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Wolf Richter www.testosteronepit.com www.amazon.com/author/wolfrichter The daily drumbeat of layoff and plant-closure announcements in France has been riling up desperate workers who stand to lose their livelihood without much hope of finding a job elsewhere as unemployment has hit 10.5%. But now the government is worried about a “radicalization” of these angry workers. A major quandary: on one hand, the Socialists promised during the election to side with the workers; but on the other [...] From the DOL’s WARN database Date of Notice: 1/14/2013 Control Number: 2012-0140 Rapid Response Specialist: Edwidge Michel Reason Stated for Filing: Plant Closing Company: JPMorgan Chase – Mortgage Bank -Independent Foreclosure Review County: Kings | WIB Name: NEW YORK CITY| Region: New York City Contact: Linda Padilla, Regional Director Phone: (212) 499-9772 Business Type: Mortgage Bank Number Affected: 529 Total Employees: 529 Layoff Date: Will begin on 1/10/2013 and run through 4/10/2013 Closing Date: 4/10/2013 Reason for Dislocation: Economic ERNUM: —– Union: Employees are [...] Kaiser Permanente – one of the nation’s largest HMOs – will lay off 530 employees in Southern California this weekend, including some in the Inland Empire, a company official has confirmed. Kaiser Permanente said the layoffs – covering less than one percent of its staffing – will be spread across its 65,700 employee workforce in offices and hospitals from Kern County to the Mexican border. The HMO serves nearly 3.5 million [...]  Microsoft earnings fall 22%; sales also down Microsoft Corp. (NASDAQ:MSFT) on Thursday reported a fiscal first-quarter profit of $4.47 billion, or 53 cents a share, on revenue of $16 billion. During the same period a year ago, the software giant earned $5.74 billion, or 68 cents a share, on $17.37 billion in revenue. Analysts surveyed by FactSet had forecast Microsoft to earn 56 cents a share on $16.5 billion in sales for the [...] New York City’s Mayor Bloomberg and Police Commissioner Ray Kelly have given a press conference to confirm the details of today’s shooting at the Empire State Building in Manhattan.
Bloomberg and Kelly have confirmed a significant amount of information about the shooting, including the fact that several civilians may have been caught in the crossfire between New York City Police Officers and the suspect, identified as Jeffrey Johnson, 53. The velocity of money is at an all-time low, even lower then it was in the 50’s. The new June retail sales reports are out and it does not look good. If this trend continues in to the winter we’ll run in to a new round of layoff and business closings. Money in circulation is at an all-time high but the average dollar is being used in fewer transactions per year than [...] I just had a very disheartening online converstion with a friend who lives near Anaheim, CA. She teaches kindergarten. “I got my latest evaluation, and my principal sang my praises as if there were no tomorrow. I adapt for each child, I have super classroom management, I’m well respected by my peers and throughout the district, I’m an asset to the school, blah, blah, blah. Yeah, yeah, and I walk on water. Moving [...] This month, the Los Angeles city council is expected to ban single-use plastic bags. “[T]he ban is an attempt by the city to reduce litter,” says the Los Angeles Daily News. But it is likely to reduce something else: jobs. “[A] city ban could prompt the layoff of between 20 and 130 employees” at Crown Poly, a plastic bag manufacturer in L.A., according to the Los Angeles Times. Hundreds more could be at [...] by Donna Freedman I got a big income tax refund last year. Well, I would have, if I hadn’t applied it toward the quarterly taxes I pay as a freelancer. What are you going to do with your refund, if any? My MSN Money colleague Liz Pulliam Weston suggests spending 10 percent of any windfall on something non-essential. But don’t let the rest of the money trickle away. I’m not going to address the idea that tax refunds are of the devil, i.e., [...] UNADJUSTED INITIAL CLAIMS FOR WEEK ENDED 01/07/2012 STATES WITH A DECREASE OF MORE THAN 1,000 State Change
State Supplied Comment WI -7,657
No comment. MI -5,208
No comment. IA -4,675
Fewer layoffs in the manufacturing industry. NJ -4,667
Fewer layoffs in the service, transportation and warehousing, and manufacturing industries. KY -3,577
No comment. AR -1,563
No comment. STATES WITH AN INCREASE OF MORE THAN 1,000 State Change
State Supplied Comment NY +29,389
Layoffs in the transportation, educational, and construction industries. CA +22,168
Layoffs in the service, agriculture, and fishing industries. TX +13,946
Layoffs in the manufacturing and service industries. NC +7,865
Layoff in the non classifiable establishments, textile, [...] Closing January 9, 2012 The U.S. Agriculture Department announced Monday it will close nearly 260 offices nationwide The Friendly’s restaurant chain is closing 37 stores in Massachusetts, Connecticut, Rhode Island and elsewhere Great Atlantic & Pacific Tea Company, Inc. (A&P) to close 14 stores in four states The Macy’s at Parmatown Mall, along with four other underperforming stores across the U.S., will close its doors in early spring 2012. Bloomingdale’s will close four stores in early spring 2012 Fresh & Easy closing 12 [...] by Jill Krasny Planning for disaster is a part of any good relationship that many couples forget. “A lot of people have their finances set up as if nothing will ever happen, but of course that isn’t how reality works” says T. Rowe Price financial planner Stuart Ritter. “Things happening is a part of life.” With advice from Ritter and other marriage and finance experts, we’ve rounded up seven steps all couples should take [...] December 28, 2011|By SHEILA V KUMAR, Associated Press (12-28) 10:54 PST Sacramento, CA 95814, United States — (12-28) 10:54 PST Sacramento, Calif. (AP) – Advocates of welfare reform in California often cite one, eye-popping statistic as they have pressed for cuts and changes to the program in recent years: The state has one-eighth of the nation’s population but one-third of all welfare recipients. Yet steps taken in recent years to cut costs and [...] Mass layoffs started in Goldman’s London office last week, and it sounds like they’re going to continue everywhere. One source told us that Goldman Sachs plans to lay off up to 20% of its employees in investment banking and securities. Another source says 20% seems high. However there’s no question that the original number of layoffs (1,000 globally) that Goldman had planned has been revisited and revised by a lot. Here’s [...] Californians face mortgage defaults, 12% unemployment, pay reductions, loss of unemployment benefits. University of California shares sacrifices: no layoff or wage concessions for Chancellors, Faculty. If wages better elsewhere, chancellors, vice chancellors, tenured, non tenured faculty, UCOP apply for the positions. If wages are what commit to UC, leave for better paying position. UC wages must reflect California’s ability to pay, not what others [...] NEW YORK—Goldman Sachs Group Inc. has notified the New York State Department of Labor that the investment bank could lay off 230 employees, citing economic reasons. In a notice dated June 29, Goldman said a “plant layoff” could affect those employees between late September and March 31, 2012. WSJ LOS ANGELES (AP) — Justin Timberlake apparently wasn’t satisfied with just playing a social media impresario in the movies, so now he’s becoming one in real life. The pop star, who played Napster co-founder Sean Parker in “The Social Network,” a movie about Facebook, has joined Specific Media in buying its downtrodden rival, MySpace, from News Corp. in a deal that closed Wednesday. Timberlake will have [...] UPDATED, 3:17PM MST: List of Gannett sites and the number of employees cut at that property follow the story. Today, Bob Dickey, President of Gannett’s U.S. Community Publishing Division, announced today in a confidential company memo that the divison was cutting its’ workforce by 2%. The Sun Times has obtained a copy of the memo, which was posted on an unofficial employee blog. The move is expected to affect 700 workers [...] APPLETON — In the wake of continued tightening of municipal budgets nationwide, Pierce Manufacturing officials announced the layoff of 56 full-time employees. John Daggett, a spokesman for Oshkosh Truck, the corporate parent of Pierce, said Friday the workers would be laid off at the firm’s Appleton facility. Another 51 contracted workers will be let go as well, bringing the total number of layoffs to 107. The [...] BY ROB CHRISTENSEN – STAFF WRITER Editor’s note: As the legislative debate intensifies, the claims and counter-claims are flying. Over the next several weeks, The News & Observer will sort out the truth. The claim: The House Republican budget would result in 30,000 jobs being cut. Who made it: Democratic Gov. Bev Perdue in a speech at a Democratic fundraiser over the weekend. “We are about to see the largest public layoff in North Carolina [...] by Wallysmom 1. ELIMINATINÂG MEDICAID: The Budget Repair Bill includes a little-kno Âwn provision that would put complete control of the state’s Medicaid program, known as BadgerCareÂ, in the hands of the state’s ultra-consÂervative Health and Human Services Secretary Dennis [...] For a full transcript of the call, go to Buffalo Beast. Here are some highlights: Wisconsin Governor Scott Walker answers his master’s call “David Kochâ€: We’ll back you any way we can. What we were thinking about the crowd was, uh, was planting some troublemakers. Wisconsin Governor Scott Walker: You know, well, the only problem with that—because we thought about that… *** WHAT YOU ARE ABOUT TO WITNESS IS REAL. NO NAMES HAVE BEEN CHANGED [...] by Chris Nichols Earlier this week, we wrote about a new survey on the “American Dream” that discussed the number of people who say they are or aren’t living it. We received a number of interesting comments from readers, both in the original Tech Ticker post and on Facebook, and we wanted to present a few of them here. Some of you said you were in fact living the American Dream, citing [...] July 1st is when most local and state budgets start so fiscal 2012 will start that day and it will be marked with about 2-3 Million gov’t layoffs to celebrate the 4th :( This will be due to pensions draining all of their reserves, borrowing ability, taxing ability and finally they will have not choice but to can 20-30% of labor b/c remember the union forces them to layoff the lowest [...] Initially for 26 weeks, the insurance was extended one time. I’ve forgotten for how long. I used the time I was unemployed to do some much needed work around the old home place; e.g., painting, roof repair, plumbing, etc. As the extension drew closer and closer to the end, and I saw that the insurance wouldn’t again be extended, I hustled for a few weeks and found a job. No, I don’t feel [...] Welcome to the “give up hope” and “change for the worst” society. WASHINGTON  The unemployment rate fell in most states in June, mainly because more people gave up searching for work and were no longer counted. Fewer states saw job increases, the latest evidence that the economic recovery is slowing. The jobless rate declined in 39 states and Washington, D.C. last month, the Labor Department said Tuesday. That’s a slight improvement [...] They are broke and can’t afford higher rates. No matter what they do, without federal “free money” they are doomed in too many states. Tax revenues will continue to decline the more they lay off while the more they layoff, the more they need to spend on unemployment, welfare, food programs, and other safety nets. Medicaid spending will pick up and the states are not getting paid what they should [...] http://centralny.ynn.com/?ArID=508084 State workers could be facing layoffs sooner than expected. Governor Paterson originally called for thousands of workers to be laid off beginning in January 2011. He later then said leaving it to his successor to enforce those layoffs might not be a good idea. The crisis in cities and states isn’t going away and with more foreclosures, tax revenues drop as well as any other conditions that lower tax revenues. The cities and states claim they need to layoff 900,000. Meridith Whitney is predicting 1 to 2 million will have to be laid off. California, which accounts for 17% of our GDP (compare that to Greece’s contribution to Europe’s GDP, 2-3%), is planning on huge austerity [...] We have been told about many, many economic indicators, housing stabilizing, consumers returning, exports picking up, etc. All this good news and yet, there is this quote The dollar may very well benefit as this plays out. It may fall in value and rise in price or if this contagion spreads globally, it could even show a rise in value to most currencies. How to know what the dollar is doing in value will be to watch resource nation currencies, gold, food basics like grains, etc. If this spreads globally, I look for oil to drop significantly [...] |
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