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by Phoenix Capital Research
The media is jumping for joy over last week’s US jobs numbers. But beneath the veneer of headline numbers lies a truly horrible economic reality. Let’s have a look at the two key economies for the world: China and the US. For starters, China’s recent economic data, as massaged as it is to the upside, is downright awful. China’s PMI numbers were the worst in two years. Staffing levels [...] Wolf Richter www.testosteronepit.com www.amazon.com/author/wolfrichter Investors are fuming. But traders, the lucky ones who got the timing right, love it. And so do the big Wall Street firms that shuffle companies around. For decades, Hewlett-Packard did what they wanted it to do: swallow other companies, whole or in pieces, spit out some limbs, mangled or undigested, and dump tens of thousands of employees. Since 1990, H-P has gobbled up well over 100 companies, and not [...] testosteronepit.com / By Wolf Richter / February 25, 2013, 5:49PM Investors are fuming. But traders, the lucky ones who got the timing right, love it. And so do the big Wall Street firms that shuffle companies around. For decades, Hewlett-Packard did what they wanted it to do: swallow other companies, whole or in pieces, spit out some limbs, mangled or undigested, and dump tens of thousands of employees. Since 1990, H-P has gobbled up [...] globaleconomicanalysis.blogspot.com / By Mike “Mish” Shedlock / Monday, January 21, 2013 11:52 AM Spanish banks have already shed 30,000 jobs in its banking crisis. Another 20,000 cuts are due in 2013, along with pay cuts and reduced pension contribution. In response Spain’s Banking Unions Announce Strikes. Workers at three of Spain’s bailed-out banks will stage strikes in coming weeks as they fight mass layoffs, unions said on Monday, spreading industrial unrest to a sector where [...]  from KWN: Today 40-year veteran, Robert Fitzwilson, wrote the following piece exclusively for King World News. Fitzwilson, who is founder of The Portola Group, stated, “History says that once set in motion, fiat money schemes cannot be reversed. Tragedy and collapse are the terminal destinations.” Below is Fitzwilson’s exclusive piece for KWN:
“Andrew Dickson White was a professor of history in the second half of the 19th century. He also convinced Ezra Cornell to [...] Ford cuts 1400 jobs at UK plants Colgate to Cut 6 Percent of Jobs in Restructuring Program Sen. Lindsey Graham (R-S.C.) says that he will do anything he can to block the Obama administration from reimbursing defense contractors for severance costs if the firms don’t send layoff notices to employees. The Obama administration issued guidance Friday that said defense firms’ costs would be covered if they have to layoff workers due to canceled contracts under the across-the-board cuts set to take effect Jan. 2. The layoff notices have become [...] The latest Bureau of Labor Statistics data showed a fall in mass layoffs in August. A mass layoff is when at least fifty initial claims for unemployment insurance originate from a single employer over a period of five consecutive weeks. The latest release of the Bureau of Labor Statistics (BLS) Mass Layoff Report indicated a decline in large-scale layoffs with 1267 mass layoff events for August resulting in 127,454 initial unemployment claimants on a seasonally adjusted basis. http://www.csmonitor.com/Business/Paper-Economy/2012/0921/Mass-layoffs-decline-in-August
A [...] Mac Slavo
Austerity measures, though unpopular and not discussed by government officials and media pundits, are in full effect across a broad spectrum of services and industries. In many parts of the country local governments are being forced to layoff or cut the salaries of thousands of emergency personnel. Education spending cuts across debt behemoths like California, Illionois and Michigan are forcing elementary and high school classrooms to capacities exceeding [...] Obama Administration ‘Doesn’t Want All These Pink Slips Going Out 5 Days Before Election’ http://cnsnews.com/news/article/inhofe-obama-administration-doesnt-want-all-these-pink-slips-going-out-5-days-election Obama’s Labor Department on Monday issued “guidance” to the states, telling them that a federal law requiring advance notice of mass layoffs does not apply to the layoffs that may occur in January as a result of automatic budget cuts known as “sequestration.” Inhofe, appearing on Fox & Friends Tuesday morning, said President Obama, through his Labor Department, “is [...] (CNSNews.com) – President Obama is trying to prevent thousands of layoff notices from going out a few days before the November election, Sen. Jame Inhofe (R-Okla.) said on Tuesday. Obama’s Labor Department on Monday issued “guidance” to the states, telling them that a federal law requiring advance notice of mass layoffs does not apply to the layoffs that may occur in January as a result of automatic budget cuts known as [...] Already this year, more than 283,000 people were fired according to Challenger Gray & Christmas. Of those laid off, nearly 60 percent were dismissed because of a corporate restructuring or cost cutting move. Business Insider dug through corporate filings, press releases, and data through Bloomberg to assemble a list of the North American companies that have been hardest hit by layoffs. Figures are based on announced numbers, meaning cuts may be partially underway or set to start later [...] And it is only going to get much worse. Cisco to Lay Off About 1300 Employees? Wall Street Journal Kiwifruit woes lead to orchard layoffs
From WSJ: Hostess Brands Inc. on Friday sent out letters notifying its more-than 18,000 workers that they could be laid off in the next two months. The maker of Twinkies and Wonder Bread on Friday mailed out WARN Act notices to all of its employees, a Hostess spokeswoman confirmed to Bankruptcy Beat Monday. The federal WARN Act requires companies to give employees 60 days notice before closing a facility or ordering mass layoffs. However, sending [...] By FERMIN LEAL / THE ORANGE COUNTY REGISTER About 22 percent of California’s eighth-graders tested on a national science test passed, ranking the Golden State among the worst in the nation, according to figures released Thursday. Scores from the 2011 National Assessment of Educational Progress, also known as the Nation’s Report Card, show that too few students have the skills that could lead to careers in the field, educators said. Nationally, 31 percent of [...] The magazine then offers its darkly pessimistic scenarios of an economy in tatters, in which one out of four workers is unemployed, and for part-time workers, hourly compensation will plummet. Employers will not even reimburse them for their transportation. With government revenues drying up, there will be mass layoffs of civil servants as well. Public works projects will come to a screeching halt, and as budgets for education, the arts and [...] “Over the past 40 years, small business leaders have eloquently complained about the regulatory burden. And they are right to. But it’s not clear that regulations are a major contributor to the current period of slow growth. Bryce G. Hoffman/ The Detroit News General Motors Co. has quietly begun laying off white-collar workers as it works to consolidate its global operations. The numbers are small — a dozen here, a dozen there — but more are coming before the end of the year. “GM is continually seeking ways to improve our operating performance and reduce complexity to deliver a world-class cost structure and profit margins,” spokesman Jay Cooney told The Detroit News. [...] 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 [...] Uh oh – are we rapidly reaching another major economic tipping point? According to a new CNN/ORC International Poll, 90 percent of the American people believe that economic conditions in the United States are “poor”. This represents a significant increase from when the same question was asked in June. Back then, 81 percent of the American people considered economic conditions to be “poor”. To put [...] As President Obama campaigns for more government spending-a.k.a. his jobs plan-new unemployment claims provide fresh evidence the economy is stalling and in danger of slipping into a second recession. Big government could easily take unemployment above 15 percent and create a hole too big to ascend. New jobless claims for the week of September 10 rose to 428,000, up from 417,000 the previous week. Having [...] Bank of America might lay off up to 30,000 people in the coming years, according to a report in the Charlotte Observer. That means it could cut over 10% of its 288,000 employees worldwide, making BofA the bank with the most brutal layoff plans we’ve heard yet, second only to HSBC’s plans to layoff 30,000 of its 300,000 strong workforce. Sources familiar with the firm announced the mass layoffs [...] Putting pressure on an already lousy job market, the mass layoff is making a comeback. In the past week, Cisco, Lockheed Martin and Borders announced a combined 23,000 in job cuts. (See: Another Retailer Bites the Dust: Borders Doomed by Amazon Deal, Davidowitz Says) Those announcements follow 41,432 in planned cuts in June, up 11.6% from May and 5.3% vs. a year earlier, according to Challenger, Gray & Christmas. Meanwhile, [...] (Reuters) – U.S. state and local governments cut thousands of jobs in June, pushing their payrolls down to the lowest in five years, according to Labor Department data released on Friday, and analysts do not expect the losses to end any time soon. Local governments shed 18,000 jobs and state governments cut 7,000 in June. The level of local government employment — 14.143 million employees [...] http://www.marketoracle.co.uk/Article26899.html
The two and one half years since September 2008 have set the stage for a far worse catastrophe. The Obama administration jammed an $800 billion pork filled stimulus bill down the throats of America, along with home buyer tax credits, loan modification programs, and a healthcare plan that will crush small businesses. The politicians, government bureaucrats, and mainstream media corporate mouthpieces proclaim that their wise and [...] by TheAlphaWolf U-6 employment figures show that we are bombed out in the private sector. Soon we will see mass layoffs at the state, city, county levels in at least 35 states that cannot balance budgets or avoid bond defaults any other way. Our tax revenues are not keeping up with our borrowing and our deficits are out of control. 1. State and local government jobs. The level of unemployment in this sector continues to rise. Budget imbalances in a number of states have already caused mass layoffs as tax receipts have dropped sharply. 2. Construction. Nationwide construction unemployment was 17% in August, up from 16.5% in the same month last year. Over the course of the summer, government statistics have shown sharp drops in the construction of new homes and [...] |
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