canadian Press
Magna International Inc. is laying off about 400 workers permanently at its Formet Industries plant in St. Thomas, Ont., because of a sharp downturn in demand for full-size pickup trucks.
The Aurora-based auto parts giant announced today that the reduction in production and salaried jobs will take effect on Sept. 8. The plant, south of London, Ont., makes truck frames for the General Motors assembly plant in Oshawa, Ont., which has also planned to cut production.
Magna, which makes various parts and components for the three big U.S.-based automakers, said employees at its Formet Industries plant will receive severance packages based on their years of service.
The reduction represents about 25 per cent of the current workforce at Formet, a division of Magna's Cosma Structural Systems. The plant currently employs 1,600 people.
It is the first permanent layoff at Formet since it opened in 1997.
The layoffs announced Wednesday adds to the spate of industrial woes that have hit the southwestern Ontario blue-collar city, which depends heavily on light manufacturing — much of it geared to the auto sector.
Ford’s St. Thomas-Talbotville car-assembly plant, just outside the city, continues to make the Crown Victoria rear-wheel-drive sedan.
Under a three-year labour contract ratified by the Canadian Auto Workers in May, Ford agreed to keep the plant in operation until at least September 2011, when the contract would expire, instead of the previously scheduled end in 2010.
However, a similar agreement between the union and General Motors has failed to prevent the automaker from closing its truck plant in Oshawa, Ont., next year as a result of the soaring price of gasoline, which has changed consumer buying habits.
Demand for GM Sierra and Chevy Silverado began falling last year, causing General Motors to cut its No. 3 shift at the Oshawa truck plant in late 2007 and reducing its workforce to about 2,600 people.
GM later announced in April it will end the No. 2 shift in September and most recently, after signing its three-year contract with the CAW, said this month it will end truck production in Oshawa and three others in 2009.
Toyota said Tuesday that it is laying off 200 temporary workers and slowing production at its San Antonio truck plant in Texas, where the Japan-based company employs 2,000 full-time workers.
Toyota will also schedule 14 days between now and October when no trucks will roll off the assembly line.
Tony Van Alphen
Business Reporter
Canadian Press
Magna International Inc. is laying off about 400 workers permanently at its Formet Industries plant in St. Thomas, Ont., because of a sharp downturn in demand for full-size pickup trucks.
The Aurora-based auto parts giant announced today that the reduction in production and salaried jobs will take effect on Sept. 8. The plant, south of London, Ont., makes truck frames for the General Motors assembly plant in Oshawa, Ont., which has also planned to cut production.
Magna, which makes various parts and components for the three big U.S.-based automakers, said employees at its Formet Industries plant will receive severance packages based on their years of service.
The reduction represents about 25 per cent of the current workforce at Formet, a division of Magna's Cosma Structural Systems. The plant currently employs 1,600 people.
It is the first permanent layoff at Formet since it opened in 1997.
The layoffs announced Wednesday adds to the spate of industrial woes that have hit the southwestern Ontario blue-collar city, which depends heavily on light manufacturing — much of it geared to the auto sector.
Ford’s St. Thomas-Talbotville car-assembly plant, just outside the city, continues to make the Crown Victoria rear-wheel-drive sedan.
Under a three-year labour contract ratified by the Canadian Auto Workers in May, Ford agreed to keep the plant in operation until at least September 2011, when the contract would expire, instead of the previously scheduled end in 2010.
However, a similar agreement between the union and General Motors has failed to prevent the automaker from closing its truck plant in Oshawa, Ont., next year as a result of the soaring price of gasoline, which has changed consumer buying habits.
Demand for GM Sierra and Chevy Silverado began falling last year, causing General Motors to cut its No. 3 shift at the Oshawa truck plant in late 2007 and reducing its workforce to about 2,600 people.
GM later announced in April it will end the No. 2 shift in September and most recently, after signing its three-year contract with the CAW, said this month it will end truck production in Oshawa and three others in 2009.
Toyota said Tuesday that it is laying off 200 temporary workers and slowing production at its San Antonio truck plant in Texas, where the Japan-based company employs 2,000 full-time workers.
Toyota will also schedule 14 days between now and October when no trucks will roll off the assembly line.
Labels: Canada, layoffs, Magna International, Ontario
SNE Enterprises extending layoff
Window and door manufacturer SNE Enterprises/Schield Family Cos. has filed a notice with state officials indicating that the temporary layoff of about 185 employees that began in January are expected to last another six months.
Labels: Schield Family Cos, SNE Enterprises
Layoffs set for Harley
The temporary measure is in addition to a scheduled June 30 shutdown.
By BRENT BURKEY
Daily Record/Sunday News
Article Last Updated: 06/19/2008 08:08:22 AM EDT
Harley-Davidson is laying off workers at its Springettsbury Township facility next week beginning Monday.
Rebecca Bortner, a company spokeswoman, said Wednesday the temporary layoffs are in addition to Harley's planned shutdown from June 30 through July 3.
The number of layoffs for the week beginning Monday was not immediately known.
Renee Henry, a worker at the plant for eight years, said she and other employees were informed about the layoff last week. Most, but not all, of the workers got the notice, she said.
Henry said she wasn't surprised.
"We knew it was coming," she said.
Harley said in April more layoffs like the one it ordered for four days in fall 2007 -- when the Springettsbury Township facility shut down to cut production -- were on the table for the future.
By BRENT BURKEY
Daily Record/Sunday News
Article Last Updated: 06/19/2008 08:08:22 AM EDT
Harley-Davidson is laying off workers at its Springettsbury Township facility next week beginning Monday.
Rebecca Bortner, a company spokeswoman, said Wednesday the temporary layoffs are in addition to Harley's planned shutdown from June 30 through July 3.
The number of layoffs for the week beginning Monday was not immediately known.
Renee Henry, a worker at the plant for eight years, said she and other employees were informed about the layoff last week. Most, but not all, of the workers got the notice, she said.
Henry said she wasn't surprised.
"We knew it was coming," she said.
Harley said in April more layoffs like the one it ordered for four days in fall 2007 -- when the Springettsbury Township facility shut down to cut production -- were on the table for the future.
Labels: Harley Davidson, layoffs, Pennsylvania, York
RV Company Announces Layoffs at Indiana Plants
Workers at two Fleetwood Enterprises, Inc. (NYSE: FLE) locations in Indiana are dealing with another round of layoffs by the California-based RV manufacturer. The company is cutting 300 jobs at its Decatur facility. It has also announced the elimination of 43 jobs at its Crawfordsville operation. Fleetwood attributes the reductions to soft sales.
Labels: Crawdordsville, Decatur, Fleetwood Enterproses, Indiana, layoffs
More Wall Street layoffs at Goldman Sachs
Goldman Sachs Group Inc. has started doling out the pink slips to investment bankers due to the crawling markets and merger slump, according to Reuters.
The report says hundreds of support staff and junior-level bankers were let go, and around 25% of employees at the vice president level. Wall Street has laid off more than 60,000 since the credit crunch began. Lehman Brothers Inc. and Bear Stearns Cos. laid off a large number of employees due to the ailing markets -- and in Bear's case due to a merger with J.P. Morgan Chase & Co.
So far there have been 4,000 dismissals at Morgan Stanley, 5,000 at Merrill Lynch & Co., 7,000 at UBS and 16,000 at Citigroup Inc., according to New York Magazine. - Maria Woehr
The report says hundreds of support staff and junior-level bankers were let go, and around 25% of employees at the vice president level. Wall Street has laid off more than 60,000 since the credit crunch began. Lehman Brothers Inc. and Bear Stearns Cos. laid off a large number of employees due to the ailing markets -- and in Bear's case due to a merger with J.P. Morgan Chase & Co.
So far there have been 4,000 dismissals at Morgan Stanley, 5,000 at Merrill Lynch & Co., 7,000 at UBS and 16,000 at Citigroup Inc., according to New York Magazine. - Maria Woehr
Labels: Bear Stearns, Citigroup, Goldman Sachs, JPMorganChase, layoffs, Lehman, Merrill Lynch, UBS
McClatchy to reduce work force by 10%, eliminating 1400 jobs
The McClatchy Co. today announced a plan to reduce the company's work force by 10 percent in an effort to manage a difficult advertising market. The reductions mark the company's first-ever across-the-board cuts.
McClatchy (NYSE: MNI) said it will eliminate about 1,400 jobs through companywide layoffs, voluntary separations and attrition. McClatchy is the third-largest newspaper chain in the country. The company owns The Sacramento, Fresno and Modesto Bees, The Miami Herald and 26 other daily newspapers.
"We have been transitioning steadily and successfully from a traditional newspaper company to an integrated multimedia company for some time," McClatchy chief executive officer Gary Pruitt said in a prepared statement. "The effects of the current national economic downturn -- particularly in real estate, auto and employment advertising -- make it essential that we move faster now to realign our work force and make our operations more efficient.
"I'm sorry this requires the painful announcement we are making today, but we're taking this action to help ensure a healthy future for our company," Pruitt added.
The Sacramento Bee will eliminate 86 jobs, 46 by layoffs, Bee publisher Cheryl Dell wrote in an e-mail. The reduction will trim the paper's work force by 8.1 percent, including 11.5 jobs in the newsroom, Dell said.
"We are talking to all affected employees today," she said, adding that most will be notified this morning.
The Sacramento Bee's sister paper in Modesto will reduce its staff by 15 positions, or about 4 percent of the total, Modesto Bee publisher Margaret Randazzo wrote in a memo to all employees.
McClatchy historically has not used broad layoffs to manage its staff size, relying instead on attrition and select job eliminations through outsourcing. So far, those efforts have resulted in a work force reduction of 13 percent between the end of 2006 and April 2008.
McClatchy treasurer Elaine Lintecum said the reduction percentages will vary from paper to paper. She confirmed that the cuts announced today are in addition to previous staff reductions.
In its press release, McClatchy said "Today's more competitive media environment and challenging operating conditions mean the company must move more aggressively to shape the overall work force."
The company has been hit hard by a general downturn in the daily newspaper industry, which is losing advertising dollars to online classified ads and search engine traffic.
Those problems have been exacerbated by the economic downturn. McClatchy gets about a third of its revenue from California and Florida -- states where the housing markets have been particularly weak, leading big advertisers to drastically cut spending.
McClatchy's cash expenses were down 10.5 percent in the first quarter of this year.
In a separate announcement, McClatchy reported that its revenue fell another 15 percent in May. Ad sales declined 16.6 percent for the month compared to ad revenue in May 2007. The company said the declines in print advertising were partially offset by a 12.9 percent gain in online ad revenue in May 2008 compared to May 2007.
For the first five months of the year, total revenue fell 14.2 percent and ad revenue was down 15.4 percent. Online advertising grew 11.9 percent in the first five months of 2008, according to McClatchy.
The staff reductions announced today will produce an annual savings of about $70 million, as part of a larger plan to cut overall expenses by between $95 million and $100 million over the next four quarters.
McClatchy's stock closed at $8.04 a share Monday, down 11 cents for the day in lighter than average trading. Its 52-week high was $28.73. The stock was downgraded by Wachovia last week from "Market Perform" to "Underperform," due in part to the company's declining advertising revenue.
McClatchy (NYSE: MNI) said it will eliminate about 1,400 jobs through companywide layoffs, voluntary separations and attrition. McClatchy is the third-largest newspaper chain in the country. The company owns The Sacramento, Fresno and Modesto Bees, The Miami Herald and 26 other daily newspapers.
"We have been transitioning steadily and successfully from a traditional newspaper company to an integrated multimedia company for some time," McClatchy chief executive officer Gary Pruitt said in a prepared statement. "The effects of the current national economic downturn -- particularly in real estate, auto and employment advertising -- make it essential that we move faster now to realign our work force and make our operations more efficient.
"I'm sorry this requires the painful announcement we are making today, but we're taking this action to help ensure a healthy future for our company," Pruitt added.
The Sacramento Bee will eliminate 86 jobs, 46 by layoffs, Bee publisher Cheryl Dell wrote in an e-mail. The reduction will trim the paper's work force by 8.1 percent, including 11.5 jobs in the newsroom, Dell said.
"We are talking to all affected employees today," she said, adding that most will be notified this morning.
The Sacramento Bee's sister paper in Modesto will reduce its staff by 15 positions, or about 4 percent of the total, Modesto Bee publisher Margaret Randazzo wrote in a memo to all employees.
McClatchy historically has not used broad layoffs to manage its staff size, relying instead on attrition and select job eliminations through outsourcing. So far, those efforts have resulted in a work force reduction of 13 percent between the end of 2006 and April 2008.
McClatchy treasurer Elaine Lintecum said the reduction percentages will vary from paper to paper. She confirmed that the cuts announced today are in addition to previous staff reductions.
In its press release, McClatchy said "Today's more competitive media environment and challenging operating conditions mean the company must move more aggressively to shape the overall work force."
The company has been hit hard by a general downturn in the daily newspaper industry, which is losing advertising dollars to online classified ads and search engine traffic.
Those problems have been exacerbated by the economic downturn. McClatchy gets about a third of its revenue from California and Florida -- states where the housing markets have been particularly weak, leading big advertisers to drastically cut spending.
McClatchy's cash expenses were down 10.5 percent in the first quarter of this year.
In a separate announcement, McClatchy reported that its revenue fell another 15 percent in May. Ad sales declined 16.6 percent for the month compared to ad revenue in May 2007. The company said the declines in print advertising were partially offset by a 12.9 percent gain in online ad revenue in May 2008 compared to May 2007.
For the first five months of the year, total revenue fell 14.2 percent and ad revenue was down 15.4 percent. Online advertising grew 11.9 percent in the first five months of 2008, according to McClatchy.
The staff reductions announced today will produce an annual savings of about $70 million, as part of a larger plan to cut overall expenses by between $95 million and $100 million over the next four quarters.
McClatchy's stock closed at $8.04 a share Monday, down 11 cents for the day in lighter than average trading. Its 52-week high was $28.73. The stock was downgraded by Wachovia last week from "Market Perform" to "Underperform," due in part to the company's declining advertising revenue.
Boston Whaler to furlough 250
Boston Whaler Inc. filed notice with the state Agency for Workforce Innovation that it will furlough 250 employees between the end of June and the end of July.
The 250 workers involved amounts to half of the Edgewater-based plant's workforce.
The company expects to recall all the workers, although they may be off work long enough to become eligible for unemployment benefits, says a company spokesman.
Boston Whaler is owned by Lake Forest, Ill.-based Brunswick Corp. (NYSE: BC).
Brunswick announced in March that it would lay off 400 employees at its Sea Ray boat subsidiary plant in Merritt Island because of the sagging economy and slower demand for boats.
The company announced in May it will cease production of its Bluewater Marine brands beginning July 1 and close its production facility in Newberry, S.C., by the end of June, resulting in the loss of 175 jobs.
Brunswick's first-quarter sales of $1.35 billion were down 3 percent from $1.39 billion for the same quarter last year. "Sales for the quarter reflected lower demand for marine products, particularly in the United States where industry retail sales were down about 17 percent in units in the first quarter," said Brunswick Chairman and CEO Dustan McCoy.
The 250 workers involved amounts to half of the Edgewater-based plant's workforce.
The company expects to recall all the workers, although they may be off work long enough to become eligible for unemployment benefits, says a company spokesman.
Boston Whaler is owned by Lake Forest, Ill.-based Brunswick Corp. (NYSE: BC).
Brunswick announced in March that it would lay off 400 employees at its Sea Ray boat subsidiary plant in Merritt Island because of the sagging economy and slower demand for boats.
The company announced in May it will cease production of its Bluewater Marine brands beginning July 1 and close its production facility in Newberry, S.C., by the end of June, resulting in the loss of 175 jobs.
Brunswick's first-quarter sales of $1.35 billion were down 3 percent from $1.39 billion for the same quarter last year. "Sales for the quarter reflected lower demand for marine products, particularly in the United States where industry retail sales were down about 17 percent in units in the first quarter," said Brunswick Chairman and CEO Dustan McCoy.
Labels: Boston Whaler, Brunswick Corp, Florida, layoffs, Orlando
Motorola to revamp R&D unit, layoff 150 jobs
Motorola as part of restructuring its research and development operations has decided to layoff 150 jobs in Motorola labs with effective from July 1.
The reorganization will include transfer of 180 employees to some specific divisions in other business groups including mobile devices, home and network equipment and government public safety systems, while the remaining 300 employees will remain in a central applied research and technology department.
The reorganization will include transfer of 180 employees to some specific divisions in other business groups including mobile devices, home and network equipment and government public safety systems, while the remaining 300 employees will remain in a central applied research and technology department.
Fanwood issues layoff notices to all municipal workers
Mayor cites likely drop in state aid for pink slip action
Friday, June 13, 2008
BY MARIAM JUKAKU
Star-Ledger Staff
Every municipal employee in Fanwood received layoff notices from the borough Wednesday in anticipation of major decreases in state aid.
As cities and towns in New Jersey, especially those with fewer than 10,000 residents, brace themselves for drastic cuts in state aid under Gov. Jon Corzine's proposed budget, Fanwood has taken an unusual step in notifying all its employees of potential layoffs.
No decision has been made on how many of the 70 employees in the Union County town will lose their job, but by putting every employee on notice, town officials said they gain the flexibility to quickly cut as many or as few as they need.
Timothy McDonough, vice president of the New Jersey State League of Municipalities, said Fanwood's decision to put every employee on notice of layoff may be unprecedented. He commends Mayor Colleen Mahr for tackling a problem other mayors will soon need to confront.
"I've spoken with dozens of mayors, all of them are proposing layoffs," said McDonough, who served as the mayor of Hope Township in Warren County for 17 years.
McDonough said the prospect of layoffs should make residents outraged -- not at the mayor or town council -- but at the governor for cutting aid to small towns.
"She's not grandstanding, she's not overreacting," McDonough said. "She's doing exactly what other towns will have to be doing (soon)."
The final decision about the Fanwood layoffs will be made in July, once the state legislature passes the budget, but until then employees can only guess whether they'll have a job after Aug. 1, when the cuts are expected.
"It's a little hard to motivate people with that hanging over their head," said police Capt. Edward White, who hasn't seen a single layoff since he joined the 21-member police force 23 years ago. "The men are all amazed that every single employee could get a layoff notice."
But Mahr staunchly defended the notices, saying yesterday they served as a means to communicate to borough employees the "serious fiscal issues" facing the town. "We're not decimating the Borough of Fanwood," she said. "Before we pull the trigger that affects people's lives (we want to give them notice)."
Residents of Fanwood said yesterday they were shocked to hear of the possibility of layoffs.
"It's ludicrous," said Maureen McCabe, who's lived in Fanwood for 17 years. "I'm getting taxed heavily and they're still going to do this ... I'm just in shock."
Though Fanwood is not regulated by civil-service regulations, Mahr said, the 45-day notices to all employees was recommended by the borough lawyer to satisfy union regulations, under which police and public works personnel operate.
Ephraim Sudit, a professor of business ethics at Rutgers University, said he didn't see the move as unethical as long as it was taken as a warning that layoffs are imminent.
"If some people have other opportunities (to look for another job), an advance notice may be an advantage," Sudit said. "The disadvantage is many are having sleepless nights, and some for naught because they're not going to be laid off."
But one resident complained the layoff notices were intended to scare residents into accepting tax increases.
"They know darn well they're not going to lay some of those people off," said Kathie Mersereau, 63. "They're covering their own tracks."
Mahr admitted the possibility of layoffs is difficult for everyone.
"We're a small town, we know the faces here," she said. "We want to try and fight to get what we believe is rightly ours in the form of money coming back out of Trenton. But we have to make plans as if we get nothing."
Mariam Jukaku may be reached at mjukaku@starledger.com or (908) 302-1500.
Friday, June 13, 2008
BY MARIAM JUKAKU
Star-Ledger Staff
Every municipal employee in Fanwood received layoff notices from the borough Wednesday in anticipation of major decreases in state aid.
As cities and towns in New Jersey, especially those with fewer than 10,000 residents, brace themselves for drastic cuts in state aid under Gov. Jon Corzine's proposed budget, Fanwood has taken an unusual step in notifying all its employees of potential layoffs.
No decision has been made on how many of the 70 employees in the Union County town will lose their job, but by putting every employee on notice, town officials said they gain the flexibility to quickly cut as many or as few as they need.
Timothy McDonough, vice president of the New Jersey State League of Municipalities, said Fanwood's decision to put every employee on notice of layoff may be unprecedented. He commends Mayor Colleen Mahr for tackling a problem other mayors will soon need to confront.
"I've spoken with dozens of mayors, all of them are proposing layoffs," said McDonough, who served as the mayor of Hope Township in Warren County for 17 years.
McDonough said the prospect of layoffs should make residents outraged -- not at the mayor or town council -- but at the governor for cutting aid to small towns.
"She's not grandstanding, she's not overreacting," McDonough said. "She's doing exactly what other towns will have to be doing (soon)."
The final decision about the Fanwood layoffs will be made in July, once the state legislature passes the budget, but until then employees can only guess whether they'll have a job after Aug. 1, when the cuts are expected.
"It's a little hard to motivate people with that hanging over their head," said police Capt. Edward White, who hasn't seen a single layoff since he joined the 21-member police force 23 years ago. "The men are all amazed that every single employee could get a layoff notice."
But Mahr staunchly defended the notices, saying yesterday they served as a means to communicate to borough employees the "serious fiscal issues" facing the town. "We're not decimating the Borough of Fanwood," she said. "Before we pull the trigger that affects people's lives (we want to give them notice)."
Residents of Fanwood said yesterday they were shocked to hear of the possibility of layoffs.
"It's ludicrous," said Maureen McCabe, who's lived in Fanwood for 17 years. "I'm getting taxed heavily and they're still going to do this ... I'm just in shock."
Though Fanwood is not regulated by civil-service regulations, Mahr said, the 45-day notices to all employees was recommended by the borough lawyer to satisfy union regulations, under which police and public works personnel operate.
Ephraim Sudit, a professor of business ethics at Rutgers University, said he didn't see the move as unethical as long as it was taken as a warning that layoffs are imminent.
"If some people have other opportunities (to look for another job), an advance notice may be an advantage," Sudit said. "The disadvantage is many are having sleepless nights, and some for naught because they're not going to be laid off."
But one resident complained the layoff notices were intended to scare residents into accepting tax increases.
"They know darn well they're not going to lay some of those people off," said Kathie Mersereau, 63. "They're covering their own tracks."
Mahr admitted the possibility of layoffs is difficult for everyone.
"We're a small town, we know the faces here," she said. "We want to try and fight to get what we believe is rightly ours in the form of money coming back out of Trenton. But we have to make plans as if we get nothing."
Mariam Jukaku may be reached at mjukaku@starledger.com or (908) 302-1500.
Labels: Fanwood, layoffs, municipal workers, New Jersey
Goodyear Announces 110 More Layoffs in Tyler
By GREG JUNEK
Business Editor
Goodyear has announced to the United Steelworkers Union that it will lay off about 110 people — about two-thirds — of the workforce remaining at its Tyler plant between Aug. 6 and Aug. 19.
A Worker Adjustment and Retraining Notification (WARN) Act notice sent to the union stated the “permanent mass layoff has been necessitated by a lack of work at the plant.”
Amy Brei, Goodyear spokeswoman, said about 60 employees will be left.
“There has been a decrease in the requirements needed for that rubber from Tyler,” Ms. Brei said of the Tyler plant, which retained its mixing operation after a mass layoff at the end of last year.
During the last contract negotiations between the company and the USW, the union struggled to keep the Tyler plant open, and the three-year master contract guaranteed the Tyler plant would be kept open through Dec. 31, 2007.
The company, however, ceased tire production there, reduced the plant’s employee base by several hundred and retained the plant as a rubber-mixing operation.“I feel like this is a further reduction toward the total closure of the plant,” USW Local President Harold Sweat said Thursday.
The union’s master contract, which expires in July 2009, requires the company to shut down the Canadian Valleyfield plant before it closes the Tyler plant, Sweat said.
Business Editor
Goodyear has announced to the United Steelworkers Union that it will lay off about 110 people — about two-thirds — of the workforce remaining at its Tyler plant between Aug. 6 and Aug. 19.
A Worker Adjustment and Retraining Notification (WARN) Act notice sent to the union stated the “permanent mass layoff has been necessitated by a lack of work at the plant.”
Amy Brei, Goodyear spokeswoman, said about 60 employees will be left.
“There has been a decrease in the requirements needed for that rubber from Tyler,” Ms. Brei said of the Tyler plant, which retained its mixing operation after a mass layoff at the end of last year.
During the last contract negotiations between the company and the USW, the union struggled to keep the Tyler plant open, and the three-year master contract guaranteed the Tyler plant would be kept open through Dec. 31, 2007.
The company, however, ceased tire production there, reduced the plant’s employee base by several hundred and retained the plant as a rubber-mixing operation.“I feel like this is a further reduction toward the total closure of the plant,” USW Local President Harold Sweat said Thursday.
The union’s master contract, which expires in July 2009, requires the company to shut down the Canadian Valleyfield plant before it closes the Tyler plant, Sweat said.
Cutbacks, layoffs dog Chicago financial industry
Wachovia Corp. soon will begin laying off 58 workers at 77 W. Wacker Drive as the financial-services company's securities arm continues to integrate the recently acquired A.G. Edwards, a Wachovia spokeswoman said Thursday.Wachovia is the latest in a string of financial-services firms to cut back their Chicago-area employment.In February, GE Capital Corp. announced it was laying off 50 workers at 222 N. LaSalle St. as a result of its recent acquisition of Merrill Lynch Capital.
Similarly, Bank of America Corp. has said it plans to cut 2,500 jobs in Illinois in 2008 and 2009 in the wake of its purchase in October of LaSalle Bank, Chicago's No. 2 bank. In March, BofA alerted the state that 201 workers at a call center at 79 W. Monroe St. will lose their jobs starting in October.
In late February, Morgan Stanley Credit Corp., which originates prime mortgages, laid off 70 workers in Vernon Hills due to deterioration in the real estate market.The layoffs occurred at 75 N. Fairway Drive—the same location where, only a month earlier, Washington Mutual had cut 75 workers at a home-loan back-office operation.In March, JPMorgan Chase eliminated 59 jobs in a Westmont operation that handled subprime brokered mortgages. Chase isn't in that business anymore.
Last month in Schaumburg, First Franklin closed an office, idling 81 workers. That move came two months after its parent, Merrill Lynch, said it was discontinuing mortgage origination at First Franklin and exploring the sale of First Franklin's mortgage servicing unit.
LaSalle fallout:Harris Bank's commercial middle-market banking group has added more new clients through the first seven months of its fiscal year than it did during the entire previous year, Ray Whitacre, senior vice president of the group, said recently.New clients include Westside Mechanical, which banked at LaSalle until its recent purchase by BofA."We could see there were going to be big changes with the acquisition," Westside owner Jim Reiss said."When you think of business banking in Chicago, it's LaSalle, Harris or FifthThird," he said. "Harris came up with the best solution."Harris provided a $9 million credit facility, handles Westside's business banking and provided Reiss his acquisition financing to purchase Westside, which has about $45 million in annual sales. The Fifth Third banker who pitched Reiss now works for Harris. "Some attrition can be expected during a transition, but we're excited about the momentum we're building in Chicago," said Mark Sander, a BofA senior vice president who oversees the Midwest commercial and industrial banking unit, which has 10,000 customers. "We've been gaining local market share," adding more than $700 million in C&I loans since year's end.
byerak@tribune.com
Similarly, Bank of America Corp. has said it plans to cut 2,500 jobs in Illinois in 2008 and 2009 in the wake of its purchase in October of LaSalle Bank, Chicago's No. 2 bank. In March, BofA alerted the state that 201 workers at a call center at 79 W. Monroe St. will lose their jobs starting in October.
In late February, Morgan Stanley Credit Corp., which originates prime mortgages, laid off 70 workers in Vernon Hills due to deterioration in the real estate market.The layoffs occurred at 75 N. Fairway Drive—the same location where, only a month earlier, Washington Mutual had cut 75 workers at a home-loan back-office operation.In March, JPMorgan Chase eliminated 59 jobs in a Westmont operation that handled subprime brokered mortgages. Chase isn't in that business anymore.
Last month in Schaumburg, First Franklin closed an office, idling 81 workers. That move came two months after its parent, Merrill Lynch, said it was discontinuing mortgage origination at First Franklin and exploring the sale of First Franklin's mortgage servicing unit.
LaSalle fallout:Harris Bank's commercial middle-market banking group has added more new clients through the first seven months of its fiscal year than it did during the entire previous year, Ray Whitacre, senior vice president of the group, said recently.New clients include Westside Mechanical, which banked at LaSalle until its recent purchase by BofA."We could see there were going to be big changes with the acquisition," Westside owner Jim Reiss said."When you think of business banking in Chicago, it's LaSalle, Harris or FifthThird," he said. "Harris came up with the best solution."Harris provided a $9 million credit facility, handles Westside's business banking and provided Reiss his acquisition financing to purchase Westside, which has about $45 million in annual sales. The Fifth Third banker who pitched Reiss now works for Harris. "Some attrition can be expected during a transition, but we're excited about the momentum we're building in Chicago," said Mark Sander, a BofA senior vice president who oversees the Midwest commercial and industrial banking unit, which has 10,000 customers. "We've been gaining local market share," adding more than $700 million in C&I loans since year's end.
byerak@tribune.com
Labels: Bank of America, First Franklin Financial, JPMorganChase, Morgan Stanley, Wachovia, Wamu
GSK plans layoffs of 350
Sabine Vollmer, Staff Writer
GlaxoSmithKline confirmed Wednesday it is laying off 350 of its about 15,000 researchers -- a chunk of them in Research Triangle Park.
It is the third round of layoffs since GSK started a three-year restructuring program to counter slowing sales six months ago. It takes a bite out of GSK's drug discovery engine, a key asset for any pharmaceutical company. And further cuts are likely.
"For sure," Dick Kouri, executive director of biosciences management at N.C. State University, said when asked whether GSK will cut more jobs in the next two-and-a-half years.
"There's no other way," Kouri said.
Jean-Pierre Garnier, GSK's chief executive until his retirement last month, wrote in the May issue of the Harvard Business Review that size has become an impediment.
Like other large drug makers, GSK faces tremendous challenges.
To shepherd a new drug from lab bench to pharmacy shelves can cost more than sending a rocket to the moon. While annual spending on research and development rose more than 20-fold, the number of new drugs that received regulatory approval in 2006 was roughly the same as in 1980.
Saddled with skyrocketing expenses and not much to show for it, large drug makers are ill-prepared to face the onslaught of generic competition that is looming. By 2012, drugs that generated about half of their 2007 sales will lose patent protection.
GSK, which now employs about 4,700 at its U.S. headquarters in Research Triangle Park, has also lost about $2.5 billion in sales since May 2007. That was when a study linked its best selling diabetes pill Avandia to increased risk of heart attack.
The restructuring program, which aims to save as much as $1.4 billion annually over three years, was initiated on Garnier's watch.
In the Harvard Business Review, he argued that the industry is organized according to a 1960s model that is in need of sweeping changes, particularly in research and development, where the science has become more complex over time and leadership skills have been neglected.
"Complexity and the leadership void have given rise to teams that focus too much on process and too little on producing meaningful results, and have allowed sleepwalkers and nine-to-fivers to hide," Garnier wrote.
GSK has already planted a lot of seeds, he wrote, "but the flowers have yet to bloom."
His successor, Andrew Witty, has pledged to boost GSK's investment in new drugs discovered outside the company.
GSK declined to release details about the latest job cuts.
But a good number were expected to affect GSK's research and development center in RTP.
GSK employs about 500 scientists at the RTP center and a similar center in Philadelphia. About half of those jobs were projected to be on the line.
The two centers are involved in finding treatments for cardiovascular and metabolic diseases, including diabetes.
Layoffs often serve as wake-up calls for the remaining researchers to do a better job, said Atul Nerkar, a professor at the University of North Carolina at Chapel Hill. Nerkar studies strategies that drug makers pursue to improve research and development.
The pharmaceutical industry has long acknowledged the waste in its research and development spending, Nerkar said.
About 25 percent of the patents drug makers file for new discoveries lapse for lack of maintenance.
"They're giving them up, because the ideas are worthless," he said.
sabine.vollmer@newsobserver.com or (919) 829-8992
GlaxoSmithKline confirmed Wednesday it is laying off 350 of its about 15,000 researchers -- a chunk of them in Research Triangle Park.
It is the third round of layoffs since GSK started a three-year restructuring program to counter slowing sales six months ago. It takes a bite out of GSK's drug discovery engine, a key asset for any pharmaceutical company. And further cuts are likely.
"For sure," Dick Kouri, executive director of biosciences management at N.C. State University, said when asked whether GSK will cut more jobs in the next two-and-a-half years.
"There's no other way," Kouri said.
Jean-Pierre Garnier, GSK's chief executive until his retirement last month, wrote in the May issue of the Harvard Business Review that size has become an impediment.
Like other large drug makers, GSK faces tremendous challenges.
To shepherd a new drug from lab bench to pharmacy shelves can cost more than sending a rocket to the moon. While annual spending on research and development rose more than 20-fold, the number of new drugs that received regulatory approval in 2006 was roughly the same as in 1980.
Saddled with skyrocketing expenses and not much to show for it, large drug makers are ill-prepared to face the onslaught of generic competition that is looming. By 2012, drugs that generated about half of their 2007 sales will lose patent protection.
GSK, which now employs about 4,700 at its U.S. headquarters in Research Triangle Park, has also lost about $2.5 billion in sales since May 2007. That was when a study linked its best selling diabetes pill Avandia to increased risk of heart attack.
The restructuring program, which aims to save as much as $1.4 billion annually over three years, was initiated on Garnier's watch.
In the Harvard Business Review, he argued that the industry is organized according to a 1960s model that is in need of sweeping changes, particularly in research and development, where the science has become more complex over time and leadership skills have been neglected.
"Complexity and the leadership void have given rise to teams that focus too much on process and too little on producing meaningful results, and have allowed sleepwalkers and nine-to-fivers to hide," Garnier wrote.
GSK has already planted a lot of seeds, he wrote, "but the flowers have yet to bloom."
His successor, Andrew Witty, has pledged to boost GSK's investment in new drugs discovered outside the company.
GSK declined to release details about the latest job cuts.
But a good number were expected to affect GSK's research and development center in RTP.
GSK employs about 500 scientists at the RTP center and a similar center in Philadelphia. About half of those jobs were projected to be on the line.
The two centers are involved in finding treatments for cardiovascular and metabolic diseases, including diabetes.
Layoffs often serve as wake-up calls for the remaining researchers to do a better job, said Atul Nerkar, a professor at the University of North Carolina at Chapel Hill. Nerkar studies strategies that drug makers pursue to improve research and development.
The pharmaceutical industry has long acknowledged the waste in its research and development spending, Nerkar said.
About 25 percent of the patents drug makers file for new discoveries lapse for lack of maintenance.
"They're giving them up, because the ideas are worthless," he said.
sabine.vollmer@newsobserver.com or (919) 829-8992
Labels: Glaxo, layoffs, North Carolina, RTP
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