He points to one indicator in particular with a remarkable track record: the number of Americans filing new claims for unemployment benefits. In past recessions, it has hit its peak about four weeks before the economy hit a trough and began to grow again. As of right now, the four-week average of new claims hit its peak of 650,000 in the week ended March 14. Based on the model, “if there’s no further rise, we’re looking at a trough coming in April or May,” he said, which is far earlier than most forecasts currently anticipate.
Mike: The US imprisons more people per capita than any other country in the world and the prison population isn’t even considered when tabulating unemployment. Why not save the taxpayer a bunch of money and give some model prisoners the ability to do some work? We give tax cheats and dishonest bankers great government gigs, so why not give some petty criminals a mop? What are your thoughts?
– COLUMBUS, Ohio (AP) — Ohio wants to use prisoners to replace Statehouse janitors and groundskeepers who were laid off because of budget cuts, angering a labor union.
The state board that operates the building says it will probably use two inmates to do grounds work and another five for night cleaning.
– As of year-end 2007, a record 7.2 million people were behind bars, on probation or on parole. Of the total, 2.3 million were incarcerated. More than 1 in 100 American adults were incarcerated at the start of 2008.
- Microsoft/Google/IBM and other Rumors/NewsGeneral Economic News Government Layoff News
– HP extended its lead in the worldwide PC market while Dell slipped a few points and Acer gained a few others to finish the quarter in a virtual tie for the number two spot. The U.S. market in particular held up better than others, with shipments dipping somewhere between 0.3 and 3.1 percent depending on who you ask. But while the worldwide ranking stayed unchanged from last year, Dell’s shipments dropped precipitously in the United States, which cost them the number one spot in the country after a 10-year run as the top shipper of PCs.
9:55 AM ET
– The Reuters/University of Michigan Surveys of Consumers said its preliminary April reading of consumer sentiment rose to a level of 61.9, up from 57.3 in March and was the highest since 70.3 recorded in September.
– Consumers would receive vouchers worth as much as $5,000 for trading in models from 2001 or earlier for a new vehicle, under the legislation Sutton proposed March 17. The program may spur sales by more than the 21 percent increase witnessed in Germany in February, Sutton has said.
Mike: The crooks and tax dodgers that have been part of the initial Obama administration is staggering. I’m sure there are a few honest, ethical and trustworthy individuals running his economic teams, but the people who show a complete lack of those positive traits seem to increase in number on a regular basis.
– NEW YORK (AP) — An investment company run by the head of the Obama administration’s auto task force has been accused of paying more than $1 million to an aide to New York’s former comptroller in a bid to win a lucrative deal with the state pension fund.
– ATLANTA (AP) — Delta Air Lines Inc. no longer is outsourcing reservation calls to India after years of complaints from customers who preferred to speak to someone in the United States.
– But now a study highlights another area where workers laid off from companies with fewer than 20 workers get pinched: The 65 percent government COBRA subsidy to help people extend their health insurance is either not available to them or not as comprehensive in many states.
– Fifty jobs will be lost after the state Department of Corrections announced the October closing of the annex portion of the Lakeview Shock Incarceration Correctional Facility, a minimum security prison in Brocton.
– The President of Plattsburgh State University says job cuts are coming.
– BROCKTON – City firefighters have given up $150,000 in overtime pay to save 20 jobs.
– More than a dozen city employees lost their jobs this morning as North Port continues to adjust to the recession. City Manager Steve Crowell announced 24 job cuts this morning, 14 in jobs that are occupied and 10 unfilled positions.
– The new 32-hour work week begins Monday. It affects 84 employees in 11 departments,
– Teradyne Inc. will eliminate 350 jobs and further reduce its executives’ annual salaries as part of ongoing plans to lower expenses as demand for chip making equipment continues to decline, the chip testing equipment maker said in a regulatory filing.
– And with that, 622 jobs are set to expire between June 24 and July 8, according to a plant-closing notice the company filed with the state Department of Labor on Monday.
– The Richmond, Va., company also said it cut its work force by nearly 300 jobs in the week of March 31 and plans to freeze its pension plan at the end of May.
– MOUNT VERNON, Ill. – Anheuser-Busch says it will close its facility in southern Illinois later this year, costing about 80 jobs.
– CARNEYS POINT TWP. – Feeling the pinch of the tough economic times, the Salem Community College Board of Trustees has approved the elimination of seven positions and reworked over a dozen others in order to close a budget shortfall.
– LEWISBURG — A weakened global and domestic economy has forced a Lewisburg recreational equipment manufacturer to lay off 38 employees.
– NEW YORK (AP) — The New York Times is cutting sections and trimming its budget for freelance contributions in another round of belt tightening aimed at coping with a steep decline in ad revenue.
-Country Fresh management told TV5 the closing is due to economic conditions, excess product and the need to shift production.
The facility has 180 employees, but 110 jobs will be directly affected.
– The move will affect 79 workers, according to data submitted to the state.
– Vale Inco employs about 5,000 workers in Ontario mostly at the two operations. It also has a major presence in northern Manitoba and in Labrador, where it operates the Voisey’s Bay mine.
– Workers at the Clarksville plant lost their jobs, some of whom had worked here since the plant opened in 1967. Mac Betts has put in 35 years of his life working here. Now he doesn’t know what to do.
– DHL Express’ decision to reactivate its Cincinnati/Northern Kentucky (CVG) facility will mean the movement of about 180 full-time positions and 650 part-time positions from Wilmington to the Northern Kentucky airport, a DHL spokesman said this morning, April 17.
– The Suncadia resort near Cle Elum laid off 40 employees Wednesday, according to the Ellensburg Daily Record.
– More than 500 ABX Air employees are getting laid off in the latest round of job losses announced Thursday.
via ABX to lay off 518.
– UAW Local 122 president Doug Rice said 450 to 500 employees will be laid off starting April 20. Rice said those laid off include assembly plant and maintenance workers as well as skilled trades workers.
– Three employees have been laid off from the admissions and financial aid office as part of the effort to trim $72 million from the College’s budget by 2011, according to Dean Maria Laskaris.
– Sixty of the 120 employees of the third-generation, family-owned iron castings company are on temporary layoff, said Jim Kirsh.
-GARY | About 40 U.S. Steel Corp. workers were recently laid off, some permanently, because of problems with a blast furnace, local union officials confirmed Thursday.
– Rocked by the financial markets and by donors also rocked by the markets, the UND Foundation and its sister organization, the UND Alumni Association, earlier this week laid off four of its 44 employees, spokeswoman Leanna Ihry said.
– CHICAGO (AdAge.com) — Doner is the latest ad agency to undergo major staff cuts amid the economic downturn.
The Southfield, Mich.-based independent shop laid off more than 100 people this week,
– Boeing today will issue about 300 layoff notices companywide.
About 120 of those will go to employees in the Puget Sound region, about 100 of them in the Commercial Airplanes division.
– Three months after eliminating dozens of jobs at its Kansas City plant, Harley-Davidson will lay off 70 more local workers in response to sluggish sales.
– At a joint meeting Wednesday night, leaders of two local railroad unions, the United Transportation Union and the Brotherhood of Locomotive Engineers and Trainmen (BLET) told members to prepare for big layoffs in Buffalo.
– Seventeen non-clinical employees at Jackson Hospital were laid off this week, representing about 1.5 percent of the total work force at the Pine Street hospital, said hospital spokesman Peter Frohmader.
– The company will cut 3,900 contract workers in Japan by March of next year, according to spokeswoman Hiroko Mochida. That is in addition to the 4,500 Japanese contract workers it previously said would be cut by last month.
– STOCKHOLM (AP) — Mobile phone maker Sony Ericsson on Friday posted a euro293 million ($387 million) net loss in the first quarter on falling sales and said it would slash an additional 2,000 jobs to cut costs.
– The entire workforce of the Rousse Shipyard is being laid off until further notice as of April 27, the press service of the company has said, as reported by Dnevnik daily.
– AN INVERNESS building firm is to cease trading with the loss of 22 jobs, making it the latest casualty of the recession in the Highlands
– Howard Kennedy has kicked off a redundancy consultation with 40 jobs at the West End firm under threat.
– ALLENS Arthur Robinson has become the latest big firm to impose a pay freeze to deal with what is expected to be one of the most testing years for the legal services industry.
– Groundwork and demolition specialist Keltbray has said it will be forced to lay off staff as medium-sized commercial jobs dry up
– LONDON — Printed circuit board manufacturer Ruwel GmbH (Geldern/Pfullingen, Germany), which filed for insolvency earlier this year but continued to operate at a reduced level, is now planning to commence redundancies amongst its 600 staff.
– A Newcastle holiday firm is to close down with the loss of 108 jobs.
– TYNEDALE’S unemployment blackspot has suffered a further blow with the announcement that 28 jobs are to go at one of its factories.
– ISLAMABAD: As many as 308 non-gazetted government employees are being laid off from the Statistics Division by July 30, 2009, The News has learnt.
– RALEIGH — Gov. Beverly Perdue proposed a new program Thursday designed to quickly retrain people and match them with jobs where there are shortages.
At a news conference at WakeMed, Perdue said she would use $13.4 million in federal stimulus money to start accelerated six-month training programs for 12 occupations. She called it “12 in 6.”
– The projects, which total $956 million, are expected to add 1,300 jobs, according to estimates. It will also repair electric lines and replace many of the state’s 2,500 miles of aging gas pipes.
– April 16 (Bloomberg) — Research In Motion Ltd. Co-Chief Executive Officer Mike Lazaridis plans to keep hiring to spur the flow of new BlackBerry models, signaling the phone maker is withstanding a recession that forced rivals to trim payrolls.
– BUFFALO, N.Y. (WIVB) – Help is wanted at the New Embassy suites. They’re looking to hire up to 90 people as they prepare to open this summer, and a popular theme park is looking for 400 workers.
– ADS Inc., a company that supplies special operations gear to the military, announced Thursday that it plans to hire 10 workers after winning a contract worth at least $153.6 million to sell flame-resistant garments to the U.S. Army.
– Faneuil said it will hire about 180 full-time employees and additional support staff for the project. It currently employs 2,400 at 12 offices statewide.
– Jobs are hard to come by these days, but Live Nation is offering an opportunity to pick up one for the summer. The concert promoter/venue operator has nearly 1,500 seasonal jobs at The Gorge, in Eastern Washington, and Auburn’s White River Amphitheatre. Positions range from stagehands to T-shirt sellers, and pay around $9 to $15 per hour.
– Job creation, economic investment and the development of renewable energy will be the key points highlighted by Vice President Joseph Biden and Commerce Secretary Gary Locke during an event at the ABB manufacturing facility in Jefferson City, Mo., today, where they will join representatives of Wind Capital Group (WCG), Associated Electric Cooperative Inc. (AECI), ABB, GE Energy, United Auto Workers (UAW) and RMT to announce the development of the Lost Creek Wind Farm. This new project is expected to create over 2,500 jobs.
– Census Bureau officials want to count you — and they want you to count.
Mike: A relatively quiet day again for layoff announcements of the larger kind. Hopefully this latest week is not merely a lull in the action. I’m going out this weekend to test my new Canon camera, so if I shoot anything of interest, I’ll post for comment. I hope you all have a fine weekend.
Just a reminder, I’ll be moving this site to http://www.layofflist.org/ over the next couple of days, so don’t be surprised when you see a redirect notice when accessing this current version of The Layoff List. The new and improved Layoff List will load quicker and allow me to offer some additional items, which are not allowed at WordPress. Please visit http://www.layofflist.org/ and let me know what I can do to make your visits more rewarding. Thanks ………….
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