The 610,000 new claims for unemployment insurance was 53,000 less than the 663,000 seen in the April 4 week; Labor initially reported 654,000 new claims that week.
The four week moving average in the current week fell 8,500 to 651,000, the first decline since mid-January.
The number of people claiming benefits for more than a week increased to 6 million, the highest on records dating to 1967.
- Microsoft/Google/IBM and other Rumors/NewsGeneral Economic News
- The layoffs, the first since Chief Executive Officer Carol Bartz joined in January, could be formally announced Tuesday, when the Sunnyvale Internet company reports first-quarter earnings.
- Yahoo CEO Carol Bartz is planning a new round of job cuts according to the reports as the company continues to cope with the aftermath of a downturn in online advertsing sales.
The New York Times and Reuters, citing several people with knowledge of the plans, said the layoffs could affect several hundred employees and may be announced as early as Tuesday when Yahoo reports its first-quarter earnings.
- The Silicon Valley company is seeking buyers for the HotJobs employment site, people familiar with the company’s plans said on Wednesday, adding that other acquisitions could follow HotJobs out of the door. Yahoo struck a deal to buy the site in 2001 for $436m in cash and stock.
8:30 AM ET
8:30 AM ET
Initial claims for state unemployment insurance benefits fell 53,000 to a seasonally adjusted 610,000 the week ended April 11 from a revised 663,000 the week before, the Labor Department said. The slowdown of new claims for jobless benefits would be a good sign, if it continues.
In a second report, the Commerce Department said housing starts fell 10.8% to a seasonally adjusted annual rate of 510,000 units, second lowest on records dating back to 1959, from February’s downwardly revised 572,000 units.
WASHINGTON (AP) — The number of American households threatened with losing their homes grew 24 percent in the first three months of this year and is poised to rise further as major lenders restart foreclosures after a temporary break, according to data released Thursday.
The big unknown for the coming months, however, is President Barack Obama’s plan to help up to 9 million borrowers avoid foreclosure through refinanced mortgages or modified loans. The Obama administration expects its plans to make a big dent in the foreclosure crisis. But it remains to be seen whether the lending industry will fully embrace it, despite $75 billion in incentive payments.
– With unemployment at 9.4 percent in Florida and nearly 50,000 new applications for food stamps each month, the state has paid JPMorgan Chase nearly $50 million over the past three years to provide food stamp program services, which include customer service call centers in Bangalore and Gurgaon, India.
“She’s got every right to be incensed,” said state Rep. Juan Zapata, R-Miami, chairman of the House Human Services Appropriations Committee. “I can understand why she would feel that this is just not a good policy. We’ll definitely look into it.”
Spokesmen for Gov. Charlie Crist and Department of Children and Families Secretary George Sheldon declined a request for comment.
– LOS ANGELES (AP) — The nation’s second-largest shopping mall owner, General Growth Properties, filed for Chapter 11 bankruptcy protection Thursday in a tough bargaining move to restructure it’s $27 billion in debt.
– ELYRIA, Ohio — Ten Elyria firefighters are now out of work, laid off because of budget cuts.
– The Interim Louisiana State University Public Hospital in New Orleans is planning to cut 300 jobs in response to $24 million in state budget cuts, according to the Times-Picayune.
– San Jacinto Unified School District trustees voted Tuesday to eliminate almost 30 nonteaching jobs, effective July 1.
– PORTLAND, Ore. — Administration will be downsized. Teacher in-service and possibly even class days will be lopped off the school year. Staff positions will be cut. Classes will be larger. And those working for the public schools system will pay higher premiums for health care.
- MILWAUKEE (AP) — Harley-Davidson Inc. said Thursday it expects to cut up to 400 more jobs as its first-quarter profit tumbled 37 percent due to a sluggish motorcycle market.
– TACOMA, Wash. — Downtown Tacoma’s biggest employer, Russell Investments, is giving layoff notices Wednesday to about 400 of its 2,000 workers.
– About 40 workers will lose their jobs when the Beaver plant closes at the end of the month. Da-Tech is helping workers to find other jobs.
- SPOKANE – The local medical community is bracing for more job losses after Sacred Heart Medical Center announced it was laying off 19 positions Wednesday afternoon.
– New York–Ultra Stores Inc., the 181-unit chain that filed for Chapter 11 bankruptcy protection last week, will close a dozen underperforming stores in six states and two territories as the chain moves forward with its plan to reorganize and emerge from bankruptcy.
– OMAHA, Neb. (AP) – Qwest Communications announced Wednesday it will close its customer service call center in Omaha, which employs 176 people.
– The Fred Hutchinson Cancer Research Center has joined the list of organizations announcing layoffs, by eliminating 83 jobs, or about 3 percent of its workforce. The Seattle-based nonprofit research institute said in a statement that it made the budget cuts to offset the drop in charitable giving that it counts on.
-Declining revenues have the Kansas State University foundation downsizing. The foundation announced Wednesday it will eliminate 13 staff positions.
– Melba Industries, which supplies protective fabrics to the armed services and firefighters, has been in voluntary administration since February and is now likely to go into liquidation.
– PMP Print has announced a restructure at its Clayton print site in Victoria that will see the loss of 67 jobs.
- Postal officials confirm they’ll cut 26 jobs on Staten Island
– MADISON (WKOW) — Land O’Lakes will close its butter manufacturing plant in Madison, leaving around 120 workers out of a job.
– RIVERBANK — The long-planned closure of a 66-year-old Army ammunition plant has begun, with pink slips going out to 30 of its employees.
– GRAMBLING, La. (AP) – Grambling State University will make about 30 personnel cuts as it responds to a scheduled 16% budget cut for the state’s next fiscal year.
– Cambridge-based provider of engineering data and design software, Aveva, has announced that it will be reducing its workforce by 10 per cent amid difficult market conditions.
- Officials of the union that represents about 200 Indianapolis Star staff members last night agreed to what amounts to a 12-percent pay cut this year in contract negotiations with the newspaper’s struggling parent company, Virginia-based Gannett Co. Inc.
- DALLAS (AP) — Southwest Airlines Co. reported a surprisingly large loss in the first quarter due to weak traffic in the recession, and the company said it was freezing hiring and offering buyouts to employees to trim its work force.
– A reorganization that consumer-electronics retailer Best Buy Co. is rolling out will lead to job cuts and lower pay for thousands of Best Buy store employees, an analyst said Wednesday.
- GREENSBORO — The News & Record is cutting 25 jobs in its latest step to reduce costs resulting from the recession and its impact on advertising revenue.
- Last November, fiberglass manufacturer PPG announced plans for a multimillion-dollar plant expansion and the addition of 120 jobs in Shelby.
Instead, now PPG is cutting 90 current positions by next month.
– Officials of the society, the keeper of the state’s historic sites and treasures, announced this afternoon that 94 full-time and part-time employees wwould be laid off July 1, the beginning of the new fiscal year.
– The University of Florida will consider eliminating 748 jobs and closing several academic programs to save about $75 million if the next state budget requires cuts approaching 10 percent, university President Bernie Machen said today.
- Reading Hospital plans to reduce its workforce by 3.9 percent or 250 positions through attrition and layoffs, according to a hospital news release issued this morning.
– There have also been layoffs at Electra’s largest employer. Coming with the fire that burned down the Agriboard plant there, this is just more salt on the wound. NATCO won’t give us a number — a spokesperson only says that the layoffs amount to half a percent of its worldwide staff.
– HONG KONG, April 15 (Reuters) – Japanese brokerage Nomura Holdings Inc has cut another 50 investment banking jobs in Asia, excluding Japan, sources close to the matter said on Wednesday
– April 16 (Bloomberg) — Shinsei Bank Ltd. plans to cut “hundreds” of jobs at the consumer lending unit it bought from General Electric Co. last year as it closes branches to weather an industry contraction, the head of the division said.
– T-Mobile is overhauling its customer service division by cutting a UK based and outsourced call centre company, which may risk an expected 500 jobs.
- Hong Kong’s biggest port operator has sacked 28 staff, and a trade union claims the company will sack a total of 80 under a plan to reduce costs by 20 percent, the South China Morning Post reported.
– Piling and foundation engineer Roger Bullivant is to cut up to 95 more jobs and reduce employees’ pay by 10%.
– NEW DELHI: Private airline Jet Airways is restructuring its business operations that would trim its workforce and enhance efficiency.
– German auto parts company Schaeffler Group KG said Thursday that it will cut 195 jobs at a French unit and end production at a plant there as it struggles with weak demand for cars.
– The Hong Kong-based airline is requesting its staff to take unpaid leave over the course of the next 12 months, it said in a statement.
– Sputnik Communications has made three staff redundant, including MD Penny Porter, who had been in the role for just eight months.
– Struggling print and distribution group, PMP Ltd, will axe up to 67 jobs from its Victorian operations as market conditions worsen.
– Sen. Jack Reed said, “These projects are shovel-ready and will put an estimated 150 Rhode Islanders to work upgrading runways and lighting to make these airports safer and more efficient.”
-State regulators delivered a booster shot to the state’s economy this morning, approving nearly $1 billion in utility infrastructure spending that will create about 1,300 new jobs.
– Fifty-five new natural resource conservation projects in 20 states — many having to do with building and sustaining conservation initiatives on cropland — will bring up to 1,500 new jobs into the U.S. economy in the coming months, Secretary of Agriculture Tom Vilsack said Thursday morning.
Mike: Have a great evening and I’ll see you tomorrow.…………….