Friday – Bush Signs Unemployment Benefits Extension

Mike: At least those affected by the unemployment bug will get a little relief today. Now if there were only some unemployment benefit package for the millions of unemployed/under employed 1099 and independent contractor types. I am sure many would disagree with that thought, but getting money into the hands of the unemployed is one of the best ways for the government to support the economy, as noted in the following:

http://www.cbpp.org/1-14-08bud.htm

Strengthened unemployment insurance.  Temporary increases in unemployment insurance (UI) benefits are particularly effective as stimulus:  the benefits go to workers who have lost their jobs, so the added income is likely to be spent quickly.  As CBO director Orszagrecently told the House Budget Committee, “research has shown that the unemployment insurance system is among the most effective dollar-for-dollar economic stabilizers that we have in terms of counterbalancing periods of economic weakness.”

* The following site has some useful extended benefits information: http://www.coworkforce.com/uib/EUCQA.asp

 

 

Mike: Of course, there is always the counter argument and it’s not surprising that one of those arguments come from the Heritage Foundation:

Extended Unemployment Insurance–No Economic Stimulus

http://www.heritage.org/Research/Economy/cda08-13.cfm

Mike: Onto today’s news:

Bush signs law extending unemployment insurance

It gives seven more weeks of unemployment payments to workers who have exhausted their current jobless benefits. For those in states with the highest unemployment rates, an additional 20 weeks will be allowed.

http://www.reuters.com/article/newsOne/idUSTRE4AK3UU20081121

Mike: Some of the job loss news of the past day follows:

Aviation Subcontractors Wait For Layoff Trickle-Down

Wichita State University researchers estimate for every job lost locally in the aviation industry, 2.9 are lost somewhere else.

Earlier this month, Hawker Beechcraft laid off approximately 320 workers in Wichita, and Cessna has announced plans to lay off 500 workers.

http://www.kansascw.com/Global/story.asp?S=9389346&nav=menu676_1

Mike: The above article shows the dramatic effect of how one job loss can lead to increased job loss down the line. I’m sure that will be the affect of any auto makers going belly-up with tens of thousands of auto related positions being lost. Unfortunately, Americans have allowed most of their manufacturing base to be destroyed and shipped overseas for the benefit of cheap prices, but there is going to be a large price to pay for those cheap imports as this job loss train gets rolling.

Hatchet Falls on 33 Lawyers at Mayer Brown

http://blogs.wsj.com/law/2008/11/20/law-firm-layoff-watch-hatchet-falls-on-33-lawyers-at-mayer-brown/

Aerisyn is reducing its workforce. Officials of the Chattanooga company cited a credit crisis and a pull back in customer orders for 2009 as the reasons for the cuts. The layoff impacts 54 workers. An Aerisyn spokesman says some of that number came from voluntary resignations while the remainder from layoffs and reorganizations.

http://www.wrcbtv.com/Global/story.asp?S=9386640

Michelin Announces Temporary Layoff at Dothan Plant – About 16-contract employees will be affected.

http://www.wtvynews4.com/news/headlines/34836404.html

HEBRON — Momentive Performance Materials, a manufacturer located in the Newark Industrial Park, announced Thursday it would lay off 32 employees at the Hebron facility.

http://www.newarkadvocate.com/article/20081121/NEWS01/811210303

Media company layoffs are now the rule, not the exception, but this one is still noteworthy: The Associated Press, the workhorse of U.S. journalism, is firing 10 percent of its staff, or about 400 people.

http://mediamemo.allthingsd.com/20081120/media-layoff-of-the-day-associated-press-cutting-10/

Chase to cut 3,000 investment banking jobs

http://www.bizjournals.com/phoenix/stories/2008/11/17/daily64.html?jst=b_ln_hl

AUGUSTA—Gov. John Baldacci made official Wednesday what departments across state government have expected for weeks: spending cuts that affect money already budgeted.

http://ellsworthmaine.com/site/index.php?option=com_content&task=view&id=18024&Itemid=94

Connecticut shed 3,600 jobs in October, the largest drop since December 2003, the state Department of Labor said Thursday

http://www.courant.com/business/hc-ctjobs1121.artnov21,0,2653691.story

Mike: I think the forecasts in the following article are much too optimistic, but then again, government has to put on a pretty face:

A state-by state look at the economic forecasts for New England states issued Thursday by the New England Economic Partnership:

I just received the following PDFs from the BLS:

Regional and state unemployment rates were mostly higher in October. Overall, 38 states and the District of Columbia recorded over-the- month unemployment rate increases, 5 states registered decreases, and 7 states had no change, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. Over the year, jobless rates were up in 47 states and the District of Columbia, down in 1 state, and unchanged in 2 states. At 6.5 percent in October, the national unemployment rate increased by 0.4 percentage point over the month and 1.7 points over the year.

In October, employers took 2,140 mass layoff actions, seasonally adjusted, as measured by newfilings for unemployment insurance benefits during the month, the Bureau of Labor Statistics of the U.S.Department of Labor reported today. Each action involved at least 50 persons from a single employer;the number of workers involved totaled 232,468, on a seasonally adjusted basis.
General Motors tells workers of more factory cuts, will extend holiday shutdown to Jan. 20

DETROIT (AP) — General Motors Corp. will extend its holiday shutdown or make other production cuts at up to 10 factories as it deals with a continued U.S. auto sales slump and fights to stay solvent.


Goldman cuts U.S. growth forecast

Goldman said it now expects U.S. GDP to fall 5 percent in the current quarter, with unemployment rate reaching 9 percent in the fourth quarter of 2009.

The move affects 109 employees at the Crawfordsville location. How or if other Fleetwood plants in Indiana would be impacted wasn’t specified.
International Paper Co. announced Friday the company will close its mill in Bastrop, La., indefinitely and lay off 550 employees.
Caldwell, Ohio — United Steelworkers District 1 Representative Denny Longwell confirms for wtrf.com that the Mahle Plant in Caldwell is closing at the end of 2009. 250 workers will lose their job.
About 250 Ericsson workers learned about 10:30 a.m. Thursday that the plant in the Thorn Hill Industrial Park will close by the end of 2009. Most are hardware and software engineers, plus other staff that work in supply, sourcing and customer support services.



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