Archive for April 7th, 2009

April 7 – Aug. 2008 to Feb. 2009: BLS unemployment numbers revised upward – RBS to cut a further 9,000 jobs – Rio Tinto axes 700 Australian jobs – OH Toyota Boshoku cuts 320

Mike: Except for the weekly retail sales numbers, today is another rather quiet day for economic reports. Today was a busy day for smaller US and Canadian layoff announcements, but a busy day for larger international layoffs. Till Wednesday……
The News of the day follows:
I have mentioned on many occasion that the government reported unemployment figures are not representative of actual unemployment. That certainly seems to be the case with the monthly unemployment figures released by the BLS. Below are a couple of reports from bloggers of excellence that I urge you to read. They point to the fact that the monthly unemployment numbers have been revised upward over the period August 2008 to February 2009 and that the models used by the BLS to calculate unemployment are also misleading. It’s my opinion that the BLS reports the lower figure because that gets the main stream media attention and the result is plastered on the front page of every business section and on the intro pages of many websites and most news broadcasts. The revised number gets little main stream media attention, so the original unemployment figure sticks and is used as the de facto report.
If you want an in-depth look at economic trends with expert commentary, read these blogs regularly. The links to these fine blogs are posted in the links section of this blog:
BLS reported and revised unemployment monthly figures:

August 2008: Initially 84,000, revised to 175,000

September 2008: Initially 159,000, revised to 321,000

October 2008: Initially 240,000, revised to 380,000

November 2008: Initially 533,000, revised to 597,000

December 2008: Initially 524,000, revised to 681,000

January 2009: Initially 598,000, revised to 655,000

February 2009: Initially 651,000, as released today.

On average, from August through January, the first estimate was too optimistic by 112,000 jobs.

via Mish’s Global Economic Trend Analysis: Time to Remove the “L” from “BLS”.

 

– Guest Post: Non-Farm Payrolls Report: Revisio ad Absurdum

via naked capitalism: Guest Post: Non-Farm Payrolls Report: Revisio ad Absurdum.

 

– The ‘actual’ jobs loss number, before seasonal adjustments are applied, was significantly worse than expected. It was so bad that we had to adjust the lower boundary of the chart by an extra 500,000 jobs lower than the projected chart we showed yesterday. Jobs Number for January Could Be Much Worse than Expected

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

Microsoft/Google/IBM and other Rumors & News

 

– – Bad news for FreeRunner fans: development of the first Open Source smartphone will be discontinued. (English translation via Google) OpenMoko executive director Sean Moss-Pulz said at OpenExpo in Bern (Switzerland) that the number of staffers will be reduced

General Economic News

 

– “Overall sales continued to contract on a year-over-year basis, but showed some modest improvement on a week-over-week basis,” said Michael P. Niemira, ICSC chief economist.
Redbook
[Bullet
8:55 AM ET
– NEW YORK, April 7 (Reuters) – Redbook Research on Tuesday released the following seasonally adjusted weekly data on U.S. chain store sales:

Year-over-year: Week (w/e 4/4/09 vs year ago) 0.4 pct

Year-over-year:Month (March 2009 vs March 2008) -0.8 pct

Month-over-month: (March 2009 vs February 2009) 0.5 pct

via TABLE-US chain store sales up 0.4 pct last week-Redbook | Reuters

_____________________________________________________________________________________________________________-

 

– Costco Wholesale Corp.’s profit is down 27 percent year-over-year, but the discount store has not laid anyone off, choosing instead to freeze hiring at its corporate offices. The only workers let go have been holiday seasonal hires.

via Layoffs not an option for some businesses – Yahoo! Finance.

 

Mike: And vilified they should be. These banker types have absolutely no shame, no remorse, no concept of their destructive behaviors. If banks lended in a controlled and honest manner, this recession wouldn’t have occurred. The taxpayer has not given these fraudulent banks trillions in bailout funds because these institutions were performing responsibly.

“Everybody participated in pumping up this balloon. Now the balloon has deflated,” he said Monday. “Everybody, in reality, has some part of the blame. But it’s much more in the culture to find a villain and vilify the villain.”

via Citigroup chairman: bankers being ‘vilified’ – Yahoo! Finance.

 

 

Steve Breen - Apr 7

Steve Breen - Apr 7

 

 

Government Layoff News

 

– The Eau Claire School Board cut more than 40 jobs Monday night to save $1.8 million next year. In total the board voted on 10 items that will save the district more than $2 million. That money will help with next year’s projected $4.1 million budget deficit.

via Eau Claire School Board Eliminates 40 Jobs; Makes $2 Million in Cuts / .

 

– Dauphin County will lay off eight workers at Schaffner Youth Center’s secure shelter as part of a shift toward providing more community-based supervision for troubled youth.

via 8 workers laid off at Schaffner youth site – PennLive.com.

 

– The Washington Post reported today that the Pentagon is looking to slash its huge contracting workforce by as much as 13 percent.

At present, DoD’s contractors comprise 39 percent of its workforce. Defense Secretary Robert M. Gates’s latest budget proposal moves to replace many of those contractors with up to 39,000 additional federal employees over the next five years, and 13,000 of them immediately. The move would bring the level of DoD contractors down to 26 percent of the Pentagon’s personnel. 

via DoD to cut contractor workforce – General News .

 

– Almost 50 positions — from teaching to support staff jobs — are being eliminated in Anderson District 1 to deal with budget cuts and the state revenue shortfall.

 

 

US and some Canada Layoff News

 

Mike: Some companies prefer to announce layoffs using percentages instead of actual numbers. The obvious problem with that choice is that you need to know how and employees they have before you know how many they let go. I think it’s more an effort by some companies to cloud the facts, since most people won’t take the time to research a companies workforce totals. Another reason may be that announcing a 21% workforce reduction sounds better than announcing a workforce reduction of 500, or some other larger number

– Olympic Steel Inc (ZEUS.O) said it has reduced its workforce by 21 percent from peak 2008 levels and cut salaries due to continued weakness in the economy and the steel market, adding that it will also write down the value of its inventory as of March 31.

via UPDATE 1-Olympic Steel cuts jobs by 21 pct from peak ’08 levels | Deals | Mergers & Acquisitions | Reuters .

 

toyota-boshoku– The company is a unit of Japan’s Toyota Boshoku Corp. and is based in Erlanger. It says in a news release it will close the plant in July and consolidate production at another plant in Chavez, Mexico.

The Kentucky Enquirer reports the Leitchfield plant employs 319 workers.

via Leitchfield, Ky. auto parts plant closing in July — chicagotribune.com.

 

– A different reality materialized late Sunday, when the company called in dozens of its workers at the Cadillac, Pontiac and GMC dealership at 12969 60th St. N. in Oak Park Heights and told them to clean out their belongings. The dealership was closing.

via Hecker closes second Stillwater dealership; 58 more jobs lost |  Lake Elmo Leader  | Lake Elmo, Minnesota .

 

– Fireside Bank has decided to cut 77 jobs, including 54 in Pleasanton and 23 in Concord, according to documents filed by the bank with state and regional agencies. The Pleasanton employment reductions occurred March 24 and the Concord downsizing is scheduled for May 24.

Bank of America decided to eliminate 125 jobs in Concord. The cuts occurred in mid-March, a BofA filing with the state shows.

via More bank job losses hit locally – ContraCostaTimes.com .

 

cat– Around 200 people were cut from the Mapleton Caterpillar plant Monday.  Employees tell us workers were notified after their shifts. 

via CAT Cuts 200 Mapleton Jobs.

 

cat1– Layoffs weren’t supposed to begin at that central Illinois plant until April 13, but it cut more than 1,000 jobs two weeks early there. Layoffs at its East Peoria plant will still begin April 13.

via Caterpillar Begins U.S. Layoffs Early; 1,726 Workers In Central Illionois Losing Jobs In April.

 

– In efforts to reduce expenses during the economic downturn, the Presbyterian Foundation let go of 13 full-time employees late last month and reduced the number of its regional development offices from 16 to 10.

via Recession Forces PC(USA) to Cut Staff, Budget| Christianpost.com.

 

– Shoretel (SHOR) disclosed in an 8-K filing with the SEC that it is reducing its workforce by about 9%

via Tech Trader Daily – Barron’s Online : ShoreTel Cuts Staff 9%.

 

eastman-chemicalUpdate: KINGSPORT — Some 300 Eastman Chemical Co. employees — including 200 in Kingsport — are being notified this week that they no longer have a job.

via 200 Kingsport employees getting layoff notices from Eastman this week – Kingsport Times-News Online.

 

– More than 40 percent of Ohio hospitals considering layoffs for later this year are in rural areas, according to additional results of a survey by the hospital industry’s state interest group.

 

hospital2– MARTINSBURG, W.Va. — West Virginia University Hospitals is reducing its work force, affecting 77 employees in its Eastern Panhandle division.

via West Virginia: Jobs cut at Panhandle hospitals.

 

– Headwaters Inc., a diversified materials and services provider for the energy, construction and home improvement industries, said Tuesday it will cut an unspecified number of jobs at its Alabama coal cleaning facilities.

via Headwaters to cut jobs at Alabama facilities – Forbes.com.

 

a-air– April 7 (Bloomberg) — American Airlines, the world’s second-biggest carrier, froze hiring and general pay increases for nonunion workers as it struggles with a drop in revenue and travel demand.

via American Airlines Freezes Pay, Hiring for Nonunion Employees – Bloomberg.com .

 

– VERONA — Latitude Corp. of Verona may lay off up to 113 employees in June depending on customer forecasts, the company has announced.

via WISCONSIN STATE JOURNAL.

 

– About 80 workers have been laid off from the Hon facility in Cedartown, according to the Georgia Department of Labor.

via The Fish Wrap – HON in Cedartown lays off 80.

 

gulfstream– A spokesman for Gulfstream Aerospace, Robert Baugniet, said Monday the furloughs will run through April

via Savannah-based Gulfstream furloughs 170 workers | ajc.com.

 

riotinto2– Rio Tinto Alcan is shedding up to 140 positions at its Montreal headquarters as the aluminum producer reduces output to match lower prices and global demand.

via reportonbusiness.com: Rio Tinto Alcan cutting 140 Montreal jobs.

 

gavel6– Layoff news seems to come in waves. We learned earlier today through our colleagues at Legal Times and from a post on Above the Law that Hogan & Hartson has cut 93 staff members. Firm chairman Warren Gorrell, Jr., confirmed the move to Legal Times.

via 93 Staffers Out at Hogan & Hartson.

 

– The Shaw Group is closing its GS Concrete division in Windsor Forks, West Hants, which employs 20 people.

via Concrete plant in Windsor Forks closing this year – Nova Scotia News – TheChronicleHerald.ca.

 

– Says reduction of worldwide workforce by 107 employees or 16% of worldwide

via BRIEF-Baldwin to cut 16 pct of global workforce – Forbes.com.

 

– TORONTO — — Danier Leather Inc., [DL-T]which makes leather and suede clothing and accessories, said it is cutting 78 jobs as part of a move to reduce costs and improve its financial performance.

via reportonbusiness.com: Danier Leather to cut 78 jobs.

 

– Wind tower maker DMI Industries Inc., says it has cut 100 more workers due to declining demand from customers.

 

 

International Layoff News

 

rbs1– The Royal Bank of Scotland is to shed a further 9,000 jobs, half of them in the UK.

via BBC NEWS | UK | Scotland | RBS to cut a further 9,000 jobs.

 

rbs3-Royal Bank of Scotland is cutting 4,500 jobs in the UK in a clear-out of its back-office operations.

 

riotinto1– SYDNEY (AFP) — Anglo-Australian mining giant Rio Tinto on Tuesday said it would cut about 700 permanent and contract jobs in response to a slump in commodities prices and demand amid the financial crisis.

via AFP: Rio Tinto axes 700 Australian jobs.

 

michaelpage– The number of staff employed by the company at the end of March was 4,134 compared with 4,943 at the end of 2008, a 16% reduction. Headcount at the end of March 2009 was 24% lower than a year ago.

via Michael Page cuts staff | News | Recruiter.

 

arcelormittal– WARSAW (AFP) — Global steel giant ArcelorMittal said Tuesday it was cutting 500 jobs at its Polish plants after reducing production in the face of the global economic crisis.

 

– Construction and mining equipment manufacturer Caterpillar will cut 280 jobs from its 700-strong Tasmanian workforce by the end of the month, a federal MP says.

via Caterpillar to cut 280 jobs.

 

– The West Australian mining company Iluka Resources has become the latest victim of the global financial crisis, announcing up to 215 jobs will go at its operations.

via Iluka Resources to cut more than 200 jobs – ABC News (Australian Broadcasting Corporation).

 

– In Guyana more than 100 bauxite workers lost their jobs Monday because of a slump in the market.

via Radiojamaica.com| Courts & Bosai Minerals cut regional jobs – The tough economic times continue to impact the….

 

– One hundred and nineteen steel workers received retrenchment letters from Point Lisas-based steel giant Arcelor Mittal Steel yesterday.

via Trinidad News, Trinidad Newspaper, Trinidad Sports, Trinidad politics,, Trinidad TV, Sports, Business.

 

– Staff numbers at railway stations across the city’s network will be cut, the NSW Government has confirmed.

via Railway station staff to be cut | smh.com.au .

 

– Falkirk-based bus firm Alexander Dennis Limited (ADL) has said 94 jobs are to go at its Camelon Plant.

via BBC NEWS | UK | Scotland | Tayside and Central | Coach manufacturer to cut 94 jobs.

 

– HAPAG-Lloyd is planning to outsource its UK documentation offices to its global service centres in India and China.

 

Hiring News and News You Can Use

 

– According to the state’s Department of Labor, employers cut 29,300 jobs overall statewide last year, but the health-care sector added 4,100 jobs, to reach a total statewide figure of 240,000.

via 04/06/2009 Even in Recession, Health-Care Jobs Soar Business New Haven.

 

– A repair facility for Amtrak’s Acela trains is coming to Delaware, and the state is investing in the 24 new jobs it will provide.

via Acela facility will bring 24 jobs to NCCo | delawareonline | The News Journal.

 

– Tesco is creating over 800 jobs at its first purpose-built distribution centre in Middlesbrough.

via BBC NEWS | Business | Tesco creates 800 Teesside jobs.

 

– Aetna Inc (AET.N) said on Tuesday it plans to add 245 jobs in Ohio as the health insurer prepares to expand its membership by more than 1 million this year.

via UPDATE 1-Aetna adding 245 Ohio jobs for new business | Industries | Healthcare | Reuters .

 

– The Texas Roadhouse restaurant in Little Rock may be able to help.

They plan to hire 170 employees for their Shackleford Road location. The restaurant opens in May.

via Developing News: 170 Jobs Coming To Little Rock – todaysthv.com | KTHV | Little Rock, AR .

 

– Jeff Mango, president of Verizon’s Georgia/Alabama region, says the move brings 600 news jobs and $27 million in investment to the area:

via GPB News: Verizon Creates Additional 600 Georgia Jobs.

 

– A recycled cardboard manufacturer plans to invest more than $16 million and create 61 jobs at a new plant in North Carolina.

via Recycled packaging company will bring 61 jobs to Western N.C..

 

– First Niagara Financial Group Inc., said today it has signed an agreement to acquire $4.2 billion of deposits and 57 Western Pennsylvania bank branches from National City Bank, a subsidiary of The PNC Financial Services Group.

 

Mike: Have a good evening………………..

 

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Dilbert - Apr 6

Dilbert - Apr 6

 

 

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