Mike: Today’s Jobless Claims number came in at 654,000, which was still in recession territory, but an improvement nonetheless. According to The Associated Press: New jobless claims fall more than expected to 654K.to a seasonally adjusted 654,000, down from a revised 674,000 the previous week. Analysts expected claims to drop to 660,000. A stabilizing job picture would give companies some confidence to do some hiring in expectation of the recessions end, which would be good news for many currently searching for work.
First-time claims for state unemployment benefits dipped a seasonally adjusted 20,000 to 654,000 in the week ended April 4, reaching a level that is 83% higher than the same period in the prior year, the Labor Department reported Thursday. The four-week average of these initial claims fell 750 to 657,250. For the week ended March 28, the number of people collecting state unemployment benefits reached yet another new record, gaining 95,000 to 5.84 million – double the level in the prior year.
– There were 20,000 fewer new claims for unemployment insurance last week than the week before.
That was a tiny bit of good news, but here’s the perspective: For the seventh straight week, new jobless claims exceeded 640,000, and they’ve been above 600,000 for 10 weeks.
Mike: And you can take your pick from the following expert opinions about future economic conditions. My input is that unless millions of jobs are created, the so called recovery will be more like a stalled recession. The consumer is cutting back on discretionary spending; businesses are cutting back on employee hiring, benefits, and salaries; while the federal government is the only entity spending more than they were last year. I’m certainly no expert, but the experts noted below can’t even agree as to when this recession will end.
- Fed’s Stern Says Recovery May ‘Not Be Too Far Off’ (Update1) – Bloomberg.com .
- AFP: Fed sees no economic recovery this year.
- Summers: Economic free fall will end in months – MarketWatch .
Mike: Rewarding ineptitude, corruption, and poor company performance doesn’t seem to mean less outrageous compensation for the executives who run those failing firms:
– Outback Steakhouse’s parent company lost more than $700 million last year but it still handed out $2.7 million in performance bonuses to its five senior executives.
In fact, executives with OSI Restaurant Partners had two chances to earn bonuses last year, one tied to the company’s profits and the other to OSI’s efforts to save money.
And this year, senior executives will be eligible for yet another bonus – one designed to keep them from jumping ship.
- Microsoft/Google/IBM and other Rumors/News
Mike: Federalcontracts awarded to Microsoft totaled $75,584,076 in 2008 and $27,371,140 so far in 2009.
– Despite having recently announced that it would eliminate up to 5,000 jobs across the board, Microsoft has signed a $170 million, five-year contract with India’s HCL for outsourcing work for its online services, says TechFlash.
– TORONTO, April 9 (Reuters) – IBM (IBM.N) has signed a seven-year deal with Sun Life Financial (SLF.TO) (SLF.N) to manage the insurance giant’s information technology operations in Canada and the United States.
8:30 AM ET
– April 9 (Bloomberg) — The number of Americans filing first- time claims for unemployment insurance exceeded 600,000 for a 10th straight week and the total collecting benefits increased to a record, signs the labor market remains weak.
First-time jobless claims fell by 20,000 to 654,000 in the week ended April 4, from a revised 674,000 a week earlier that was the highest since 1982, the Labor Department said today in Washington. The number of people staying on benefit rolls rose to a record 5.84 million in the prior week.
8:30 AM ET
The loss brought Canada’s official unemployment rate to eight per cent, the worst in seven years.
Labor officials sent 300 flyers seeking businesses to set up booths at a job fair planned Saturday in this mountain resort town. But only five or six responded, and most of them dropped out. So the fair has been postponed indefinitely.
– MORE men at the expense of machines; more drones rather than top-end fighter jets and future bombers; more helicopters for combat troops rather than a replacement for the presidential chopper; more coastal vessels and fewer aircraft-carriers; better cyberdefences, but scaled-back missile defences and laser weapons. In short, the new American defence budget would spend more on today’s wars in Iraq and Afghanistan and less to stave off future threats from China or Russia.
– After failing to win anticipated financial relief from Albany, school officials in Wyandanch have issued layoff notices to 25 teachers and warned of potential cutbacks in student services next year, including all district sports.
– It includes the elimination of about 100 positions, about 60 of which are teachers.
– SARASOTA COUNTY – An unprecedented 335 school district employees will be looking for a new job for next year because of drastic budget cuts and dwindling student enrollment.
– POWAY — Reacting quickly to projections of a larger-than-expected budget deficit for the coming fiscal year, Poway has laid off seven employees, including Robert Clark, director of its Community Services Department.
– Facing an April 15 deadline, the Yuma Union High School District Governing Board voted unanimously 5-0 to send out notification of discontinuance of employment to 99 teachers who will not return for the 2009-10 school year.
– Luxury motorcoach manufacturer Country Coach announced Wednesday that about 460 employees on furlough since December would be terminated by April 14.
The company, struggling with an economic downturn that’s wiped out demand for recreational vehicles, has been in Chapter 11 bankruptcy since March.
– 3M Co. is offering early retirement packages to 3,600 employees, or 11 percent of its U.S. work force, to reduce costs even further amid the economic slowdown.
The voluntary buyout offers follow the manufacturer’s recent moves to cut 3,600 jobs, defer merit pay raises and adjust vacation allowances.
– LyondellBasell says it is slashing 3,000 jobs to help meet the chemical giant’s increased goal of cutting fixed costs by $700 million by the end of 2010.
-It is closing its direct iron reduction unit at Contrecoeur East for an indefinite period as of April 18, with the layoff of 20 to 25 workers,
– A Starbucks coffee shop in Oak Park, part of a 1915 brick building renovated by Mayor Kevin Johnson, is one of seven in the Sacramento region and 300 companywide slated for closure.
– The University of South Dakota and Sanford School of Medicine will cut three faculty, 13 staff and eliminate 19 positions through attrition or combining them with others, Media Relations Manager Phil Carter said Wednesday.
– The document also said Baptist reduced its work force in its hospitals by 233 “fulltime equivalents” by the end of January, compared with the average level in the first half of last year.
– Durham School Services of Downers Grove, Ill., the nation’s second largest school transportation company, said in a letter to the state Department of Workforce Development that it will lay off 63 employees when its Madison office at 702 Ruskin St. closes about June 12.
Ball Plastics Packaging Division of Watertown, a plant owned by Ball Corp. of Broomfield, Colo., will close about June 7 and lay off 46 employees.
– Baldwinsville (WSYR-TV) – Packaging manufacturer Ball Corporation says it will shut down two of its plastic packaging plants, including the one in Baldwinsville.
The move will put 113 workers out of jobs.
– In yet another letter to the students and overall campus community on the college’s budget, President H. Kim Bottomly said more than 100 positions will be lost.
– ELLSWORTH, Maine — Maine Coast Memorial Hospital on Wednesday announced 14 employee layoffs and unspecified reductions in executive compensation, citing backlogged Medicaid reimbursements and economic hard times.
– MANITOWOC — A Federal-Mogul official said Wednesday its Manitowoc plant has laid off 103 people, approximately 16 percent of the work force, but one employee at the piston ring manufacturing plant disputed the figure.
– SALINA, Kansas – It’s a major hit to the Salina area as more than 100 workers learned Wednesday they are out of a job.
– The Virginian-Pilot will lay off 40 people, dropping its work force below 1,000 employees, the newspaper’s publisher said Thursday. It will be the third wave of job cuts at The Pilot in the past six months.
– KINGSTON, Ont. — A union representative at the Kingston Whig-Standard says that seven people have been laid off in the newspaper’s advertising department as part of a streamlining decision by its owner Quebecor Inc. (TSX:QBR.A, TSX:QBR.B).
– Sources say more than dozen people were notified today of their release.
– Because the economy has not recovered as was hoped, Aavid Thermalloy this week announced yet another round of layoffs, most of them at its manufacturing facility in the O’Shea Industrial Park.
– EPHRATA — Wind tower manufacturer Katana Summit in Ephrata laid off 17 employees this week during the company’s second round of layoffs since March.
– Harrah’s Reno today eliminated its general manager’s position and laid off seven salaried staffers as it adjusts to recessionary pressures in the gaming industry.
– Lower enrollment numbers have forced Kaiser Permanente to lay off 70 workers in Northern California.
– Questex Media has laid off “in the range of 40” employees, CEO Kerry Gumas told FOLIO: Wednesday.
– Some workers at the Standard-Aero corporate-aircraft refurbishing plant in Springfield are among 115 who have been laid off at four plants nationwide because of the economy, the company confirmed Wednesday.
-WILBUR — Alcan Cable announced Monday the layoffs of 32 employees — or a quarter of its work force — at its plant in Wilbur.
– AGC Flat Glass North America Inc. announced the layoffs last week due to a weak economy and lack of demand in North America and across the globe.
– WATERLOO, Iowa – Officials with Hawkeye Community College in Waterloo say 43 full- and part-time faculty members will be laid off, while other staff will see a pay freeze and furloughs.
– MOUNT PLEASANT — Ceco Building Systems announced Wednesday it will end production in its Mount Pleasant plant in June. There are about 120 employees in Mount Pleasant.
via The Hawk Eye.
– Perkins Engines has confirmed that 78 temporary workers were being released from its Tixall Road factory in response to economic conditions that have impacted on demand for its diesel engines.
– Struggling automaker General Motors has apparently cut dozens of staffers from its engineering centre in Oshawa, Ont.
– The Boys and Girls Clubs of Greater Washington, one of the region’s largest youth organizations with a long history of helping underprivileged children, will close four clubs, sell others and lay off one-sixth of its staff as part of a major restructuring to cope with a $7 million deficit, officials said yesterday.
– NORTHFIELD — Norwich University in Northfield is laying off four more employees and reducing the hours of 21 workers to help balance the school’s budget.
– The New Mexico Symphony Orchestra has laid off three administrative staff members and reduced the salaries of those who remain by 10 percent.
– Davenport company APAC announced they will be cutting 72 employees. The workers received notice that their last day of work will be Saturday.
– Marcy, Oneida Co. (WSYR-TV) – TimBar Packaging & Display announced Thursday its manufacturing facility located in Vernon would be closed in early July. As many as 70 people will be laid-off beginning as early as April 23.
– HIGH POINT (MCT) — After 49 years, the NCFI division of Barnhardt Manufacturing Co. will close its High Point plant on May 8, consolidate with the Hickory branch and eliminate 20 jobs.
– TABOR CITY — Hart & Cooley’s manufacturing operations in Tabor City will close by the end of June, a victim of the home construction slump.
– Northshore Mining Co. has extended its month-long shutdown another two weeks.
The shutdown began April 6. Originally the company expected to restart its two larger taconite pelletizing lines at the beginning of May.
– Continued decline in market demand for its product has forced Lehigh Southwest Cement Co. north of Redding to lay off about 40 employees — a little less than half of its hourly work force.
– NEW YORK TBWA\Chiat\Day has laid off about 40 employees, mainly in its Playa del Rey, Calif., office, sources said.
– NEW YORK (Dow Jones)–UBS AG’s (UBS) U.S. brokerage business plans to lay off lower-producing financial advisers as well as support staff later this month, according to people familiar with the situation.
via Article – WSJ.com.
– The robotic cutting and welding company, owned by Rimrock Corp., laid off 14 full-time employees and 18 part-time employees, including interns, last week to deal with a decline in business, said Chris Norris, marketing manager with the company.
– IP firm Townsend and Townsend and Crew laid off 45 staff and 16 lawyers Wednesday.
– A company representative said 30 employees were cut. The announcements were made Thursday afternoon. Officials said eight workers were cut in Des Moines and 22 in Omaha.
– The Corcoran Gallery of Art is cutting 18 jobs to stabilize finances for the museum and its art school.
– Informed RX Inc. will close its call center on British American Boulevard in Latham, putting 72 people out of work.
– Amgen, the world’s biggest biotech company, is cutting 100 jobs at a drug manufacturing site in Bothell, WA, Xconomy has learned.
– Lloyds Banking Group is secretly drawing up plans to axe as many as 25,000 workers following last year’s takeover of Halifax Bank of Scotland, according to wellplaced sources.
Plans to bring together the two High Street lenders are well advanced, and staff of the statecontrolled lender will begin learning their fate within four to six weeks.
– LyondellBasell, the world’s third-largest petrochemical company whose U.S. operations are under bankruptcy protection, said on Wednesday it would cut 3,000 jobs, or 17 percent of its workers, and reduce expenses by an additional $500 million by 2010.
– Helphire, which employs more than 3,000 people, said it has eliminated 130 jobs and will cut 180 more positions, adding that it expects reduction in annual operating costs to exceed the previously estimated 5 million pounds.
– The bank, which describes itself as the seventh-largest general bank in the Netherlands, said it would cut jobs this year and was unable to give a forecast for 2009 results because of the uncertain market.
– The number of employees in the state administration will be reduced by about 8,000, i.e. by about 10 percent over the next nine months, and a law on temporary reduction of wages in the state administration will also be adopted.
– Moduslink, which employs more than 300 permanent and temporary staff in Kildare town has announced job cuts “on account of the unprecedented trading conditions,” a spokesperson for the company has announced.
– Seventy seven more workers in Antigua have been sent home as the fallout from the Sir. Allen Stanford affair continues.
– April 9 (Bloomberg) — Swiss unemployment rose to the highest in more than two years in March as falling orders prompted companies to cut back production.
– The Australian Bureau of Statistics said Thursday that unemployment rose to 5.7 percent from 5.2 percent in February — the highest level since October 2003, when the jobless rate reached 5.8 percent.
– Recruitment company Hays has announced it will cut 250 UK jobs as the recession takes its toll on the employment market.
– Stonewall Packaging LLC, a joint venture of Jackson Paper Manufacturing Co., announced today that it will invest more than $17 million to build a new facility in Sylva for the production of recycled cardboard packaging. The investment will result in the creation of 61 jobs over the next three years.
– Projects are expected to create more than 1,300 jobs, and they represent improvements to road, bridges and trail ways in 67 communities.
The funding comes from the state and the federal stimulus program.
– STOCKTON – The YMCA of San Joaquin County will offer free summer day camp and youth sports programs to children whose parents have been recently laid off from work, the organization announced Wednesday.
– RALEIGH, NC – Affiliated Computer Services (NYSE: ACS) plans to hire 240 people at its Raleigh customer service center, according to WRAL’s Local Tech Wire.
– The June opening of a new Alzheimer’s special needs unit in Ludington will create 30 new jobs and people may begin applying for those jobs by answering Daily News help wanted ads Friday.
– Projects paid for with the money are expected to create 1,968 local jobs, Paterson said.
– Wal-Mart began hiring for 340 positions this week at a temporary center at 517 W. 100 North, said spokeswoman Amy Wyatt-Moore.
– Buchanan Hauling & Rigging Inc., 4625 Industrial Road, said Thursday it plans to spend $520,000 on the expansion, which is projected for completion in 2012.
– Last week — the same week Florida’s unemployment hit its highest level since 1976 — Libratore’s Liberator Medical Supply said it intends to hire 200 employees within the next two years. That’s including the 50 jobs it announced in January.
– If you’re seeking a job in social media, we’d like to help out. For starters, Mashable’s Job Lists section gathers together all our resource lists, how-tos and expert guides to help you get hired. In particular, you might want to see our articles on How To Leverage Social Media for Career Success and How To Find a Job on Twitter.
Mike: More news tomorrow…………..