Friday – Auto Bailout Wait Ends with Automakers Getting $17.4B Loan (12-19-08)

Mike: Update: The administration has reconsidered the auto bailout and granted a $17.4B loan. There must have been heavy political pressure to have them realize that this is in the best interest of the country.

WASHINGTON (AP) — The Bush administration came to the rescue of the U.S. auto industry Friday, offering $17.4 billion in loans in exchange for concessions from the deeply troubled carmakers and their workers.

“Allowing the auto companies to collapse is not a responsible course of action,” President Bush said, citing danger for the entire national economy as well as the carmakers. Bankruptcy, he said, would deal “an unacceptably painful blow to hardworking Americans” across the economy.

One official said $13.4 billion of the money would be available this month and next, $9.4 billion for General Motors Corp. and $4 billion for Chrysler LLC. Both companies have said they soon might be unable to pay their bills without federal help. Ford Motor Co. has said it does not need immediate help.

via President Bush: Automakers to get $17.4B: Financial News – Yahoo! Finance

The loans to the auto makers will postpone or maybe  stop auto bankruptcies. Mike: The news of this day is the admin’s $17.4 billon loan to the auto makers. Seems that the admin reconsidered bankruptcy. While an auto bankruptcy may look good on paper, it will kill the US auto industry – not that the admin cares about that at all – but think of the auto related jobs that will disappear quickly. Will auto dealers that sell US brands be able to talk customers into buying a US branded car that’s in bankruptcy? Will parts suppliers and the smaller manufacturers be able to switch to other business lines while absorb the missed, if not lost, payments coming from the auto makers? Will auto warranties be honored? Will parts be made available for repairs? A number of small and medium sized towns will crumble, since so many depend on the auto makers for income of one sort or another. Bankruptcy is a bad idea for the autos at this time. While they need a new business model and more flexible union contracts, this is not the time to be rewriting an entire industry, especially with job losses as catastrophic as they are already. Loans should help the industry and allow for them to become leaner, greener and more productive. That’s my rant for the day. On to the news:

WASHINGTON — Despite the popular myth, lemmings don’t really hurl themselves off a cliff to reduce their numbers. That sort of behavior is seen only among Republicans in the Senate, who gave us a demonstration when they torpedoed legislation to bail out the auto industry.

To state the obvious, no one is eager to use hard-earned taxpayer dollars to bail out the bozos of Detroit. Yes, I know that American cars are better than they used to be, and yes, I know that the much-heralded Chevy Volt is on the way. But our domestic auto industry has been thoroughly outthought and outhustled by the foreign competition, and no infusion of public funds is likely to change this established pattern.

via Republican senators torpedoed bailout | pal-item.com | Palladium-Item.

 

– Profits in Canada’s auto parts industry are estimated to have fallen 38 per cent this year to the lowest level in at least nine years, according to the Conference Board of Canada.

The think-tank said yesterday that an 18 per cent drop in production will send 2008 profits tumbling to about $1 billion, their lowest level since the Conference Board started collecting data on profits in 1999.

via Canadian auto parts profits plunge 38% – Peterborough Examiner – Ontario, CA .

 

Mike: Here’s another ominous sign that fewer jobs will be created. If cash isn’t available for start-ups, the associated jobs won’t materialize:

The National Venture Capital Association polled 400 venture capitalists about what they expected from the 2009 investment environment. If 2008 was a rough year for venture capital, 2009 could be even worse. Almost all venture capitalists (96 percent) said it will be harder for new companies to get funded in 2009. The poll found that many VCs anticipate a slowdown in early stage investment, due to the closed exit market and a lack of money at VC firms to invest in new projects. Seventy-two percent of those polled don’t expect the IPO market to improve in 2009–at best, 18 percent think the situation to ease up in the fourth quarter of 2009.

via VC group: 2009 will be ‘Darwinian’ for biotech – FierceBiotech.

 

Mike: MSM is finally getting a clue and realizing that the reported UE numbers don’t reflect true unemployment levels:

As U.S. jobs disappear at a rapid clip, the official unemployment figure seems understated. While November’s 6.7 percent rate is a full 2 percent higher than the same time last year, the rate remains well below the 10.8 percent postwar peak, reached in November 1982. One issue is that the official unemployment number captures only a slice of the total joblessness in the U.S. To be counted as unemployed in this statistic, a worker must not have a job, be currently available for work, and have actively sought employment within the last four weeks. In other words, a lot of the jobless are left out of the government’s tally.

via Unemployment situation is worse than it looks – Economy in Turmoil- msnbc.com.

 

Mike: Further fallout from these difficult economic times – return of the crowded soup kitchen:

‘Tis the season to be jolly.” But for many this year, it is also a time of home foreclosures, layoffs and cutbacks.

Faculty and staff at Middlesex County College collected hundreds of cans and boxes of food for Elijah’s Promise in New Brunswick during the school’s holiday party. Pictured (from left) are Luis Reyes of Dayton, Tom Hnyda of Fords, Jack Waintraub of Monroe, college President Joann La Perla- Morales of Edison, and Gina Bedoya of South Plainfield.

As local families struggle to make ends meet, many are turning to neighborhood food banks to stretch their food budgets. In turn, that is putting a strain on some of those services.

“Meals are up 21 percent and donations are dramatically down, as our longtime donors are also struggling,” said Lisanne Finston, executive director of Elijah’s Promise in New Brunswick. The soup kitchen serves two meals a day on weekdays and dinner on the weekends. The organization is currently averaging more than 400 meals a day.

via Use of soup kitchens, food banks way up | ebs.gmnews.com | East Brunswick Sentinel.

 

Mike: There are still some good news stories out there and here’s one:

MARIETTA, Ga. — While other companies are facing cutbacks and layoffs, Lockheed-Martin in Marietta is expanding and hiring.

When Lee Garrison’s job in the construction industry withered, turned to a temporary job with an architectural lighting company, decorating homes for Christmas.

He has two children and no benefits, which is why he put in an application with Lockheed-Martin, a company that seems to be soaring above this falling economy.

via Some Georgia Companies Hiring By The Hundreds – 11Alive.com | WXIA | Atlanta, GA.

A $100 million bleach manufacturing plant will be built and operated by K2 Pure Solutions at Dow Chemical Co.’s Pittsburg site.

K2 will build and operate the plant on 15 acres leased from Dow on its 513-acre east Contra Costa County site. Dow will supply raw materials.

The new plant will sell bleach mainly to municipal water treatment plants in Northern California. It should be operational by the end of 2010.

via $100M bleach plant at to open in Pittsburg – San Francisco Business Times: .

Mike: The Carolinas are taking a beating this recession:

More people in the Carolinas were unemployed last month than ever before, outpacing the national jobless rate as the sour economy generated more layoffs.

In North Carolina, 359,000 residents were out of work in November, or about 7.9 percent of the work force. In South Carolina, that number was nearly 183,000, or about 8.4 percent of its work force. That compares with a nationwide jobless rate of 6.7 percent for last month.

via Record number of Carolinians out of work – Forbes.com.

Mike: Let’s take a look at some recent announcements:

ALBANY — The State University of New York Press, one of the country’s largest academic publishers, has laid off five employees. And one industry expert said the cuts could be a harbinger of what’s to come for other university presses around the country.

via SUNY Press cuts five jobs in Albany — Page 1 — Times Union – Albany NY.

ELSA – News of impending layoffs in the Edcouch-Elsa school district sent school employees scrambling Wednesday for any hint of who might be on the chopping block.

The school system announced Tuesday it would let 20 percent of its personnel go in an attempt to rectify a $10.1 million financial shortfall.  Nearly 200 employees are expected to receive pink slips by the end of the week.

via Delta residents reeling after school layoff decision | residents, decision, school – Valley and State – Brownsville Herald.

Jacuzzi Brands Corp. in Chino Hills is making layoffs, according to data published by the California Employment Development Department.

The state’s information shows that more than 200 employees will be affected by Jan. 5, but Anthony Pasquarelli, company spokesman, wouldn’t comment on whether all of those workers are being let go or whether some are being consolidated at other locations or taking buy-out packages.

via Jacuzzi to lay off more than 200 in Chino Hills – San Bernardino County Sun.

FAIRHAVEN — Saying it is forced by the ongoing economic crisis to reduce its U.S. work force, Acushnet Co. has offered “voluntary separation” packages to 125 employees, about 4 percent of its U.S. staff.

The company will follow these voluntary separations with some involuntary layoffs in February.

via SouthCoastToday.com: Acushnet Co. offers buyout packages to 125 workers.

Mike: Crime continues to be a big winner during this recession:

COLORADO SPRINGS – The El Paso County Sheriff’s Office say it is cutting 24 positions due budget cuts made by county commissioners. The positions cover several areas of the department. According top Sheriff Terry Maketa his budget has been cut a total of $1.3-million for 2009.

via KRDO.com Colorado Springs, Pueblo – Weather, News, Sports – El Paso County Sheriff Cuts 24 Positions.

Quartz Mountain Aerospace says that it had to lay off 97 employees because economic problems are causing layoffs and restructuring, and some employees are complaining of problems with their insurance. 

Anita Zein says that she only wants her job back and to be treated fairly, and Quartz Mountain says it wants another chance.  Zein was an employee at Quartz Mountain Aerospace for two years, but in October heard that the recession may cause problems – in November she was temporarily laid off.

via KSWO, Lawton, OK- Wichita Falls, TX: News, Weather, Sports. ABC, 24/7, Telemundo – Quartz Mountain Aerospace lays off 97 employees.

Twin Cities radioland suffered another jolt this week with the dismissal of four key people at two stations. KSTP (1500 AM) program director Steve Konrad told staffers Thursday that morning-drive personality Willie Clark and producer Jeremy Kienitz were no longer with the company. And at WCCO (830 AM), news reporters John Wanamaker and Cory Kampschroer confirmed Thursday that they also had been laid off.

via More layoffs in Twin Cities radio.

UTStarcom Inc. will eliminate at least 500 jobs this month and in early 2009 in a wrenching restructuring that the wireless communications company hopes will slash operating expenses by more than $100 million a year.

Alameda-based UTStarcom did not disclose how many East Bay employees would be affected by the job cuts.

via Alameda’s UTStarcom cuts 500 jobs – San Jose Mercury News.

TomoTherapy, one of Madison’s star technology businesses, cut its staff Thursday.

About 65 employees lost their jobs, most of them in Madison, and at least 20 other vacant positions will be left unfilled for a total 12 percent work force reduction.

via WISCONSIN STATE JOURNAL.

GREENSBORO, N.C. (AP) — A North Carolina plant that employs 143 people making residential electrical wiring devices will close as the work is consolidated at other locations.

The News & Record of Greensboro reported Thursday that Pass & Seymour/Legrand said it would close its Greensboro facility.

via NC electrical device plant closing, 143 lose jobs | BlueRidgeNow.com | Times-News Online | Hendersonville, NC.

Alcoa Inc. (AA) will close its Beloit aluminum wheel plant that serves the auto industry next year, a move that will result in the loss of about 240 jobs.

The closing was announced today and is expected to take place by June, said Bob Borremans, executive director of the Southwest Wisconsin Workforce Development Board.

via Alcoa will close Beloit plant, costing 240 jobs – JSOnline.

NEW YORK (Associated Press) – Myers Industries Inc., which makes plastic products for industrial, agricultural, automotive, commercial and retail uses, said Wednesday it is closing three North American production facilities in a restructuring of its lawn and garden segment.

via Myers to close 3 plants, cutting 200 jobs .

Delphi will layoff 99 workers effective Monday.

The bankrupt auto part maker notified the union earlier this week about the layoffs.

via Delphi Layoffs – from 33 News – We Believe in This Valley.

A tip of the hat to Stan Marshburn, the agency’s budget director, who helped me sort through some of it.

Let’s start with the layoffs. The 09-11 budget shows a drop of 720.5 full-time positions, down to 18,332.2.

The numbers, of course, represent complex dealings. For instance the on-going hiring freeze is expected to continue, accounting for 210 slots in the next biennium. The governor’s 1 percent cut represents another 149. You have an even 100 labeled “administrative,” and 85.5 at Naselle Youth Camp, which is supposed to be closed. Another 40 labeled “direct services” represents cuts to the Children’s Administration’s staff outside of direct services. Ending GAU gets you 56 slots.

via The squirrelly DSHS budget – Adam Wilson Blog – The Olympian – Olympia, Washington.

Health insurance giant Aetna is laying off 50 out of 3,000 workers in Texas as part of a 1,000-job cut companywide. Seven of the 440 Aetna employees in San Antonio have been given severance, a company spokesman said.

via Aetna lays off 50 Texas workers.

Mike: Even MLB is striking out in this job market:

CNBC has exclusively learned that Major League Baseball had a meeting with its employees yesterday and announced to its staff that, in order to deal with the current economic environment, it was undergoing a hiring freeze, freezing salaries and taking 20 percent of employees’ vacation time for 2009.

via MLB Tells Employees It Has Initiated Hiring Freeze – Sports Biz with Darren Rovell – CNBC.com.

Mike: As the next two stories show, the recreational market, with all of its associated jobs, festivals, sales, and tax revenue are taking a big hit, which further strains business and government coffers:

DETROIT (AP) — The Detroit Belle Isle Grand Prix has been canceled because of economic problems in Michigan and the country, the latest setback in the sport rocked by sponsorship woes and a series of cutbacks and layoffs.

via The Associated Press: Detroit Belle Isle Grand Prix canceled.

DENVER — The latest Mountain Travel Monitor released by the Mountain Travel Research Program shows that overall market conditions in the Vail Valley and other mountain resorts remained negative in November, which reduced consumer confidence, discretionary spending, and mountain travel booking patterns.

via Vail Valley, mountain resort reservations, still soft | VailDaily.com.

LONG BRANCH — Monmouth Medical Center is assuring the communities it serves that patient care will not be compromised in the wake of last week’s layoffs in which 51 employees lost their jobs.

via Hospital lays off 51 employees | atlanticville.gmnews.com | Atlanticville.

RACELAND, KY —  Seventy-one Progress Rail employees were laid off Thursday in what one union official hopes will be a temporary furlough.

The workers are represented by the Brotherhood of Railway Carmen, Local 6634, said Woody Lane, a union representative.

via 71 laid off at Progress Rail – The Herald Dispatch.

California Redwood Company laid-off 25 production workers in its Korbel Mill facility Friday.

”A downturn in home building has led to a poor lumber market and we have to size our production to produce products we can sell,” said Public Affairs Director Jackie Deuschle-Miller.

via- 25 laid off at California Redwood Company

Mike: The peripheral fallout of a recession is far and wide:

Ottawa musicians who play Christmas parties for their winter bread and butter say this year’s festive season has been a lean one.

Joann Simpson, a booking agent who works with 30 classical and jazz musicians a year, said there’s been a diminuendo in bookings across the board — at house parties, corporate parties and government events.

“We’re probably one of the first things that gets cut from an entertainment budget or a party budget, and so I’ve been seeing it … coming over the last two or three years already,” she said Wednesday.

In fact, she said, she hasn’t booked a single government event in this government city for December.

via Christmas party cutbacks squeeze Ottawa musicians.

Networking giant Cisco Systems plans to shut down its offices for four days at the end of the year to help save money, according to a research note by UBS analyst Nikos Theodosopoulos.

The company plans to close its offices in the United States and Canada from December 29, 2008, until January 2, 2009. Cisco hopes the shutdown will help save $1 billion in operating expenses.

via Cisco to close shop for 4 days to save money | Business Tech – CNET News.

Layoff notices for about 60 Boeing Wichita workers are going to be issued Friday the company says.

Boeing spokesman Jarrod Bartlett says the 60-day notices are just another step in the company’s overall plan.

via Boeing Co. continuing with layoff plan – Wichita Business Journal: .

ZANESVILLE – With thousands of jobs being lost across the country this year, Muskingum County has seen it’s share.

Putnam Trucking on Moxahala Avenue is one of the latest and had to lay off 12 employees in the past few weeks.

via Putnam Trucking forced into layoffs | zanesvilletimesrecorder.com | Zanesville Times Recorder.

ROCK HILL — Piedmont Medical Center laid off 30 employees over the past week, attributing the cuts to overstaffing in some departments and a drop in business in others.

Layoffs at the hospital, which employs 1,600 people, included unit secretaries, technicians and nurses, said Charlie Miller, the hospital’s president and CEO. They affected employees in five departments — nursing services, pharmacy, health information management, laboratory and administration, he said.

via Piedmont Medical lays off 30, closes floor – Breaking News – The State.

Carson City’s biggest manufacturer, Chromalloy Nevada, laid off more employees this week because of a continued slowdown in business, a spokesman with the business’ parent company said Thursday.

The 75 workers laid off Wednesday and Thursday at the jet engine parts manufacturing and repair plant may be rehired in January if the airline business picks up again, said Andrew Farrant of New York-based Sequa Corp.

via Chromalloy cuts another 75 jobs | NevadaAppeal.com.

Heidrick & Struggles International Inc., an executive search and consulting firm, said late Thursday it will cut its work force by 15 percent as part of cost-reduction efforts amid the slowing economy.

via Heidrick & Struggles to cut 15 percent of staff – Forbes.com.

Rhode Island employers last month shed 4,000 payroll jobs, with declines reported across virtually every industry sector, a government report out today says.

The state unemployment rate remained unchanged at 9.3 percent, according to data from the state Department of Labor and Training. That rate is lower than it otherwise might have been had 300 people not dropped out of the labor force last month.

via R.I. jobs picture continues to darken | Business | projo.com | The Providence Journal .

The state’s unemployment rate fell in November from a peak reached earlier this fall, but overall employment also dropped, signaling that most of those job seekers had stopped looking, and not found new work.

Apparently discouraged by the weak economy, Tennessee job seekers dropped out of the labor force by the thousands last month.

via WBIR.com | Knoxville, TN | Tennessee’s unemployed stop looking.

Financially buffeted publisher widens staff reductions to 10%, will see $120 million in annual savings; Need for Speed Undercover studio folded into EA Canada.

The day before Halloween, Electronic Arts spooked its staff by announcing it was laying off 6 percent of its workforce. Last week, it alarmed analysts by announcing–without revealing any specifics–that its annual earnings would fall below expectations. As a result, it was expanding its layoffs and cancelling future projects.

via EA layoffs hit 1,000, Black Box closing – News at GameSpot.

The state’s unemployment rate jumped to 7.9 percent in November, its highest level since October 1983.

“Many employers are faced with layoffs or cutting back hours,” said Harry E. Payne Jr., chairman of the N.C. Employment Security Commission. “Several job areas, including manufacturing and professional and business services, have been affected by the national business climate.”

via N.C. unemployment highest in 25 years – The Business Journal of the Greater Triad Area: .

Mike: Now this is what I call hiring!

MUMBAI: In the midst of massive layoffs being announced by various corporate houses hit by a global economic slowdown, Anil Ambani group on

Friday said it is not planning any job reduction and is rather planning to create up to 90,000 employment opportunities in the next few months.

via Anil Ambani group to hire 90,000 people-India Business-Business-The Times of India.

Following the FDA’s demand for a new trial of its experimental antibiotic oritavancin, Cambridge, MA-based Targanta is restructuring and cutting 86 employees, or 75 percent of the company’s total workforce. Chief Development Officer, Pierre Etienne, M.D., Chief Commercial Officer, Mona Haynes, and VP of Operations and Roger Miller, will be leaving the company as part of the restructuring. Just 27 employees will remain.

via Targanta axes 75% of staff – FierceBiotech.

Mike: Illionis’ and SC’s loss is a TX gain. Cat rips-off two states and then gets tax goodies from another to relocate. 

SEGUIN — Caterpillar Inc. will build a $170 million engine-manufacturing plant here that will employ more than 1,400 people, company and state officials announced Thursday.

The economic development coup for Texas is part of the consolidation of Caterpillar’s engine plants in Illinois — where a plant closing and layoffs were announced Thursday — and South Carolina.

via Caterpillar bringing 1,400 jobs to area.

NORTHFIELD – Twelve people will be laid off and another 15 currently vacant positions have been eliminated in what is anticipated to be the first round of budget cuts at Norwich University, officials for the university announced today.

via Norwich University to eliminate 27 positions | burlingtonfreepress.com | The Burlington Free Press.

The state Department of Workforce Services said Friday that Arkansas’ unemployment rate increased three-tenths of a percentage point to 5.7 percent in November. 

Arkansas’ unemployment rate was 5.4 percent in October. The United States’ jobless rate, at 6.7 percent, rose two-tenths of a percentage point.

via Arkansas Unemployment Rises to 5.7 Percent – ArkansasBusiness.com .

The large commercial glass maker in Owatonna, Viracon, says it will reduce its work force in January with at least 100 layoffs.

The company current employs 1,700 people, making it the largest manufacturer in Owatonna. Viracon makes architectural glass and has been hit by the slowdown in commercial building.

via Ap |  West Central Tribune  | Willmar, Minnesota .

One of Jackson County’s largest employers has announced plans to reduce its workforce by at least 20 percent by the end of January.

via Aisin USA Reducing Workforce – Newsroom – Inside INdiana Business with Gerry Dick.

Following the massive trend, Texas Instruments announced it will cut 400 jobs in the Philippines in response to declining orders, reports The Associated Press in a story in The Washington Post.

via Texas Instruments Cuts Jobs – Headline Watch.

MTV UK is set to cut almost 10% of its 750-strong workforce as part of cost-cutting measures imposed by parent company Viacom. The broadcaster told staff yesterday (December 18) that it would begin a 30-day consultation on the cuts.

via MTV UK to reduce workforce by 10%.

Mike: You can kiss Hershey’s goodbye in Reading:

Things are a little less sweet as Hershey’s is shutting the doors of one of its Pennsylvania plants.

The Hershey Company is closing its Reading candy plant Friday. The shutdown affected 252 workers.

via cbs3.com – Hershey’s Closing Reading Plant .

Georgia-Pacific Corp. will close its container division corrugated box-liner plant in Brook Park, ending as many as 120 jobs in 60 to 90 days, the Atlanta-based company said Friday.

The facility, at 4600 Brookpark Rd., is a victim of the nation’s economic slowdown, a company spokesman said.

via Georgia-Pacific Corp. will close its container division, putting about 120 out of work – Business – cleveland.com.

About 100 workers at a General Motors Corp. parts plant in Parma have been indefinitely laid off and hundreds more will be impacted by a temporary layoff in January, according to Dave Nedrich, a company spokesman.

via Parma GM parts plant lays off about 100 workers – Business – cleveland.com.

WILMINGTON, NC (WECT) – More than two dozen Wilmington workers will lose their jobs in early 2009.

The BASF Plant off Highway 421 near the New Hanover-Pender County line is closing its doors, and 33 positions will be eliminated over the next three months.

via WECT TV6 – WECT.com – Wilmington, NC news and weather – BASF to close its Wilmington plant due to high raw material costs.

THOMASVILLE, N.C. – An automotive supplier is planning to close its Thomasville plant, leaving 82 people without a job.

According to filings with the North Carolina Department of Commerce, Automotive Motors of Thomasville is closing its facility. Twenty-two employees will be transferred to the company’s Statesville location.

via Thomasville Automotive Supplier To Close; 82 To Lose Jobs – News- msnbc.com.

Foothill Ranch-based Kaiser Aluminum Corp. is closing an Oklahoma plant and scaling back another in Virginia………….

The plant closure and layoffs impact about 170 workers.

via Orange County Business Journal Online.

Computer services heavyweight CGI Group Inc. quietly cut 100 jobs from its Montreal offices this week.

Most of the cuts were low-level data centre and help desk positions, which are becoming outdated with technological advancements, spokesperson Lorne Gorber said.

via Hundred more Montreal jobs lost .

After almost a month of painful deliberations, the Mesa City Council agreed Thursday the city would cut spending by almost $61 million over the next 18 months and slice at least 343 positions from its payroll.

“What we are facing here . . . is a very significant reduction in services across the board for a major American city,” Councilman Dennis Kavanaugh said.

via Mesa to eliminate 343 jobs, cut spending over 18 months.

Mike: The job loss news iseven worse in many other countries:

The collapse of Spain’s house building industry will mean up to 900,000 construction workers lose their jobs by the end of 2009, an industry head said on Tuesday, reinforcing expectations of a bitter Spanish recession…

Spain’s construction sector, which until last year employed over 1 in 10 workers or 2.6 million people, has been hit by chronic overbuilding and the global credit crunch.

via Property News | 900,000 Spanish jobs to be lost.

Mike: As they do in the US, they do in China – understate the extent of joblessness:

BEIJING (Reuters) – The real number of unemployed in China is much more severe than statistics show after 670,000 small firms closed this year under pressure from the global financial crisis, an adviser to China’s cabinet said on Friday.

About 6.7 million jobs vanished, many in the export hub of Guangdong, pushing unemployment well above the official figure of 8.3 million, State Council adviser Chen Quansheng said at a forum in Beijing.

Rising unemployment has fed Beijing’s fears of unrest as forecasts for China’s growth next year fall below 8 percent, seen as a minimum to maintain social stability.

via China jobless much more grave than official figure | Reuters .

IPG to Cut Up to 2,000 Jobs; PHD Atlanta to Close

via IPG to Cut Up to 2,000 Jobs; PHD Atlanta to Close | BNET Advertising Blog | BNET.

Mike: While all states will incur job losses, the housing bubble states will be particularly impacted:

PHOENIX (AP) — Arizona’s unemployment rate continues to grow as the construction-led downturn spreads throughout the economy, producing the highest percentage of year-to-year job losses in more than three decades, the state reported Thursday.

The Department of Commerce said the seasonally adjusted unemployment rate rose to 6.3 percent in November from 6.1 percent in October, and a department official said the rate likely will continue to rise well into 2009.

via Arizona unemployment: ‘These are some bad times’ | Top Stories | FOX11AZ.com | News for Tucson, Arizona .

CAPITOL — For the first time since 1992, the Capital Region’s labor force shrank in November, as beleaguered retailers failed to provide their traditional holiday job boost, according to statistics released Thursday by the state Department of Labor.

The region’s nonfarm labor force ended November with 452,800 jobs, down 1,200 from November 2007. During the same period, the area’s unemployment rate also climbed to a 16-year high for the month at 5.2 percent, up from 4.8 percent in October.

via Rough retail environment cited as regional labor force contracts.

Mike: Thousands of little losses add up to big losses:

The tough economy keeps racking up victims…

Steve and Shelly Spivey opened Dilligaff’s in Stonington a little more than three years ago.

They catered mostly to local fishermen and their families. But with fishermen receiving less and less for their catches, there’s been less spent at the store.

via Local News | WABI TV-5.

Rex TV & Stereo Town Inc., 2450 Apalachee Pkwy., will close for good later this month, marking the end of 25 years in business locally, Rex Regional Vice President Bill Branum said Thursday.

via Rex store to close this month | tallahassee.com | Tallahassee Democrat.

Tweeter stores will not reopen, and the bankrupt retailer’s remaining inventory will be sold through a warehouse sale.

Customers who bought merchandise at Tweeter’s going-out-of-business sale and have been unable to pick it up, after stores abruptly closed earlier this month, can submit claims to the chain’s court-appointed Chapter 7 bankruptcy trustee. Tweeter’s former liquidators also must supply customer invoices to the trustee.

via Tweeter stores closed for good – BostonHerald.com.

CAMP HILL, PA-Drugstore chain Rite Aid has closed 181 stores year-to-date, including 29 in its most recent quarter. Executives at the company said during their Q3 conference call to expect more of the same in the future.

via More Store Closings In Line for Rite Aid.

The third store of its kind to go under in Tracy will close next week when The Dinner A’fare, a meal assembly business, shuts its doors.

The business, which is out by Home Depot, offered a choice of 15 different family meals every month.

via Tracy Press – Another business to close.

South Carolina’s fund to pay unemployment benefits is running out of money, but Governor Mark Sanford hasn’t decided yet whether he’ll ask for federal help.

In the meantime, those collecting unemployment checks wonder if they’ll find work before the state runs out of benefits.

These days, the lines at the Horry County unemployment office are longer than anyone there can remember.

via SC running out of unemployment money : News : WPDE .

Mike: More hiring at the UE office:

Call it a sign of the times.

The office that handles unemployment claims for the state of Missouri said Thursday that it will extend its hours, boost overtime and hire 35 “emergency temporary helpers” to cope with increased demand for its services as the economy sinks deeper into a recession.

via Sign of the times: Missouri adds 35 workers to unemployment office | Business News | STLtoday.

Americans Go to Recession Extremes for Pay

More Americans Make Money by Putting Their Bodies at Risk in Clinical Trials and Surrogacy

via ABC News: Americans Go to Recession Extremes for Pay.

NORTHFIELD – Norwich University is laying off 12 employees and eliminating 15 vacant positions because of a $3.6 million budget shortfall, the school said today.

The loss of 27 jobs comes in addition to cuts in the operating budget needed to balance the current fiscal year budget. University officials said they expect another round of budget and staff cuts with next year’s budget.

via Norwich University announces layoffs: Times Argus Online.

Indy Racing League and Indianapolis Motor Speedway are planning staff cuts, likely before year end, to become more efficient during a difficult economic environment, according to sources within both organizations who are familiar with the decisions.

The number of layoffs was not immediately available.

via – IBJ.com – Indianapolis Business Journal – Story Detail.

EBENSBURG, Pa. — At Friday’s Cambria County Commissioners Meeting, the salary board voted on the layoffs proposed in the 2009 budget.

They were unable to reach an agreement on the planned layoff of a full-time deputy sheriff. That proposal angered County Sheriff Bob Kolar, who argued his department can’t fulfull the county’s security requirements with one less person.

via Cambia County Commissioners Reveal Layoffs For 2009 Budget – News Story – WJAC Johnstown.

And as the economic crisis has unfolded, the company has laid off about 400 of its 1,300 workers in the last six months — in management, laborer and skilled construction positions. The employees are mostly those who worked on condos in Florida but also on a mix of residential, commercial and highway projects in the Washington, D.C., metropolitan area.

via Facchina lays off 400, some local.

Metro plans to lay off 600 workers, from January through March, said Robert Baer, Metro’s president and chief executive, on Friday.

Metro’s board on Friday approved sweeping service cuts, which eliminate routes in west and south St. Louis County and outside the Interstate 270 corridor, affecting thousands of commuters and others who reply on public transporation to get to work.

via Metro to lay off 600: bizjournals.com Business News – MSN Money.

Interpublic Group inc is reportedly firing up to 2,000 – 3,000 staffers, just one day after Omnicom group inc announced it was firing 3500 people.

via Interpublic firing 2,000 to 3,000 people : Tribble Ad Agency : The Advertising Agency of Record.

JACKSON, Tenn. (AP) — Lambuth University has announced a financial restructuring plan that includes employee layoffs and the elimination of some athletic programs

via Job Cuts Hit Tennessee College, Sports Programs Also Set To Go|ABC24-CW30 Eyewitness News | Memphis, TN .

(CNW Telbec) – A provincial funding freeze in the hospital sector would cost 9000 jobs, almost equal to the 9800 jobs that would be lost if Chrysler Canada went under, the Ontario Council of Hospital Unions/CUPE (OCHU) said today at government budget hearings.

via 9000 Jobs At Risk If McGuinty Reneges On Hospital Funding Pledge Union Says Cambridge Ontario News Politics / Government on Cambridge Now.

AKRON — A forced reduction of all Summit County agencies hit Sherri Bevan Walsh’s office hard Friday to include the release of several front-line criminal prosecutors.

via Summit County Prosecutor cuts prosecutors, staff.

ABX Air officials notified 828 workers Thursday that their jobs are being eliminated at the DHL Air Park in Wilmington.

The move reflects the previous announcement by DHL that it would end the day sort on January 4th.  The predicted job loss at that time was 1,000 positions.

via ABX Air Cuts 828 More Jobs At DHL – KYPost.com .

PITTSBURG, Kan. — The largest privately owned employer in Pittsburg closes its doors today, leaving 600 employees looking for work a week before Christmas.

via Fort Mill Times | FortMillTimes.com – Superior Industries closes in Pittsburg – Fort Mill, SC.

Mike: Here are the latest numbers form the BLS:

In November, employers took 2,328 mass layoff actions involving a total of 224,079 workers. The number of events increased by 188 from the prior month, while the number of associated initial claims decreased by 8,389. Manufacturing had its fourth consecutive over-the-month increase in events and initial claims. PDF link: http://www.bls.gov/news.release/pdf/mmls.pdf

In November, 37 states and the District of Columbia recorded over-the-month unemployment rate increases, 5 states registered decreases, and 8 states had no change. Nonfarm payroll employment rose in 9 states and fell in 41 states plus the District of Columbia.PDF link: http://www.bls.gov/news.release/pdf/laus.pdf

Gov. Arnold Schwarzenegger’s administration is telling labor unions that it will order two-day-a-month unpaid furloughs for state employees beginning in February to help the state save cash amid its budget crisis.

via Schwarzenegger to order furloughs, layoffs – Latest News – sacbee.com.

OPELIKA, Ala. (AP) – Two companies that manufacture automobile parts in Alabama are laying off workers because of the economic troubles facing the automobile industry.

Opelika Mayor Gary Fuller says Korea-based Mando Corp. is temporarily laying off 200 of its 400 employees at its Opelika plant.

via WSFA 12 News Montgomery, AL |Cullman, Opelika auto suppliers announce layoffs.

SEATTLE (AP) — About 500 managers and non-union workers at The Seattle Times are being asked to take a week off without pay as financial troubles mount.

via The Associated Press: 500 workers at Seattle Times to take week unpaid.

FAYETTEVILLE – More than 260 workers at Superior Industries wheel plants in Fayetteville and Rogers have been laid off, and the company says both plants will be idle until Jan. 11.

via Superior Industries lays off more than 260 workers in Fayetteville and Rogers.

Three T.G.I. Friday’s restaurants shut down unexpectedly in San Mateo, San Bruno and San Jose earlier this week, leaving employees wondering where they will get their next paycheck just days be-fore the holidays. Closure of the restaurants, all franchises with investment from CNL Investment Group Inc. of Orlando, Fla., came Monday, T.G.I. Friday’s said in a statement.

via Peninsula T.G.I.F’s shut down – Inside Bay Area.

Mike: Irony follows. Need a job, don’t go there:

The state Employment Development Department office at 480 Webster St. in Monterey closed its doors last month, a victim of federal funding cutbacks.

Department spokesman Patrick Joyce in Sacramento said the decision was made to end the state’s $8,000-a-month lease on the building when the lease came up for renewal in November.

“We only had one person working there,” he said.

via State closes Monterey office for job seekers – MontereyHerald.com :.

Citizens Financial Group says it is laying off 900 employees.

Mike Jones, a spokesman for the financial services company, said the employees affected by the layoffs will be notified in the coming year.

via Citizens Financial Group to lay off 900 workers – Forbes.com.

John Dineen, president of GE Healthcare, said in an official statement that some measures would be announced in December and January. Some jobs will be cut around the world. Which locations will be affected by the job cuts and how many people it will involve is still unclear. No official numbers have been released.

via evertiq.com :: GE Healthcare plans global cuts.

 

Jerry Holbert - Dec. 19

Jerry Holbert - Dec. 19

 

Mike: That’s about it for today. The job cuts came fast and furious. I’ll try and do a Weekend Update and go over some of the UE stats……..

A couple of working music videos to start off the weekend:

Rush – Working Man

Loverboy – Working for the Weekend

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