layoffs

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Salmonella Scare Rattles Peanut County

Farmers report fewer contracts

(Newser) - A Georgia county that boasts a big peanut in its courthouse square is getting crunched by the salmonella outbreak, the Los Angeles Times reports. In Blakely-Early County, Ga.—the self-proclaimed "Peanut Capital of the World"—peanut plant workers are losing jobs and farmers are getting fewer contracts....

It's Time for a Backup Plan
 It's Time for a Backup Plan 
Feb 8, 2009 2:50 PM CST

It's Time for a Backup Plan

Stay calm, be optimistic, or just go back to school

(Newser) - If you've gotten the ax or fear you're next, it’s time to prepare yourself without panicking, NPR reports. The American Psychological Association advises people to stay calm and make a financial plan to cope with tough times. "It's very hard, but try to stay focused in the present,...

RNC Chief Sacks Staff; Feds Probe His 2006 Race

Steele accused of misusing 2006 campaign funds

(Newser) - New RNC chief Michael Steele is quickly making headlines, but not exactly of the good-news sort. The Post reports that he's laid off practically all of the RNC staff, a not-too-startling development given the GOP's big election losses, but one that forces him to start from scratch as the party...

Job Losses Hit 3.6M; Unemployment at 7.6%

(Newser) - Nonfarm payrolls plunged 598,000 in January, the Labor Department announced today, bringing the total job losses to 3.6 million since the recession began in December 2007. The drop was significantly worse than analysts anticipated, and the worst since December 1974, the Wall Street Journal reports. The jobless rate...

Jobless Claims Set Another Record

626,000 claims filed last week, far more than expected

(Newser) - New jobless claims jumped far more than expected last week in an already dismal labor market, and there's no relief in sight for workers as mass layoffs persist. The Labor Department reports that the number of laid-off workers seeking jobless benefits rose last week to 626,000 from the previous...

Panasonic Cuts 15,000 Jobs
 Panasonic Cuts 15,000 Jobs 
Feb 4, 2009 6:47 AM CST

Panasonic Cuts 15,000 Jobs

Company cuts 15,000 jobs, closes 27 plants as it restructures

(Newser) - A strong yen and softening consumer demand is prompting Panasonic to cut 15,000 jobs, close 27 plants, and restructure as it struggles to withstand burgeoning losses, reports the Wall Street Journal. The electronics company last quarter posted a $707.2 million net loss, and experts expect the downward trend...

Macy's Slashes 7K Jobs
 Macy's Slashes 7K Jobs 
Feb 2, 2009 12:50 PM CST

Macy's Slashes 7K Jobs

Job cuts, dividend reduction could save retailer $410M

(Newser) - Macy's said today it will cut 7,000 jobs, or 4% of its work force, and slash its dividend as it looks to lower expenses. The Cincinnati-based retailer says the reduction includes positions in offices, stores, and other locations. The cuts will include some unfilled jobs. Macy's anticipates the reductions...

Laid-Off? Be Your Own Boss

Interest in small business is booming as unemployment rises

(Newser) - The pink slips are flowing, but that’s not halting thousands from using severance packages and savings to found their own businesses, the Christian Science Monitor reports. The new gigs often bear little resemblance to past ones—one Wall Street exec now walks dogs—and differ from the economy at...

Times to Ax 300 Jobs, Local News Section

(Newser) - Amid growing gloom in the newspaper business, the Los Angeles Times plans to lay off 300 workers and shelve its local news section, LA Observed reports. Foreign and national news will be downplayed to fit local stories into the front section, the publisher said in a memo today. Seventy newsroom...

Dow Off 149, Down 8.8% for Month
 Dow Off 149, 
 Down 8.8% for Month 
MARKETS
Jan 30, 2009 3:18 PM CST

Dow Off 149, Down 8.8% for Month

GDP report ends month of layoffs, losses

(Newser) - Stocks extended losses today off the news of a 3.8% decline in US GDP for the fourth quarter, ending a turbulent month, MarketWatch reports. The report capped a week of widespread layoffs and poor earnings at major US firms. Amazon.com was a rare exception, up 18% on strong...

NEC to Lay Off 20,000
 NEC to Lay Off 20,000 

Jan 30, 2009 6:03 AM CST

NEC to Lay Off 20,000

Japanese electronics giant hammered by falling demand, stronger yen

(Newser) - The Japanese electronics giant NEC announced today that it will cut 20,000 jobs worldwide after posting a fourth-quarter loss of $1.45 billion, reports the Wall Street Journal. NEC's losses ballooned as demand fell for its semiconductors and chips, and the strength of the yen further hurt its bottom...

Starbucks Closing 200 More US Stores

(Newser) - Starbucks Corp. plans to slash nearly 7,000 more jobs during a new round of store closures and other cuts, the company said as it reported that its profit dropped by more than two-thirds in its fiscal first quarter. The coffee chain plans to close 300 underperforming stores around the...

Home Depot Hacks 7K Jobs
 Home Depot Hacks 7K Jobs 
Jan 26, 2009 8:36 AM CST

Home Depot Hacks 7K Jobs

Home-improvement giant having rough time in slow housing market

(Newser) - Home Depot says it's cutting 7,000 jobs and closing its smaller Expo chain as the recession continues to batter the nation's housing market. The nation's largest home-improvement retailer says the cuts announced this morning will affect about 2% of its workforce. Its core Home Depot stores won't be affected.

Huge Losses at ING Bring New CEO, 7K Job Cuts

Dutch banking giant posts $2.6B in quarterly loss, against asks government for help

(Newser) - ING posted a $2.6 billion quarterly loss today, leading the banking giant to replace its CEO, fire 7,000 employees, and seek new guarantees from the Dutch government. The request for state aid is ING’s second in three months, and the bank said it might even need a...

Sprint Nextel to Cut 8K Jobs
 Sprint Nextel to Cut 8K Jobs 
Jan 26, 2009 8:13 AM CST

Sprint Nextel to Cut 8K Jobs

3rd-largest wireless outfit has lost millions of subscribers

(Newser) - Sprint Nextel is eliminating about 8,000 positions in the first quarter as it seeks to cut annual costs by $1.2 billion. The third-largest US wireless provider said it will complete the layoffs, about 14% of its 56,000 employees, largely by March 31. About 850 of the reductions...

Caterpillar to Slash 20K Jobs
 Caterpillar to Slash 20K Jobs 
Jan 26, 2009 7:50 AM CST

Caterpillar to Slash 20K Jobs

Don't they know Obama wants to heap money on infrastructure?

(Newser) - Caterpillar Inc will cut 20,000 jobs—or 18% of its workforce—after posting a 32% drop in fourth-quarter income, the Wall Street Journal reports. “We were whipsawed in the fourth quarter,” said CEO Jim Owens. “Key industries were hit by a rapidly deteriorating global economy.”...

Starbucks Plans to Ax 1,000 Jobs

(Newser) - Starbucks is planning to slash another 1,000 jobs by early next month, a source tells the Seattle Post-Intelligencer. About a third of Starbucks headquarters will get the ax, along with field workers and district managers, but not baristas. The Seattle-based company has cut more than 2,000 jobs and...

Microsoft to Ax 5K Jobs
 Microsoft to Ax 5K Jobs 
Jan 22, 2009 9:20 AM CST

Microsoft to Ax 5K Jobs

(Newser) - Microsoft surprised the street today by releasing its earnings early, and they weren’t pretty. The software giant’s revenues inched up only 2%, below earlier guidance, and its net income dropped 11%. More alarming, the company said it was slashing 5,000 jobs, starting with 1,400 today, which...

Warner Bros. Slashing 10% of Workforce

600 workers to be laid off; 300 jobs to be outsourced

(Newser) - Even the Dark Knight is no match for this economy. Warner Bros. is cutting 800 jobs across all levels of the firm, shrinking its workforce by 10%, the Wall Street Journal reports. That means 600 employees will have to leave, with 300 departing in the next few weeks. The rest...

Firms Choose Pay Cuts Over Layoffs
Firms Choose
Pay Cuts
Over Layoffs
Jan 15, 2009 10:03 AM CST

Firms Choose Pay Cuts Over Layoffs

Some deem sharing the pain preferable to axing workers

(Newser) - Employers increasingly are opting to cut salaries rather than staff as they tighten budgets, a plan that helps keep them ready to respond to an economic rebound but could hurt morale, reports the Los Angeles Times. Companies also are looking to trim operating costs by eliminating bonuses, requiring employees to...

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