- Microsoft/Google/IBM and other Rumors & News -
Mike: Take your pick from the Cisco stories below. If you have any additional Cisco layoff information, pass it along to The Layoff List in the comments sections or by emailing me at Mike@layofflist.org:
- Maybe not. In a note summarized by TheStreet.com, JPMorgan analyst Ehud Gelblum predicted today that Cisco could announce a 10% headcount reduction, which could save the company $900 million a year. Cisco could announce layoffs as part of its earnings report next month, another analyst told TheStreet.
via Cisco Could Cut 10% Of Staff (CSCO).
- Cisco Systems has dismissed predictions of a 10 per cent reduction in headcount from a JPMorgan analyst.
Ehud Gelblum has gone out on a limb and said Cisco “could” announce the 10 per cent cut and “could” save the company about $900m (£600m) a year through the move according to report by the Silicon Alley Insider. The Insider cites TheStreet.com. Let the whispering games begin.
via Cisco dismisses ‘hefty’ layoffs rumor • The Register.
- The exodus of some more Yahoo employees might continue as Yahoo is said to be planning on announcing another round of layoffs during its first quarter financial report on Tuesday.
- General Economic News -
- Still, the drop in March was steeper than expected. The Federal Reserve said production at the nation’s factories, mines and utilities dropped a seasonally adjusted 1.5 percent, matching February’s decline and worse than the 1 percent decline analysts forecast.
via Industrial production drops more than expected - Yahoo! Finance.
MBA Purchase Applications
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- April 15 (Bloomberg) — The number of mortgage applications in the U.S. fell last week for the first time in more than a month, indicating any stabilization in housing will be slow to materialize even as borrowing costs drop.
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- WASHINGTON (Reuters) — A key gauge of consumer prices fell unexpectedly in March and recorded its first annual drop since 1955, government data showed Wednesday, as slumping demand pushed down energy and food costs.
The Labor Department said its closely watched consumer price index fell 0.1%, after increasing 0.4% in February. On a year-over-year basis, consumer prices were down 0.4%, the first 12-month decline since August 1955.
via Consumer prices dip in March, post 1st annual drop since ’55 – USATODAY.com.
Empire State Mfg Survey:
- (CEP News) – Manufacturing activity in the New York region continued to decline, but at a slower rate than previously thought according to a survey from the New York Federal Reserve on Wednesday.
The New York Fed’s Empire State Manufacturing survey rebounded to -14.65 in April from the previous month’s record low reading of -38.23. The results are better than the consensus forecast for a -35.0 reading.
The reliability variance of the index is +/- 8.6 points. A reading above zero indicates growth in the manufacturing sector, while a negative reading indicates slowdown.
via Pace of New York Manufacturing Decline Slows Sharply in April | CEP News.
- - Autoblog reports, “As GM teeters on the brink of insolvency, it’s become clear that Saturn will get no new vehicles sourced from within GM and some dealers have decided to close up their stores. Since January 1, two dozen Saturn outlets have shuttered bringing the current total down to 394 with four more in Wisconsin due to close this week.”
via Many Saturn Dealers Closing Shop - U.S. News Rankings and Reviews .
Mike: The following story shows Michigan’s deteriorating unemploymeny numbers. But what needs to be addressed is that those numbers are not the “true” unemployment numbers. When adding the other unemployed to the equation, the unemployment rate in Michigan is more likely near 17%.
- Michigan’s unemployment rate jumped to 12.6 percent in March, but job losses have slowed in recent months, good news for the hard-hit state.
Still, the rise from 12 percent in February to 12.6 percent announced Wednesday is likely to keep Michigan in the spotlight as the state with the nation’s worst unemployment rate. The national unemployment rate in March was 8.5 percent.
via Mich. unemployment rate jumps to 12.6% in March – Forbes.com.
Jack Ohman - Apr 15
Mike: I get a kick out of these reports, such as the one below, where they headline that something “soars,” yet when you look at the numbers it’s more bad news. It’s like the kid coming home from school with his latest report card and he goes, “Mom, my report card numbers soared!” After further investigation, the score soared from 9 to 14 in the scale of 50 being passing. While 14 is better than 9, soaring is a bit of an overstatement. Improved, increased, or rose might be more appropriate. While exploded upward, skyrocketed, or soared is misleading.
- LOS ANGELES (AP) — The National Association of Home Builders says its housing market index posted its biggest one-month jump in five years in April as many homebuyers seized on lower prices and incentives.
While still near historically low levels, the Washington-based trade association said Wednesday the index rose five points to 14, it’s highest reading since October.
Index readings lower than 50 indicate negative sentiment about the market.
via Homebuilder sentiment index soars 5 points - Yahoo! Finance.
- Government Layoff News -
Mike: Government departments and agencies are starting to cut the jobs that they had to in order to balance their budgets. The stimulus package will eliminate some job loss, especially at schools, but most states and cities will be cutting jobs, and with that, services.
- LOS ANGELES – The Los Angeles Board of Education has voted to lay off as many as 5,400 teachers and support personnel for the upcoming school year.
The vote came Tuesday as employees protested raucously outside the meeting. The board had voted hours earlier to save the jobs of 1,996 elementary school teachers using federal stimulus funds.
via LA school board votes to lay off 5,400 employees.
- The Enlarged City School District of Troy plans to remove a total 62.8 fulltime equivalent positions by the end of its fiscal year to balance a proposed $95.11 million budget, which the public will vote on in May.
- US and some Canada Layoff News -
- The University of Washington will eliminate about 1,000 employee positions — including a yet-to-be-determined number of layoffs — by the beginning of May, the school’s president said Tuesday.
via UW to eliminate about 1,000 jobs by May 1.
- PITTSBURGH (AP) — ArcelorMittal SA, the world’s largest steel maker, plans to idle a plant in Indiana and lay off about 400 workers due to global economic turmoil that has dampened demand for the metal.
- The Chronicle has reached a tentative agreement with a major union that could allow for the elimination of more than 80 driver positions as part of the newspaper’s campaign to cut costs in order to stay afloat.
via Chronicle, Teamsters agree on job cuts.
- The company said it eliminated about 10 percent of its jobs, placed some workers on short weeks, and cut down on spending to cope with challenging economic conditions. It is also looking to end some supply chain contracts it signed late last year.
At the end of 2008, Lufkin employed about 3,000 people.
via Lufkin says 1Q profit dropped, makes job cuts - Forbes.com.
- MOORESVILLE — UST Inc., which was bought by Altria Group Inc. in January, said yesterday that it was eliminating 74 jobs at its operations at 124 Bandit Lane in Mooresville.
- International Layoff News -
- Switzerland’s biggest bank, UBS, has said it will seek to cut costs by shedding 8,700 jobs by next year.
- The company has begun consultation with employees at the Rugby plant over making up to six redundancies out of a total of 120 employees.
via Rapak Europe plans small number of redundancies | Business | packagingnews.co.uk.
- Wal-Mart, the world’s largest retailer, yesterday launched a job optimization and regrouping program to reduce labor costs in China.
Under the program, the company plans to relocate some of the mid-management staff at its stores to similar posts in the new stores that are being opened in China.
via Wal-Mart rejigs jobs in China.
- HONG KONG, April 15 (Reuters) – Japanese brokerage Nomura Holdings Inc (8604.T) has cut another 50 investment banking jobs in Asia, excluding Japan, sources close to the matter said on Wednesday
- Hiring News and News You Can Use -
- The top of the complete ranking–which, for ease, we have broken down into the two smaller lists, of the best big and small cities for jobs–is dominated by one state: Texas. The Lone Star State may have lost a powerful advocate in Washington, but it’s home to a remarkable eight of the top 20 cities on our list–including No. 1-ranked Odessa, a small city in the state’s northwestern region. Further, the top five large metropolitan areas for job growth–Austin, Houston, San Antonio, Ft. Worth and Dallas–are all in Texas’ “urban triangle.”
via Where are the Best Cities for Job Growth? | Newgeography.com .
- More than 2 dozen new jobs are headed to central Nebraska. Governor Heineman Tuesday awarded a $406,000 grant to Covenant Doors and Millwork Incorporated in Central City.
Tomorrow brings the all important Jobless Claims report, which is expected to show jobless claims rising slightly form last week to 658,000. Till then.…………………