February 25 – Nortel disconnects another 3,200 – Cummins to dump 985 – Dow Corning cuts 800 – RU’s Evraz cuts 2,000 – JN’s Advantest deletes 1,200 – Zales to close 115 stores – Buyout offers to 42,000 at Ford – Mass layoffs soared in January – Home sales fall sharply – Will your job benefit from the stimulus?

Mike: Greetings to all this fine Wednesday.  
Today’s economic reports deal more with housing  than employment, but as goes housing, so goes employment for many. So we”l be watching closely MBA Purchase Applications  and the  Existing Home Sales  reports for signs of any improvement. Update: MBA Purchase Applications  and Existing Home Sales  fell last week, which is not a good sign for a quick housing recovery.

Of course, those numbers are not always as they appear, so it’s best to wait for a complete analysis before reading too much into the numbers. While an improvement in purchase applications may be a sign of an improving housing market, many purchase applications can fail to materialize if banks are not lending as freely as they once were
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Quote of the day:
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* The crowning fortune of a man is to be born to some pursuit which finds him employment and happiness, whether it be to make baskets, or broadswords, or canals, or statues, or songs. Ralph Waldo Emerson
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Mike: Obama delivered an upbeat yet realistic picture of our current financial situation. While little in specifics, it does show that he at least believes that those who receive bailout funds, and there will be many more, need to be held accountable, so no additional money is sent down the failed bank rat hole. If you haven’t heard the speech, it’s worth an hour of your time. I’ll also post the Republican response:

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Bill Day - Feb 25

Bill Day - Feb 25

 



- Larger layoff announcements and economic news reports:
US/Canada:

International:

                    

 

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

 

* BOSTON (Reuters) – Microsoft Corp outlined plans to offset revenue declines as the PC market shifts to low-cost netbooks, but it failed to announce more cost cuts, sending its shares to an 11-year low.

Chief Executive Steve Ballmer told an analysts’ meeting in New York on Tuesday that Microsoft will offer robust versions of its yet-to-be-released Windows 7 operating software for netbooks, as the company looks to boost revenue from these hot-selling, low-cost computers.

via Microsoft says no new cost cuts, shares hit 11-year low | Reuters .

 

- General Economic News -

 

- Feb. 25 (Bloomberg) – Mortgage applications in the U.S. fell last week as higher borrowing costs tempered refinancing.

The Mortgage Bankers Association’s index of applications to purchase a home or refinance a loan decreased 15.1 percent to 743.5 in the week ended Feb. 20 from 875.3 in the prior week. The group’s refinancing measure dropped 19.1 percent and the purchase index slipped 2.6 percent.

via Bloomberg.com: U.S..

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* NEW YORK (AP) — Another steep drop in home sales has dashed some hopes that the housing market would start to show some improvement.

A real estate group’s report that sales of existing homes fell in January to the lowest level in nearly 12 years is fanning a drop in stocks led by financial companies.

The National Association of Realtors says sales of existing homes fell 5.3 percent to an annual rate of 4.49 million last month, from 4.74 million units in December. It was the worst showing since July 1997.

via Stocks extend slide as home sales fall sharply – Yahoo! Finance.

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Ben Bernanke Speaks
10:00 AM ET

- WASHINGTON (AP) — Federal Reserve Chairman Ben Bernanke on Wednesday again spurned speculation that the government may nationalize Citigroup or other big banks.

When asked about Citigroup during a House Financial Services Committee hearing, Bernanke said nationalization “is when the government seizes the bank and zeros out the shareholders and begins to manage and run the bank. And, we don’t plan anything like that.”

via Bernanke again spurns talk of bank nationalization - Yahoo! Finance.

 

* Hourly workers at Ford Motor Co. will get yet another round of buyout and early retirement offers, and the company’s top two executives will take 30 percent pay cuts as Ford tries to find a way out of the worst auto sales slump in 26 years.

Chief Executive Alan Mulally and Executive Chairman Bill Ford Jr. will see the salary reductions this year and next, according to a memo obtained by The Associated Press.

In addition, local union leaders were told Tuesday that the company will make buyout or early retirement offers to all 42,000 U.S. hourly workers. The offers are part of a series of contract concessions in a tentative agreement reached between the United Auto Workers and the company, according to two union officials briefed on the deal.

via Top Ford execs take pay cuts, more buyouts offered – Yahoo! Finance.

 

* President Obama has promised the $787 billion American Recovery and Reinvestment Act — commonly known as the stimulus plan — will boost to the flagging economy by creating jobs in a variety of sectors.

Though it will take a while before federal, state, and local governments determine how exactly to allocate the funds, economists agree that six sectors are poised to see a boost as a direct or indirect result of the stimulus. These include:

via 6 Fields That Stand to Benefit From the Stimulus Plan.

 

 

Rob Rogers - Feb 25

Rob Rogers - Feb 25

 

* Losing your job is one of life’s most stressful situations, and credit card debt adds to the strain. It is possible to survive unemployment with your credit score intact — and without late payments, soaring interest rates and scads of fees — but it takes a plan.

via Laid off and in debt: 5 steps to take now to keep credit intact.

 

* WASHINGTON (AP) — The government says the number of “mass layoffs” sharply increased last month as employers cut payrolls in the face of a deepening recession.

The Labor Department says mass layoffs, or job cuts of 50 or more by a single employer, increased to 2,227 in January, up by almost 50 percent from the same month last year.

The department says more than 235,000 workers were fired due to January’s cuts.

via Gov’t says ‘mass layoffs’ soared in January - Yahoo! Finance.

 

- Municipal News -

 

* * The cash-strapped Fayette County school system is expected to eliminate 157 jobs and slash all employee salaries, perhaps by nearly 4 percent as part of cost-cutting measures discussed during Monday night’s school board meeting.

 

* CIRCLEVILLE — At least 30 educators in the Pine Bush school district — and possibly as many as 54 — could be laid off next school year, Superintendent Phil Steinberg told a packed crowd of about 300 at Circleville Middle School Tuesday night.

via At least 30, perhaps 54 educators face layoffs in Pine Bush schools - recordonline.com – The Times Herald Record.

 

* TIPP CITY — Administrators and board of education members struggled through a list of $1.5 million in possible measures — eliminating 15 to 20 certified and classified positions, reducing busing and implementing a pay to participate program — that will be needed if two levies on the May 5 ballot fail.

 

- US and some Canada News -

 

nortel* Nortel will cut an additional 3,200 jobs in the coming months as part of efforts to restructure under bankruptcy protection.

Wednesday’s announcement is the latest news of layoffs at the struggling telecommunications equipment company. Nortel (OTCBB: NRTLQ) still has 1,800 jobs that it’s yet to cut under previously announced plans, the company says.

via Nortel to cut another 3,200 jobs - Atlanta Business Chronicle: .

 

nortel1* TORONTO — Nortel Networks (TSX:NT) is laying off another 3,200 employees worldwide, or more than 10 per cent of its global workforce, in an ongoing effort to restructure its operations while under court protection.

Analysts weren’t optimistic, however, with some saying that another round of layoffs won’t lift the telecom equipment maker out of its problems – which include heavy debts, an intensely competitive market and weak economies in several key countries.

via The Canadian Press: Telecom equipment maker Nortel to cut 3,200 jobs worldwide.

 

cummins* COLUMBUS, Ind. – Engine-maker Cummins Inc. plans to cut 985 employees worldwide by the end of this week, including 460 in Indiana.

The Columbus-based company said last month it would cut “at least 800″ by the end of February. The new reduction announced Tuesday includes 225 salaried and 235 hourly workers in Indiana.

via Cummins to cut 985 jobs by week’s end — chicagotribune.com.

 

dow-corning*WILLIAMS TOWNSHIP, Michigan: Dow Corning Corp. says it will cut 800 jobs, or about 8 percent of its 10,000-member global work force, because of the poor economy.

The company, a joint venture between Midland-based Dow Chemical Co. and Corning, New York-based Corning Inc., will eliminate the jobs during the first half of 2009 through a combination of voluntary retirement programs and involuntary layoffs.

via Dow Corning says it will cut 800 jobs worldwide - International Herald Tribune.

 

* NEW YORK (AdAge.com) — Enfatico, the WPP marketing agency erected for Dell, today eliminated 8% of its staff — about 80 positions — from its global base of nearly 1,000.

via Dell Advertising Agency Enfatico Lays Off 8% of Work Force – Agency News – Advertising Age.

 

* Baltimore Aircoil announced Tuesday that it will close its Paxton manufacturing plant, which employs 223 and has operated in Paxton for 36 years

via Paxton’s largest employer closing - The Daily Journal.

 

* PEMBERVILLE — A village plant that makes radiators is expected to close by November, leaving its 226 employees without jobs, a company spokeswoman said.

Modine Manufacturing Co., located on Bierley Avenue, also will lay off 90 employees in March and April, said Susan Fisher, Modine spokeswoman. Sixty-five people will lose their jobs March 13, and 25 workers’ last day is April 15, she said.

via Radiator plant closing in Pemberville | thenews-messenger.com | The News-Messenger.

 

* FRANKLIN – Freudenberg-NOK General Partnership plans to close its transmission parts plant in Franklin within six months and consolidate it with the firm’s Bristol plant, the company said.

There are 66 employees at the Franklin plant and 190 in Bristol, according to Sheila Corneau, the firm’s human resources manager in Bristol.

via UnionLeader.com – New Hampshire news, business and sports - Freudenberg-NOK to close Franklin plant - Tuesday, Feb. 24, 2009.

 

* The Texas Youth Commission will eliminate 130 jobs at two TYC facilities in Mart east of Waco in a move that will include some layoffs, TYC Executive Commissioner Cherie Townsend said in a message posted on the agency’s Web site.

via 130 Jobs To Be Cut At Central Texas TYC Units, Some Layoffs Expected / – Waco, Temple, Killeen Weather and News Authority .

 

* PROVIDENCE – Some 100 jobs will be eliminated at the Providence Journal Co., including 18 news and 34 advertising positions, the president of the Providence Journal Unit of the Providence Newspaper Guild confirmed this afternoon.

via Newspaper Guild: Journal to cut 100 jobs - PBN.com – Providence Business News.

 

 

Robert Ariail - Feb 25

Robert Ariail - Feb 25

 

Mike here: An observation I’ve made since doing The Layoff List is that the best news reporting comes form the old guard newspapers. While they may not be as timely with certain information that changes rapidly, they do the best investigative work and usually present stories that are written well and easy to understand. On the other hand, I have determined that the worst reporting of issues comes from online TV news stories, especially the local variety. I couldn’t tell you how many times that I have looked at online TV news reporting and found it to be poorly written, poorly presented and poorly timed. Their online efforts show a lack of professionalism and they are usually days behind in telling many stories, and that’s true of their layoff story efforts. Tomorrow I’ll continue this rant, but my point is to let you know that supporting your local or regional newspaper ensures that you get a better news presentation. Don’t let the newspapers die or you’ll have to count on the lousy efforts of money starved TV stations and their talking heads as your main news source

 

* The Hartford Courant is eliminating about 100 jobs this week, mostly by layoffs, as the longtime slide in advertising revenues gains speed in 2009.

 

maui-land-pineapple* Maui Land & Pineapple Co. Inc., said Tuesday that it will eliminate 100 jobs at its Kapalua Resort and corporate offices this week and is cutting pay by 10 percent for its remaining employees.

via Maui Land & Pineapple cuts 100 jobs - Pacific Business News (Honolulu): .

 

* BEACHWOOD — Telarc International, the award-winning Beachwood recording company, will cut half its 52 employees and stop producing its own recordings, the outgoing president said Tuesday.

via Telarc International will cut 26 jobs and stop producing its own recordings – Business – cleveland.com.

 

* Eighty-three employees will receive layoff notices for the end of April. After layoffs last month, the plant employed fewer than 600 workers, down from more than 700 a year ago. In addition, the entire facility will close for 15 weeks from May through the summer.

A third of the plant’s production capability will be back on line in September. Meanwhile, Cliff Natural Resources Northshore Mine in Babbit and Silver Bay will idle production during April, resuming at reduced capacity in May. Northshore employs 557 workers.

via MPR: More mining layoffs hit Iron Range.

 

* Faced with declining revenue, a lower patient volume, and a “significant downtown” in the quality of its accounts receivable, the Norman Regional Health Care system is expected to lay off “under 200″ of its employees this week, its CEO confirmed Monday.

via The Norman Transcript - Hospital to lay off about 200.

 

* NEW YORK There were more layoffs in the agency world today, as WPP Group’s Enfatico cut  8 percent of its global staff — approximately 80-100 people — and IPG’s The Martin Agency trimmed 5 percent of its workforce, or 24 employees.

via Enfatico, Martin Agency Slash Staff.

 

* Thirty-four more employees have been laid off from New Sabina Industries, according to Director Jack Filkins.

via More layoffs at New Sabina Industries .

 

* Trane Company spokesperson Art Scheskie tells NewsChannel 8, the company is laying off 79 hourly production employees at its La Crosse facilities as of Monday. 

via WKBT La Crosse, WI-NewsChannel 8-More Layoffs at Trane Co..

 

* A patent infringement lawsuit filed last month against Histogen has triggered a funding crisis at the San Diego biomedical startup, which was forced to lay off all 36 of its employees at the end of January.

via Patent Lawsuit Against Histogen Forces Layoffs And A Scramble For New Funding | Xconomy.

 

ethan-allen2* Danbury, CT (AHN) – Furniture maker Ethan Allen announced it is laying off 110 workers in Vermont and another 80 in North Carolina.

via Ethan Allen Announces 190 Job Cuts At Vermont, North Carolina Plants | AHN | February 25, 2009.

 

kmart* A Kmart store in Virginia Beach will close at the end of April, laying off 142 people, a company official said today.

via Kmart to close Virginia Beach store, lay off 142 employees | HamptonRoads.com | PilotOnline.com.

 

*The Elon factory, located near The Crest and Provence apartments, is one of six that the company plans to shut down by December of this year.

The company said that approximately 160 workers will be affected when the Elon factory halts its production of country ham.

via The Pendulum – Local pork factory to close, 160 will lose jobs.

 

* Dickens Books Ltd., the parent company of the soon-to-close Harry W. Schwartz Bookshops chain, has informed state officials that it intends to lay off seven employees from its business books division, 800-CEO-READ.

via Schwartz layoffs hit business books division – The Business Journal of Milwaukee: .

 

* The company, which had cut 150 positions last year, said it would eliminate an additional 85 positions, a move that would result in pretax savings of about $7 million in 2009.

via UPDATE 1-Tween Brands posts surprise Q4 loss, to cut more jobs | Industries | Consumer Goods & Retail | Reuters .

 

zales* Zale Corp. posted a fiscal second-quarter loss Wednesday and said it will close 115 unprofitable stores and has cut 245 jobs.

via Zale has cut jobs, will close stores after 2Q loss 7:34 AM CT | News for Dallas, Texas | Dallas Morning News | Retail | Dallas Business News .

 

* STANLEYTOWN, Va.–(BUSINESS WIRE)–Stanley Furniture Company, Inc. (Nasdaq-NNM: STLY) today announced plans to reduce the workforce at its Stanleytown, Va., facility by approximately 100 production positions.

via Stanley Furniture Announces Plans to Reduce Workforce at Its Stanleytown, VA Facility.

 

* FARGO, N.D. – Knight Printing says it’s cutting about 20 jobs in Fargo to eliminate duplication.

via About 20 jobs cut at Knight Printing – chicagotribune.com.

 

* NEW YORK (Reuters) – NFL Commissioner Roger Goodell has taken a pay cut of more than 20 percent as part of league belt-tightening moves that include the elimination of 169 staff jobs, the NFL said on Wednesday.

via Goodell takes pay cut, 169 NFL jobs go | U.S. | Reuters .

 

* As first reported on AgencySpy, BBDO Detroit is laying off a large number of employees today; 145 in all, according to the agency.

via BBDO Detroit: 145 Jobs Cut - mediabistro.com: AgencySpy.

 

* SAN ANTONIO — The San Antonio Express-News announced Wednesday it will cut its staff by 15 percent and leave dozens of jobs unfilled as the newspaper battles the slump that has pummeled it and other dailies across the country.

via San Antonio paper to cut workforce 15 percent | AP Texas News | Chron.com – Houston Chronicle.

 

* The High Museum of Art will cut salaries, enforce furloughs and trim 7 percent of its workforce as it weathers the recession and losses to its endowment, it reported Wednesday.

via High Museum cuts salaries and jobs - Atlanta Business Chronicle: .

 

* Fox6 WBRC cut 10 jobs, including on-air personality Chris Montana, on Friday.

via Fox6 WBRC cuts 10 jobs - Birmingham Business Journal: .

 

* KENNEBUNK, Maine — High-end stationery manufacturer William Arthur Inc. announced Tuesday it is reorganizing and will eliminate its third-shift printing operation as of Feb. 27.

via Kennebunk stationery manufacturer to cut 23 jobs by Friday.

 

* LOUISVILLE, Ky., Feb 25, 2009 (UPI via COMTEX) — U.S. corporate giant General Electric said it would lay off an unspecified number of salaried workers at its Consumer & Industrial Division in Louisville, Ky.

 

 

- International News -

 

 

* Russian steel maker Evraz Group (HK1q.L) could lay off nearly 2,000 workers by April at its steel and iron ore plants in the Ural mountains city of Nizhny Tagil, the city’s government said on Tuesday.

via Russia’s Evraz may cut about 2,000 jobs -city govt | Markets | Reuters .

 

advantest* Japan’s Advantest Corp (6857.T), the world’s biggest maker of semiconductor testers, said on Wednesday it would cut over a quarter of its workforce and reduce managers’ salaries to further lower costs amid the global chip market plunge.

 

lenovo1* Lenovo Group (0992.HK), the world’s fourth-largest maker of personal computers, will eliminate 450 jobs in China, a company official said, as it cuts costs in a bid to return to profitability in 2010.

via PC maker Lenovo cutting 450 jobs in China | Markets | Markets News | Reuters .

 

pacific-brands2* Update: PACIFIC Brands has been accused of “cutting its business to ribbons” in a strategic overhaul that will see it close its Australian manufacturing activities within 18 months.

Disillusioned investors dumped the company’s stock yesterday after chief executive Sue Morphet also announced a dismal first-half loss of $149.8 million.

Ms Morphet said the group was confident it could save $150 million a year through a groupwide crackdown on costs that will lead to 1850 jobs being axed in Australia.

via Pacific Brands manufacturing halt, big job losses, shares plunge | Herald Sun.

 

pacific-brands1* Update: AT least 550 Victorians will be sacked as clothing giant Pacific Brands shuts its Australian factories in favour of cheaper Asian manufacturing.

 

* The Wright Group busmakers in Ballymena, Co Antrim, yesterday announced that it faces shedding 235 jobs, or one-quarter of its workforce, after it lost a significant order.

via Northern busmaker to cut 235 jobs after lost order – The Irish Times – Wed, Feb 25, 2009.

 

Sparx Group Co., Asia’s biggest hedge-fund manager, said it will cut about 50 jobs and reduce payments for executives to help improve the company’s finances.

 

Felixstowe, Britain’s biggest box port, seeks to cut around 180 jobs from its 2,800 payroll to cap costs after container traffic fell 16 percent in January from a year earlier and 2009 volume is forecast to drop significantly.

via Traffic World OnLine – Ocean.

 

* The company also said it was considering closing 15 plants, including four in Europe, which would affect some 2,500 employees.

“We have taken and will continue to take quick and decisive action to right-size the business for current market conditions,” Nicol told Reuters.

via Tomkins to shut plants and cut jobs as it halves dividend – Telegraph.

 

The company cut 800 of the 4,000 to 4,500 jobs at the company’s so-called distributorship unit, Tak Hiemstra, executive director for strategic development at Johannesburg-based Imperial, said in an interview today. Agencies that distribute Hyundai Motor Co. and Daihatsu Motor Co. Ltd. brands were worst affected, he added.

via Bloomberg.com: Africa.

 

* Elan (ELN.I) will cut 230 jobs in the United States and Ireland as it pares costs at its biopharmaceuticals unit, the Irish drugs group said on Wednesday.

via UPDATE 1-Irish Elan cuts 230 jobs, keeps full-year guidance | Industries | Healthcare | Reuters .

 

* The Flintshire-based firm kicked off the housebuilding sector’s reporting season in gloomy fashion with plans to cut around 90 more jobs, leaving it with 650 staff – half the number employed in January 2008.

via WalesOnline – Business – Business News - Builders Redrow to cut more jobs after £21m loss.

 

* Plumbing and building supplies firm Wolseley is let go 180 staff in Co Offaly with the closure of four stores.

via Building supplies firm Wolseley to cut 180 staff - The Irish Times – Wed, Feb 25, 2009.

 

* Almost 200 roles in distribution will be lost, though Standard Life says the changes will not impact on service levels.

via Stan Life to cut 195 jobs in distribution cull | IFAonline.co.uk.

 

* Bodycote, which specialises in the heat-treatment of turbine blades and other aeroplane parts and car components to help guard against failure and fatigue, is to embark on another round of job cuts and plant closures as markets weaken.

via FT.com / Companies / Industrials - Bodycote to cut further 10% of job.

 

* Scandlines, a leading Baltic ferry freight line, confirmed it will lay off 400 of its 2,400 employees amid a deepening slump in cargo volumes that is forcing a radical restructuring in European short sea shipping. 

via Traffic World OnLine – Ocean.

 

* A&L Goodbody has become the first Irish firm to announce major cost-cutting measures in response to the financial downturn.

The firm is set to cut at least 45 jobs, including 6% of its lawyer headcount, while the firm also said that it expects to decrease salaries by 10%.

via Irish leader to lay off staff and cut pay by 10% - Legal Week, legal news, comment, events and legal jobs.

 

 

- Hiring News -

 

Mike: Another hectic day for layoff announcements and economic reports that merely reiterated the fact that the country is in the midst of a deep recession. Tomorrow brings the Jobless Claims number, which is expected to be in the 625,000 range. Till tomorrow, I’ll leave you with a laugh or two………

 

more about “The Daily Show with Jon Stewart Offic…“, posted with vodpod

more about “Colbertnation | The Colbert Report Of…“, posted with vodpod

 

 


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