March 5 – Jobless Claims Fell 31,000 to 639,000 – 14,000 less (5.11 million) receiving unemployment benefits – General Dynamics plans 1,200 layoffs – Northrop will cut up to 750 – Borders closes the book on 742 – GM dumps another 300 – Doubts of GM surviving – Marvell to cut 850

Mike: Today’s big economic number is  Jobless Claims, which will be released at 8:30. The consensus is a reduction in claims to 650,000, which is less than last week’s number of 667,000. The experts have been wrong about the upward trend for the past six months,so don’t be surprised if they are again wrong on the low side. We will keep our fingers crossed that the number does improve. Hold tight……..
Mike: It looks like jobless claims fell for the first time in weeks, so this is good news for a change. More about the jobless claims number as the story develops:

WASHINGTON, March 5 (Reuters) – The number of U.S. workers filing new claims for jobless benefits fell more than expected last week, a government report showed on Thursday, but remained at high levels consistent with a severe recession.

The Labor Department said initial claims for state unemployment insurance benefits fell by 31,000 to a seasonally adjusted 639,000 in the week ended Feb. 28 from an upwardly revised 670,000 the prior week.

Analysts polled by Reuters had forecast 650,000 new claims versus a previously reported 667,000 the previous week.

The number of people staying on the benefits roll after drawing an initial week of aid eased by 14,000 to 5.11 million in the week ended Feb. 21, the latest week for which the data is available, from 5.12 million the previous week.

via New U.S. jobless claims eased last week | Markets | Markets News | Reuters .

* Larger llayoff announcements and important economic reports:
US/Canada:
 
International:

                           

 

Microsoft/Google/IBM and other Rumors & News

 

google* LOS ANGELES (AP) — Universal Music Group, the world’s largest music recording company, is in talks with Google Inc.’s YouTube division to create a music video venture, according to people familiar with the matter.

Instead of just receiving licensing fees or a share of ad revenue from the online video site, Universal is seeking an equity relationship on an ad-supported site focused on high-quality music videos, separate from the grainy user-generated fare common to YouTube’s main site.

via Sources:Universal, Google mull music video venture: Financial News – Yahoo! Finance.

 

General Economic News

 

Jobless Claims
[Report][djStar]
8:30 AM ET
* The number of workers filing for state unemployment benefits fell by 31,000 to a seasonally adjusted 639,000 last week, while the smoothed average of continuing claims moved higher into record territory, the Labor Department reported Thursday. The smoothed average of new claims over the past four weeks rose to 641,750, the highest since October 1982.
Factory Orders
[Report][Bullet
10:00 AM ET
* NEW YORK (AP) — A government report that factory orders have fallen for a record sixth straight month is adding to the gloom on Wall Street.

The Commerce Department says demand for manufactured goods fell by 1.9 percent in January. While this is better than the 3.5 percent drop economists expected, it marks the sixth consecutive month that orders have dropped..

via Stocks extend slide after factory orders report: Financial News – Yahoo! Finance.

 

* WASHINGTON (AP) — The government says the deepening recession caused worker productivity to slide by a worse-than-expected amount in the fourth quarter while wage pressures shot up at the fastest clip in two years.

The Labor Department said Thursday productivity, the amount of output per hour of work, fell at an annual rate of 0.4 percent in the October-December period. At the same time, unit labor costs were surging by 5.7 percent.

via Productivity falls while wage pressures increase: Financial News – Yahoo! Finance.

 

* GM says in its report that its auditors cited recurring losses from operations, stockholders’ deficit and an inability to generate enough cash to meet its obligations in raising substantial doubts about its ability to continue as a going concern.

The company said in its filing that its future depends on successfully executing the viability plan submitted to the government in February to justify the loans.

“If we fail to do so for any reason, we would not be able to continue as a going concern and could potentially be forced to seek relief through a filing under the U.S. Bankruptcy Code,” GM said in the annual report, filed with the U.S. Securities and Exchange Commission.

via GM auditors raise doubts on automaker’s viability: Financial News – Yahoo! Finance.

 

Mike: With most economists being wrong about the state of the economy on the bright side for the past two years, I think that the following prognostication is also on the rosey side. I don’t know how they can predict any improvement when most of these same “experts” couldn’t even predict this current economic disaster. One year in fed-speak is more likely two years in reality-speak.

* WASHINGTON (AP) — The businesses on the front lines of the dismal economy say the recession is getting worse in almost every part of the country, and in a bleak new forecast they see no improvement until late this year at the earliest.

A Federal Reserve snapshot of business activity issued Wednesday showed widespread declines in production, from the factories of Cleveland to the high-tech firms of Texas and California, in blue-collar construction jobs and at white-collar accounting firms.

The survey, known as the Beige Book, rated the prospects for economic improvement anytime soon as “poor, with a significant pickup not expected before late 2009 or early 2010.”

via The Associated Press: Fed survey sees recovery in late ’09 at earliest.

 

 

Ben Sargent - Mar 5

Ben Sargent - Mar 5

 

Mike: I wonder if this gesture by Patterson has anything to do with his dismal approval ratings of 26%? At least it’s a gesture that shows the seriousness of New York’s budget situation. I don’t blame Patterson for New York’s mess, but I do blame the rather useless, big spending Democrat legislature for driving the state’s economy into the ground:

 

* ALBANY – Gov. David A. Paterson is docking his own pay.

With the state facing a budget deficit estimated at $14 billion and the governor under fire for proposing new taxes on everything from music downloads to health club memberships, Mr. Paterson confirmed on Thursday that he is taking a salary cut.

via Paterson Will Take a 10 Percent Pay Cut – City Room Blog – NYTimes.com.

 

Municipal News

 

* Boston police will lay off 60 people from the department, 20 civilians and 40 cadets, as of July 1, according to an internal memo from Commissioner Edward F. Davis.

 

* CHARLOTTE, N.C. — Charlotte-Mecklenburg Schools is revealing a few details about how it plans to cut $5 million that Mecklenburg County is withholding for budget reasons.

School officials said they plan to cut jobs at the central office level by condensing 13 positions into four, which will save the district close to $500,000. But they promise not to lay off anyone inside schools, especially teachers.

via Office Layoffs, Delayed Purchases Help CMS Cut $5M – Charlotte News Story – WSOC Charlotte.

 

* Superintendent Charles Gobron last night presented the Board of Selectmen with a revised fiscal 2010 budget of $16.2 million that will mean eliminating the jobs of two teachers and four aides.

via Southborough schools to cut six jobs in fiscal 2010 – Framingham, MA – The MetroWest Daily News.

 

* OVIEDO – Last week, six city employees lost their jobs while others let out a sigh of relief as the Oviedo City Council adopted a new budget proposal that aims to balance the city’s funds and help save the depleting reserve fund.

via Seminole Chronicle – Budget plan to cut six city jobs.

 

*Though the 894 job cuts include only two filled positions, state Treasurer Nancy K. Kopp said the diminished prospect of new hires means state operations will be strained. “These cuts are not painless or harmless,” Kopp said. “And there will have to be more.”

via $82 million more in cuts made to Md. budget — baltimoresun.com.

 

* The five-member board unanimously agreed Tuesday to cut 26 certificated employees from next year’s spending plan as well as the equivalent of 6½ full-time workers who don’t have credentials.

via Byron school district to slash more than 30 jobs – San Jose Mercury News.

 

* The city of Fernley says it will lay off 14 workers to try close a $455,000 budget shortfall.

 

US and some Canada News

 

northrop-grumman* Northrop Grumman Aerospace Systems, created by the recent merger of the aerospace giant’s business sectors in El Segundo and Redondo Beach, will cut up to 750 jobs in coming months.

via Northrop will cut up to 750 jobs in coming months – ContraCostaTimes.com.

 

general-dynamics* General Dynamics Corp. lowered its full-year outlook Thursday and said it would layoff 1,200 workers and rollback its business-jet production rate because of a deteriorating backlog. The Falls Church, Va., aerospace company said it now expects to deliver 73 of its large-cabin and green-aircraft in 2009, versus the 94 previously expected.

via General Dynamics cuts 2009 outlook, plans 1,200 layoffs – MarketWatch .

 

general-dynamics1* WASHINGTON (AP) — General Dynamics Corp. says plummeting sales of business and personal jets has forced it to cut production of the luxury planes, leading to layoffs of 1,200 workers and a reduction in company profit guidance for the year.

 

gm2* General Motor’s officials announced 300 lay offs. Two hundred forty people are cut permanently and 60 more have been laid off temporarily.

via 300 GM Jobs Cut In Defiance Ohio | Indiana’s NewsCenter: Fort Wayne WPTA-TV, WISE-TV, CW, and My Network | Local & Regional .

 

alcoa* TORONTO, March 4 (Reuters) – Aluminum producer Alcoa Inc (AA.N) plans to chop payroll costs by 15 percent at its Canadian smelting operations in Quebec, a company spokesman said on Wednesday.

Alcoa, which like the rest of the aluminum industry has been stung by a sharp drop in prices, will cut management salaries starting next month and plans to negotiate lower wages or fewer hours worked with unionized workers.

via Alcoa to cut Canada smelter payroll cost by 15 pct | Reuters .

 

conocophillips1* ANCHORAGE, Alaska – ConocoPhillips is eliminating 80 jobs in Alaska.

A spokesman tells the Anchorage Daily News that 40 Alaska employees will receive severance packages, and another 40 will be transferred.

via newsminer.com • ConocoPhillips eliminates 80 jobs in Alaska.

 

* Faced with a dramatic drop in revenues, the Minneapolis Institute of Arts took steps Wednesday to trim $1.7 million from its operating budget by eliminating 6 percent of its staff and reducing executive salaries immediately, and cutting its exhibitions and programs by as much as 20 percent next year.

via Minneapolis Institute of Arts cuts staff and budget.

 

* The Toronto Star, Canada’s biggest daily newspaper, has laid off almost 40 employees in its advertising department as it copes with an ad market downturn and a weak economy, union officials said on Wednesday.

via Toronto Star cutting 38 advertising jobs, union says | Markets | US Markets | Reuters .

 

* FORT SMITH, Ark. — Riverside Furniture will eliminate 58 more jobs from its Fort Smith and Russellville facilities. This comes after the manufacturer announced 250 layoffs — about half its work force — last November.

via Riverside Furniture To Cut 58 More Jobs – Money News Story – KHBS NW Arkansas.

 

spr* Sprint Nextel Corp. decided to close its network operating center in Reston, which will cause nearly 100 employees there to lose their jobs.

via Sprint to close Reston center, fire 93 – Washington Business Journal: .

 

* KEARNEY, Neb. (AP) – Good Samaritan Hospital in Kearney plans to eliminate 35 jobs and end a residential program for teen girls at its Richard Young mental hospital.

via NTV – KHGI/KWNB/WSWS-CA – hospital cuts 35 jobs, ends program.

 

* Baltimore-based Vertis Communications has closed a printing plant in Belcamp in Harford County, laying off 105 workers, the advertising and marketing company said today.

via Harford printing plant closes; around 100 workers laid off — baltimoresun.com.

 

* In all, 25 people were let go Wednesday morning. Many say they knew the plant was in trouble when it filed for bankruptcy in January, but it didn’t make the news any easier to swallow.

via 25 workers laid-off from Northeast Biofuels; workers react – NewsChannel 9 WSYR .

 

*WebMediaBrands Inc.– the MediaBistro and Internet.com parent-company better known by its former name, Jupitermedia —  laid off 60 employees yesterday. That’s about 25% of WebMediaBrand’s workforce.

via Alan Meckler, WebMediaBrands Inc. Fire 60 (Memo) (WEBM).

 

* The latest local firm to lay off personnel is Stinson Morrison Hecker, which on Monday let about 30 people go.

via Legal proceedings: Stinson lays off 30 | Dollars & Sense.

 

* MASON CITY, Iowa – The Holcim cement plant, one of Mason City’s oldest industries, is closing because of hard economic times.

The company, which traces its history back 100 years, says it will close at the end of August. It employs 165 people.

via Holcim cement plant closing in Mason City — chicagotribune.com.

 

eaton* Eaton Corp., the Cleveland-based maker of circuit breakers and fuel pumps, plans to shutter a Pennsylvania plant for one week and lay off some of the facility’s 437 workers.

via Metro – Eaton to Shutter Pennsylvania Circuit Breaker Plant for Week.

 

sparton-corp* Mid-Michigan takes another hit – and 200 jobs will vanish.

Sparton Corporation announced it’s closing its Jackson plant.

The shutdown will happen before July, meaning the workers at the struggling electronics company will soon be out of a job.

via WLNS TV 6 Lansing Jackson Michigan News and Weather – WLNS.COM | Jackson Company Sparton To Lay Off 206.

 

* About 300 work at the plant of which approximately 250 are unionized, according to the company. The union disputes these figures. Officials state the number of union employees is close to 300 while the number of non-unionized workers is closer to 75.

via novanewsnow.com > County of Queens > Bowater Brooklyn plant shutting down for another five weeks.

 

sierra-pacific* QUINCY – Sierra Pacific Industries is closing its small-log mill in Quincy, eliminating about 150 jobs in this Plumas County town.

via Plumas town to lose 150 jobs as mill shuts – Sacramento News – Local and Breaking Sacramento News | Sacramento Bee.

 

* Cuyahoga Falls — Aluminum wheel production will screech to a stop later this year at the Accuride facility on Marc Drive.

via Fallsnewspress.com – Accuride to close facility in Falls, 130 jobs to be eliminated.

 

casino* A company that owns Four Nevada casinos is cutting jobs and expenses to stay afloat.

via Las Vegas Now | Job Cuts at 4 Nevada Casinos.

 

* Nelson Pine Industries says 60 jobs are to go from its 265-strong workforce.

via Nelson Pine Industries to cut 60 jobs | BUSINESS.

 

* WinAir Airlines has announced that they will be cutting some of their routes, which will ultimately result in job cuts as well.

During this process, some 14 jobs will go and Hodge noted that it all forms part of his company’s attempt to “reshape and strengthen”, as they face the effects of the global economic downturn.

via Antigua Sun.

 

domtar* OTTAWA, March 5 (Reuters) – Canadian forestry firm Domtar Corp (UFS.TO) (UFS.N) said on Thursday it will idle its Woodland pulp mill in Baileyville, Maine, for an indefinite period, affecting 300 employees.

via UPDATE 1-Domtar idles Woodland mill, affects 300 jobs | Markets | Markets News | Reuters .

 

spartech* Spartech is cutting costs by $50 million so it eliminated about 260 additional jobs across the businesses including the closure of a portion of its Donchery Sheet extrusion operation in France. That’s in addition to 440 other job cuts last year.

via Spartech cuts more jobs – St. Louis Business Journal: .

 

ciena-corp* Equipment firm Ciena Corp. (Nasdaq: CIEN), which has been trying to allay fears of a market slump, reported worse than expected sales and earnings today, prompting an immediate round of cost-cutting that will see 200 staff, about 9 percent of its total workforce, made redundant.

via Light Reading – Optical Networking – Ciena Cuts 200 Jobs as Sales Plummet – Telecom News Analysis.

 

analogic* Designer and manufacturer of high-precision health and security imaging equipment, Analogic Corp. (ALOG: News ), Thursday, reported a decline in its profit for the second quarter, despite an increase in revenue. Analogic also announced a 9% reduction of its worldwide workforce impacting about 145 employees.

via RTTNews – Latest Earnings,Upcoming Earnings, Pos Pre Announcements, Pos Pre Announcements , Positive Surprises, Negative Surprises, Hot Stocks, Stock Split Calendar, Stock Buybacks, Dividends, Negative, Positive PreAnnouncements,Surprises …. .

 

* ARTHUR- More job cuts are hitting a small Douglas county town. Wednesday, Progress Tank Plant, in Arthur sent people home with pink slips. About 10 people lost their jobs today. Other workers are being asked to cut their hours down to a 4 day work week.

via Job Cuts in Arthur.

 

borders-group1* CHICAGO, March 5 (Reuters) – Borders Group Inc (BGP.N) cut 742 positions at Borders and Waldenbooks stores on Thursday as it tries to trim management levels and reduce costs.

via UPDATE 1-Borders cuts 742 jobs at U.S. book stores | Markets | Markets News | Reuters .

 

* The Fort Worth Star-Telegram newspaper will be cutting 12 percent of its staff, approximately 120 positions, and reducing salaries to deal with “unprecedented revenue declines due to the economic recession,” the paper confirmed by posting a memo from Publisher Gary Wortel online.

via Star-Telegram cutting 12% of staff – Dallas Business Journal: .

 

* SANTA CLARITA VALLEY, CA — Carwashes here are getting hit by the economic slump, and Randy Cressall, chief operating officer of Valencia Auto Spa, said the cutbacks have had significant impact on his business, and his staff has been reduced from 55 to 38 employees, The Signal reported.

via Professional Carwashing & Detailing Online :: Brought to you by Grand View Media.

 

seagate* SCOTTS VALLEY, Calif. — Seagate Technology says it is cutting 20 percent of its vice presidents and other top executives on top of its previously announced layoffs in an effort to cushion the blow of plunging hard-drive sales.

via Seagate to cut 20 percent of its top executives | Wire Business News | Idaho Statesman .

 

* Amex Assurance announced Thursday that 72 workers will be laid off. Those job cuts will be permanent.

via Amex Assurance to cut 72 jobs.

 

coca-cola* About 68 employees at the Coca-Cola shared service center in Brandon will lose their jobs by May 20, according to a notice filed Thursday with the Florida Agency for Workforce Innovation.

via Coca-Cola initiates layoffs at Brandon facility – Tampa Bay Business Journal: .

 

The Fresno Bee plans to layoff up to 26 of its 90 rank-and-file newsroom employees to cut costs if union members do not agree to a salary reduction plan, the newspaper reported this week. Meanwhile, its sister paper in Texas, the Ft. Worth Star-Telegram, said it is cutting staff.

via ‘Fresno Bee’ Threatens 25% Newsroom Cutback .

 

kmart* All told, Kmart will let go 166 employees due to the closings, according to filings with the state of Ohio. Of those, 47 employees work at Kmart’s Madison store, 61 work at a Kmart that’s closing in Bryan and 58 are being let go due to a store closing in Perrysburg.

via Crain’s Cleveland Business: Kmart to close store in Madison, two others in Ohio .

 

* U.S. Cellular is planning to close 10 stores in the Midwest this year, with a location at Clark Street and Wellington Avenue in Chicago shuttering by March 16, according to an internal memo.

via U.S. Cellular targets 10 Midwest stores for closing –– chicagotribune.com.

 

* WELLS — RR Donnelley plans to close its printing plant here in June because of the economic downturn, putting 374 people out of work, company officials announced Wednesday.

via Printer to close; job toll is 374 | Portland Press Herald.

 

* Mayor Bob Willey says a letter to town officials received Tuesday did not explain why the plant, which employs about 200 people, would close on April 25.

via Easton plant that employs 200 closing in April – Examiner.com.

 

marvell* Marvell Technology Group Ltd. said Thursday it will cut about 15 percent of its staff, or 850 employees, and reported a fourth quarter loss of $65 million, or 11 cents a share.

via Marvell to cut 850 jobs, swings to $65M loss – Silicon Valley / San Jose Business Journal: .

 

* ABC 6 has laid off four full-time and two part-time workers from its news and engineering divisions, effective immediately, Doerr told Providence Business News. The only on-air worker affected was reporter Jennifer Gannon.

via WLNE Ch. 6 idles six workers – PBN.com – Providence Business News.

 

sara-lee* NEW LONDON — Slowing product demand has led to a total of 114 permanent and temporary layoffs at Sara Lee’s New London plant.

 

 

International News

 

bausch-lomb1* Waterford’s largest private sector employer Bausch & Lomb is to cut 195 staff from its workforce and keep the remaining staff on short-time working until the end of April at the earliest.

 

* Three expatriate workers and one Bermudian were let go from the firm last week, a LOM spokesperson confirmed yesterday.

via LOM sheds four jobs as island redundancies mount.

 

* French automotive parts supplier Faurecia (EPED.PA) will shut its loss-making Auchel plant in Northern France by end-2010, cutting 179 jobs, it said on Thursday.

via Faurecia to close Auchel plant, 179 jobs to go | Industries | Consumer Goods & Retail | Reuters .

 

* Serbia’s state-owned airline JAT Airways will cut about half its workforce this year to cope with the effects of the economic downturn, its general manager told the state news agency Tanjug on Thursday.

via Serbian airline JAT to axe 850 jobs by end-2009 – Forbes.com.

 

EAST Midlands Trains has announced this morning that it is to cut 162 jobs in a bid to beat the credit crunch.

via Derby station|Pride Park|job losses.

 

CLSA Asia-Pacific Markets, the regional brokerage unit of Credit Agricole SA, has cut about 90 jobs as the deepening global recession curbs demand for financial services, said Chief Executive Officer Jonathan Slone.

via Bloomberg.com: Asia.

 

* An expected surge in salmon industry layoffs appears to be taking shape now that southern Chile’s salmon companies – after prematurely harvesting their stocks – are reportedly running out of fish to process.

Chilean-owned Cultivos Marinos this week issued pink slips to approximately 370 contracted workers in its Ancud, Chiloé processing plant. The company let another 150 seasonal workers go last week.

via The Patagonia Times – Patagonia News – CHILE: 500 MORE SALMON WORKERS SENT PACKING.

 

* Norwegian aluminium producer Norsk Hydro (NHY.OL) on Thursday announced a further cut of 250-300 jobs aimed at saving 700-800 million crowns ($99.1-113.3 million) in a difficult market.

 

Hiring News

 

Mike: I was asked if I would post the following information regarding positions that need to be filled quickly. I’m still looking to see how to post the Word documents, but if you want further information now, contact Mr. Walia at bkwalia@emergentindia.in . Take a look and best of luck:

 

As of now, I will not be able to disclose the name of the company because of confidentiality agreement signed with the company, until the Resume of desired applicants are short listed by the company for further round of assessment.

We are looking for the following profiles, given as under:

  1. Asst General Manager (exterior & interior Design) / Min 12yrs exp / Exp in styling design of Automotive Exterior & Interior from creating concepts, CAD & Clay Modelling etc

  2. Safety Engineer / Min 8yrs exp / Exp in Automotive Component & Crash Safety related testing & development, Compliance to regulatory req, Dummy Calibration, Crash Instrumentation etc

  3. Clay Modeler / Min 15yrs exp / Should have aesthetic sense like sculptor with engineering logic, strong exp in Clay Modeling & managing activities related to Clay Models

JDs for the said positions are attached with the mail, for your kind perusal. Here, I would like to clarify, that we do not charge any service fees/ registration fees/ any other fees from candidates, whether successful or unsuccessful.

You can write to me at bkwalia@emergentindia.in

These openings are very critical, hence if anyone is interested would suggest an early revert.

Regards

B.K. Walia

Managing Partner

EMERGENT INDIA

 

Mike: reader Kelly sent me this interesting piece: 100 CREATIVE, PAINLESS (AND EVEN THERAPEUTIC) WAYS TO DOWNSIZE YOUR LIFE AFTER A LAYOFF , which includes a number of useful tips on how to save some extra cash during those difficult days following a layoff. Take a look and save a few dollars

Mike: If your organization has any relevant and useful information for the readers of The Layoff List and you would like to see it posted here, send me a note at Mike@layofflist.org.

 

Mike: Another busy day in layoffs. Tomorrow will bring the monthly jobs report and let’s hope it’s not as bad as it could be. Time for a laugh..…………….

 

Vodpod videos no longer available.

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

 

 

 

Ed Stein - Mar 5

Ed Stein - Mar 5

 

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