Fearful Friday – Employers ax 533,000 jobs in Nov., most in 34 years

Mike: Friday’s  upcoming jub numbers are a reflection of what happened and while that is bad enough, the numbers to come in the next few months will be even less appealing. The fabulous Fridays job numbers of the housing bubble have been replaced by the fearful Fridays of the correction period. Here are the latest announcements:

Here are some highlights from the Bureau of Labor Statistics that you may find interesting:

  • Nonfarm payroll employment fell sharply (-533,000) in November, and the unemployment rate rose from 6.5 to 6.7 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. November’s drop in payroll employment followed declines of 403,000 in September and 320,000 in October, as revised. Job losses were large and widespread across the major industry sectors in November.

ue-12-05

  • Both the number of unemployed persons (10.3 million) and the unemployment rate (6.7 percent) continued to increase in November. Since the start of the recession in December 2007, as recently announced by the National Bureau of Economic Research, the number of unemployed persons increased by 2.7 million, and the unemployment rate rose by 1.7 percentage points.
  • Among the unemployed, the number of persons who lost their job and did not expect to be recalled to work increased by 298,000 to 4.7 million in November. Over the past 12 months, the size of this group has increased by 2.0 million.
  • Over the month, the number of persons who worked part time for economic reasons (sometimes referred to as involuntary part-time workers) continued to increase, reaching 7.3 million. The number of such workers rose by 2.8 million over the past 12 months. This category includes persons who would like to work full time but were working part time because their hours had been cut back or because they were unable to find full-time jobs.
  • In November, employment continued to decline in manufacturing (-85,000), with widespread job losses occurring among the component industries. Manufacturing employment has declined by 604,000 since December.
  • Employment in construction fell by 82,000 in November, with losses occurring throughout the industry. Since peaking in September 2006, construction employment has decreased by 780,000.
  • Within professional and business services, the employment services industry lost 101,000 jobs over the month, bringing total job losses since December to 495,000. In November, employment fell by 10,000 in architectural and engineering services.
  • Employment in retail trade fell by 91,000 in November. Job losses continued in automobile dealerships (-24,000). Employment in the industry has fallen by 115,000 since December, with much of the decrease occurring over the last 2 months.
  • In November, the average workweek for production and nonsupervisory workers on private nonfarm payrolls fell by 0.1 hour to 33.5 hours, seasonally adjusted—the lowest in the history of the series, which began in 1964.

 

Mike: To read the entire report, go to the followinf BLS PDF link: http://www.bls.gov/news.release/pdf/empsit.pdf 

 

Employers ax 533,000 jobs in Nov., most in 34 years; unemployment rate rises to 6.7 percent

WASHINGTON (AP) proof the country is careening deeper into recession.

The new figures, released by the Labor Department Friday, showed the crucial employment market deteriorating at an alarmingly rapid clip, and handed Americans some more grim news right before the holidays.– Skittish employers slashed 533,000 jobs in November, the most in 34 years, catapulting the unemployment rate to 6.7 percent, dramatic proof the country is careening deeper into recession. 

The new figures, released by the Labor Department Friday, showed the crucial employment market deteriorating at an alarmingly rapid clip, and handed Americans some more grim news right before the holidays.

http://biz.yahoo.com/ap/081205/financial_meltdown.html

LOS ANGELES – Amid an ongoing debt crisis at controlling shareholder Sumner Redstone’s movie theater company, National Amusements Inc., media giant Viacom Inc . said it will slash about 850 jobs — 7 percent of its work force — and freeze some senior-level salaries. (Wow, even the senior level types are having to eat some humble pie – Mike)

http://news.yahoo.com/s/ap/20081205/ap_en_ot/viacom_cuts

HUNTINGTON, W.Va. (WSAZ) — Steel of West Virginia is the latest company in the area to make layoffs.

President Tim Duke says 13 employees will be laid off effective Monday.

http://www.wsaz.com/news/headlines/35576124.html

Presto Products Co. plans to cut 250 jobs at its plant in Weyauwega in Waupaca County.

http://www.bizjournals.com/milwaukee/stories/2008/12/01/daily39.html

KNOXVILLE, Tenn. (AP) – The East Tennessee Zinc Company plans to shutter three mines and layoff 320 employees.

http://www.waaytv.com/Global/story.asp?S=9457367

Employees at two Minnesota newspapers and a Twin Cities television station learned this week of a round of job cuts that will affect newsroom operations.

The Star Tribune plans to cut up to 25 newsroom jobs through buyouts or layoffs, while KSTP-TV is expected to lay off up to 18 newsroom staffers. The Brainerd Dispatch said it laid off 10 workers on Tuesday, though it’s unclear how many of those worked in the newsroom.

http://www.twincities.com/allheadlines/ci_11142082?nclick_check=1

Hunter Douglas will close its Renton manufacturing operation for window blinds and shades, eliminating 166 jobs, but will keep about 100 employees in sales, customer service and repairs, a spokeswoman said.

According to a WARN notice filed with the state Employment Security Department, the layoffs will begin February 2.

http://seattletimes.nwsource.com/html/businesstechnology/2008469145_webrentonlayoff04.html

Mike: I’ll have to see what Hussman manufactures for the home and stop purchasing from them.  If they have enough money to move an entire operation form US to Mexico, they should have enough money to upgrade a US plant. This company will likely receive a sweet US tax break for moving thier plant to Mexico and it’s the US taxpayer who will be paying for that tax break. Sad:

Refrigeration system manufacturer Hussman Corp. has decided to close its Gloversville facility and ship its work to Mexico.

The Bridgeton, Mo.-based company, whose refrigeration food cases appear in supermarkets and convenience stores worldwide, notified its Gloversville employees Wednesday about the plant closure.

The plant’s shutdown will affect 90 workers, which is much lower than the 140 people the facility employed in 1990, when it was owned by the Whitman Corp. of Chicago. Jakubec noted that the plant has been limping along, operating at 40 percent equipment capacity and 20 percent assembly capacity — production levels that are “not sustainable and unlikely to increase in the foreseeable future.”

http://www.dailygazette.com/news/2008/dec/04/1204_hussman/

Steelcase Inc. will close its Lithia Springs plant in the spring, idling about 300 workers in phases, the company said Thursday.

http://www.ajc.com/services/content/business/stories/2008/12/05/steel.html

DETROIT (AP) — The worsening U.S. auto sales slump claimed another 2,000 workers Friday as General Motors Corp. announced layoffs at three more car factories.

The company said it will cut shifts at car factories in Lordstown, Ohio; Orion Township, Mich.; and Oshawa, Ontario, starting in February due to slowing demand for their products.

http://biz.yahoo.com/ap/081205/gm_cuts.html

A day after its ratings outlook was revised to negative, Melville-based Arrow Electronicsacknowledged some company job cuts yesterday and said it would continue to look at options that “maintain the strength of the company.”

http://www.newsday.com/services/newspaper/printedition/friday/business/ny-bzarro055952579dec05,0,2721232.story

FAIRPORT, NY (2008-12-05) Fairport-based PAETEC has let 222 full-time employees across the country go, terminating about 40 locally. 

In a filing with the Securities and Exchange Commission Friday, the company says the cuts are part of a “broader effort to improve operating efficiencies.” 

PAETEC spokesperson Chris Muller says the company’s workforce is being cut by about five percent across the country, and that locally, the cuts are across the board, and not focused in any one area.

http://www.publicbroadcasting.net/wxxi/news.newsmain?action=article&ARTICLE_ID=1432420&sectionID=1

NEW YORK, Dec 03, 2008 /PRNewswire via COMTEX/ — Online advertised vacancies declined 70,200 to 4,369,200 in November, according to The Conference Board Help-Wanted Online Data Series (HWOL)(TM) released today. The November loss brought the decline this fall (September, October and November) to 264,000.

http://www.marketwatch.com/news/story/Online-Job-Demand-Drops-70200/story.aspx?guid={1E89A8F7-A4DA-4AF5-A7C9-3322D68C7FD9}

Mike: I’ll try to post some relevant BLS unemployment information over the weekend.  Have a great weekend. Let’s end this week with a little off the wall humor:

Wasserman 11-20-08 (Boston Globe)

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