LayoffBlog.com

December 31, 2008

Life after a six-figure salary

According to CNN Money: “With fewer jobs available, unemployed workers are taking any position they can find – even if it comes with a salary cut.”

“In fact, 63% of unemployed workers said they would be willing to accept a job offer that pays less than their previous job, according to a recent survey conducted by the National Employment Law Project. Still, only 37% of respondents expressed high confidence in finding a job in the next four months despite being willing to make such a sacrifice.”

Thousands of stores to disappear in 2009

According to CNN Money: “The ugly sales year that was 2008 will haunt U.S. retailers in 2009, with industry experts warning that disastrous holiday sales will spark a domino effect of store closures and bankruptcy filings.”

As many as 14,000 stores are expected to be closed in 2009. Nevada, California and Florida will be especially hard hit.

Jobless claims fell 94,000

“Initial claims for state unemployment insurance benefits fell 94,000 to a seasonally adjusted 492,000 in the week ended December 27 from an unrevised 586,000 the prior week, the Labor Department said.”

“It was the lowest reading for initial claims since the week ended November 1 and well below the 565,000 new claims analysts had expected”, according to Reuters.

Jobless claims down sharply, backing away from 26-year high. according to CNN Money

Microsoft asked to lay off over 9,000 employees

According to Yahoo News, India: “The world’s top software firm Microsoft has been asked to cut its workforce by 10%, or about 9,100 employees, to tell the market that profits are more important than revenue growth in difficult times.”
“Earlier in October, Microsoft had put in place a hiring freeze on some of its divisions, such as entertainment and devices businesses that make products like X-Box and Zune.”

  • The software giant had close to 91,000 employees on its payrolls at the end of July-September quarter.
  • Microsoft is scheduled to release its second-quarter results for the fiscal year 2008-09 on January 22.
  • Brokerage firm Oppenheimer and Co’s analyst Brad Reback has said in a report on Microsoft that such layoff exercise “would be a healthy move for the company.

Ten Million Chinese migrant workers have already left cities

According to CNN Money: “China’s ocean of blue-collar workers is streaming back to the country’s farming hinterland, bringing thwarted aspirations and rising discontent in tow as their city jobs, their paths out of poverty, fall victim to the global economic crisis.”

“Officials estimate that more than 10 million migrant laborers have already returned to the countryside as thousands of companies have been dragged under by weak global demand for everything from clothes to cars.”

“Over the past three decades, about 130 million people have left China’s countryside for the smokestacks, assembly lines and construction sites of cities.”

“Many economists forecast growth next year of less than 7.5%, the country’s lowest since 1990 and a level that would swell the ranks of the jobless.”

“The social security ministry says 10% of all migrants have already gone back to the countryside.”

Dell preparing senior management changes

Filed under: Dell,Technology,US — DF @ 1:40 am

According to Reuters: “Dell Inc’s president of global operations, Michael Cannon, and chief marketing officer, Mark Jarvis will leave their roles in moves expected to be announced soon, the Wall Street Journal said, citing people briefed on the matter.

The people told the paper that they expect Jarvis to leave Dell, while Cannon will likely stay on in a different capacity.”

Dell: lawsuits are following the rise in layoffs

Filed under: Dell,FYI,Lawsuit,US — DF @ 1:27 am
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According to Buffalo News and LA Times: “Chapman, 59, and three other top female managers have filed a class-action lawsuit against Dell, alleging age and sex discrimination in the company’s termination of 8,000 employees over the last year.

The lawsuit, filed in federal court in San Francisco, is one of only a few so far emanating from the mass layoffs sweeping the United States.”

“Analysis of the 8,000 employees Dell laid off over the last year will show that women and people over 40 were disproportionately affected, said Steve Wittels, a founding partner of the Sanford Wittels & Heisler law firm, which filed the class-action lawsuit seeking $500 million in damages.

Dell executives deny the lawsuit’s allegations. ”

Shares of Dell (NASDAQ:DELL) dropped 1.06 percent to $10.23 on Tuesday 12-30-2008.

December 30, 2008

Rumor: Microsoft to layoff 15,000 employees in January 2009

According to rumors from different sources: “The rumor that Microsoft was set to lay off people in January 15th 2009 is no longer a rumor but a fact. Staff at Microsoft has been informed that the company is readying major layoffs to its worldwide operations and it’s not a small cut either.”

So far we haven’t managed to confirm what departments or regions which will be hit the worst, but we’re hearing that MSN might be carrying the brunt of the layoffs. We’re also hearing rumors about the possibility of somewhat larger staff cuts at Microsoft EMEA (Europe, Middle East and Africa).

“It’s unlikely that Microsoft will be laying off a lot of people in departments and regions that are doing well and considering the recent upturn in console sales, we have a feeling that at least most of the people working in the Xbox 360 departments will be pretty safe.”

“The layoffs will take place a week before Microsoft’s Q2 earnings report which takes place on the 22nd of January 2009 and it doesn’t seem like the date set for the layoffs is coincidental.”

  • “Currently Microsoft employs about 90,000 people across the world and from what we’re hearing, some 15,000 of those are expected to be giving marching orders come January 15th. That’s almost 17 percent of Microsoft’s total work force, not exactly a small number.”

~ LayOffBlog.com:  Please feel free to comment this info or send us your updates regarding Microsoft layoffs. ~

No-Layoff Policies Crumble

Filed under: FYI,General,US — 7macaw @ 11:29 am
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Companies that have avoided job cuts in the past find this recession is different, according to The Wall Street Journal: “The deepening recession is prompting layoffs at long-established employers that avoided job cuts in previous downturns. These layoffs demonstrate both the severity of the current recession and the continued erosion of workplace norms that once shielded many U.S. workers from permanent job loss.”

Confidence Sinks to Record Low on Jobs

Filed under: FYI,General,Obama,US — DF @ 11:06 am
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According to Bloomberg: “The share of consumers who said jobs are plentiful fell to 6.2 percent, the lowest level in 16 years, from 8.7 percent last month, today’s report showed. The proportion of people who said jobs are hard to get increased to 42 percent from 37.1 percent.”

“That wasn’t enough to overcome the damage from the loss of 1.9 million jobs and a slump in household wealth after the collapse of home and stock prices.”

The jobless rate could reach 8.2 percent at the end of next year compared with last month’s 15-year high of 6.7 percent, according to the survey.”

“President-elect Barack Obama has expanded his economic stimulus goals and called for creating or saving 3 million jobs over the next two years. Vice President-elect Joe Biden said Dec. 23 the incoming administration and congressional leaders are nearing an agreement on the broad principles of a stimulus policy.”

AMD reports more job cuts, higher restructuring costs

According to BizJournals: “AMD said in a regulatory filing on Monday that it cut about 100 more jobs than it originally targeted, resulting in higher than expected restructuring costs in the fourth quarter.

The Sunnyvale chip maker (NYSE:AMD) said it reduced its work force by 600 and will see $70 million in costs related to that move, instead of the 500-worker cut with $50 million in costs originally announced in November.”

AMD also said it isn’t through, saying in the filing that “further cost reduction actions will result in additional charges in the first half of fiscal 2009, which the company cannot estimate at this time”, according to New Mexico Business Weekly

Update: So the rumor we published earlier regarding possible additional layoffs at AMD is confirmed.

December 28, 2008

Japan’s industry, employment weaker

Filed under: FYI,General,Japan,unemployment — DF @ 11:04 pm
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According to CNN: “Japan’s industrial output took the largest drop in history in November over October, tumbling 8.1% – nearly double the previous record of 4.3% in January 2001, according to a report from the Ministry of Economy, Trade and Industry.”
“More than 2.5 million Japanese are out of work, the ministry said, and for every three people looking for a job, only 1.5 jobs are available. That ratio is the lowest in nearly 5 years.”

December 24, 2008

Unemployment Filings Reach 26-Year High [again]

Filed under: FYI,unemployment,US — 7macaw @ 12:50 pm
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Washington Post reports that, “The number of people filing for unemployment benefits hit a 26-year high last week, as the deepening recession forced more employers to cut jobs.

First-time claims for unemployment rose 5.4 percent, to 586,000 for the week ending Dec. 20, the Labor Department reported this morning. The last time claims were that high was Nov. 27, 1982. The four-week moving average, which is a less volatile indicator, rose to 558,000 from 544,250, also a 26-year high. ”

It was reported earlier that the jobless claims fell somewhat, and now they seem to be on the rise again.

U.S. outpaces Colorado in new jobless claims

According to BizJournals: “Initial claims for unemployment benefits in Colorado rose 44 percent in the week ending Dec. 13 from the same week a year ago, a lesser increase than the 60 percent national average, the Department of Labor reported Wednesday.

In Colorado, 5,917 new jobless-benefits claims were filed that week, versus 4,097 in the comparable week of 2007. The pace of new claims in the state declined slightly from the week ending Dec. 6.”

DHL to lay off 1,000+

Filed under: US — 7macaw @ 7:05 am
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According to Worker Adjustment and Retraining Notification (WARN) filings in Washington, Ohio, Indiana, DHL is going to cut more than a 1000 jobs across those states next year.

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