LayoffBlog.com

March 23, 2009

Report: Mass Layoffs In February 2009

Filed under: FYI,unemployment — 7macaw @ 3:10 pm
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Employers took 2,769 mass layoff actions in February that resulted in the separation of 295,477
workers
, seasonally adjusted, as measured by new filings for unemployment insurance benefits during
the month, the Bureau of Labor Statistics of the U.S. Department of Labor reported today.

The number of mass layoff events in February increased by 542 from the prior month, while the number of associated initial claims increased by 57,575. Over the year, the number of mass layoff events increased by 1,100, and the associated initial claims increased by 112,439.

In absolute, not seasonally adjusted terms, however, the number of layoffs decreased significantly in most states.

Source: Bureau of Labor Statistics Report [pdf]

March 20, 2009

California economy worsens, unemployment at 10.5 percent

According to EDD, Reuters: ” California’s unemployment rate increased to 10.5 percent in February from 10.1 percent in January as the most populous state’s economy worsened, official data showed on Friday.

California’s February jobless rate far exceeded both the state’s 6.2 percent rate a year earlier and the national unemployment average for February of 8.1 percent, according to the report by the state’s Employment Development Department.”

March 18, 2009

PROJECT 405 PARTY: Race to Place Challenge

Filed under: FYI — 7macaw @ 11:50 am
Tags:

The 405 Club – New York’s Official Unemployment Benefit Collection Club – is running their first major event on March 25th (4-7pm @ The Galway Hooker Pub) called the PROJECT 405 PARTY: Race to Place Challenge. It’s a casual gathering with recruiters, advisers, counselors, and fellow unemployed New Yorkers. See the event flier here.

Go to the405club.com to RSVP.

Report: IT Employment Decline Moderates in February

Filed under: FYI,IT,IT consulting,US — 7macaw @ 11:06 am
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After dropping markedly in December (56,000 jobs or 1.4%) and January (46,000 jobs or 1.15%), the decline in IT employment moderated in February dropping by (17,000 jobs or .43%), according to the National Association of Computer Consultant Businesses (NACCB), which tracks monthly IT employment.

After peaking in November with over 4 million jobs and dropping the subsequent three months,
IT employment stands at 3,938,800. Despite the drop over the last three months, IT employment
was effectively flat (-.23%) year-over-year, outperforming the general employment marketplace
which shed more than 4 million jobs (-3.02%) over the same time period
.

Source: NACCB Report[pdf]

Immigrants Can Help Fix the Housing Bubble

Filed under: economy,FYI,Government,H1B,housing,US — 7macaw @ 10:09 am
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An article in the Wall Street Journal suggests that, “The Obama administration should seriously consider granting resident status to foreigners who buy surplus houses in this country.”

In order to reduce the excess inventory of houses, it is suggested to “offer permanent residence status to the many foreigners who are clamoring to get into the U.S. — if they buy houses of minimal values (not shacks). They wouldn’t need to live in those houses, but in order to remove the unit from the total housing market, they couldn’t rent them.”

According to the article, “Each year, 85,000 H-1B visas are granted for foreigners with advanced skills and education, and last year, 163,000 petitions were filed in the first five days after applications were accepted. The Ewing Marion Kauffman Foundation estimates that as of Sept. 30, 2006, 500,040 residents of the U.S. and 59,915 individuals living abroad were waiting for employment-based visas. Many would buy homes if their immigration conditions were settled.

These people tend to be highly productive. In 2006, foreign nationals residing in the U.S. were listed as inventors on 25.6% of the patent applications filed in the U.S., up from 7.6% in 1998. A Council of Graduate Schools survey found that in the fall of 2007, 241,095 non-U.S. citizens were enrolled in graduate programs. Some 55% were in engineering and the biological and physical sciences, compared with only 16% of U.S. citizens. In 2007, more people on temporary visas received doctorates in physical sciences and engineering than U.S. citizens.

Cook County employee who said she was laid off illegally to get $100,000

Filed under: FYI,US — 7macaw @ 9:52 am
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A former Cook County recorder of deeds employee will get $100,000 after alleging in a lawsuit she was illegally laid off so politically connected employees with less experience could keep their jobs.

The County Board agreed Tuesday to pay Jan Sudak after she sued Recorder of Deeds Eugene Moore in federal court after she was laid off in March 2007 amid job reductions imposed to balance the county budget.

Moore said the settlement did not involve any admission of wrongdoing.

Source: Chicago Tribune

March 15, 2009

Obama to announce steps to aid small businesses

According to Reuters: “U.S. President Barack Obama will announce steps on Monday to make it easier for small business owners to borrow money, using $730 million in stimulus funds to cut lending fees, boost loan guarantees and expand other programs, officials said.”

Bailed-out AIG Pays Out Hundreds of Millions in Bonuses

Bailed-out insurance giant AIG will no doubt be a heated topic of discussion today, with The Wall Street Journal and other news organizations reporting that the failed and essentially insolvent company is vowing to pay out $450 million in bonuses to its “top performers” — you know, the folks in the financial products unit, many of whom contributed to bringing the company to ruin and helped tank the entire economy in the process.

Update (03-15-2009): “There are a lot of terrible things that have happened in the last 18 months, but what’s happened at AIG is the most outrageous,” Lawrence Summers, chairman of the White House National Economic Council, said this morning on ABC’s “This Week With George Stephanopoulos. “What that company did, the way it was not regulated, the way no one was watching, what’s proved necessary, it is outrageous.” (ABC,  “Widespread Backlash Over AIG Bonuses“)

Update (03-16-2009): AIG revealed on Sunday details of $105 billion of government funds that it paid to U.S. and international banks including Goldman Sachs, Deutsche Bank and Societe Generale. (Source: MarketWatch)

Update 2 (03-16-2009): Obama Orders Treasury Chief to Try to Block A.I.G. Bonuses (Source: NYTimes)

Update 3 (03-16-2009): NY AG Seeking Info On Who Received Bonuses At AIG (Source: CNNMoney)

Update 4 (03-16-2009): AIG details $105 billion in payouts (Source: MarketWatch)

AIG Facts:

  • The company (AIG) takes $170 billion in taxpayer money to keep itself afloat.
  • Just this month, the company (AIG) reported a loss of $61.7 billion for the fourth quarter of last year — the largest corporate loss in history.
  • AIG’s board of directors page (the company’s “top performers”)

Source: Washington Independent, AP

March 12, 2009

D.C. to extend unemployment services

Filed under: FYI,unemployment,US — DF @ 10:11 am

Unemployed D.C. residents will get a boost in weekly benefits and an expansion of city services to help them file unemployment claims and search for jobs.

New perks for jobless residents include a supplemental $25 weekly compensation outlined in the American Recovery and Reinvestment Act, which will be added to unemployment payments starting next week.

Source: Washington Business Journal

U.S. Initial Jobless Claims Rose to 654,000 Last Week

Filed under: FYI,unemployment,US — DF @ 10:08 am
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According to Bloomberg: “First-time claims for U.S. unemployment benefits rose last week, holding above 600,000 for a sixth straight time, as companies kept cutting payrolls to reduce costs amid a worsening recession.

Initial jobless applications increased by 9,000 to 654,000 in the week that ended March 7, more than anticipated, from a revised 645,000 the prior week, the Labor Department said today in Washington. “

March 11, 2009

It’s a Terrible Time to Reject Skilled Workers

Filed under: FYI,US — 7macaw @ 8:32 pm
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There was an interesting article in today’s Wall Street Journal:

Thanks to the Employ American Workers Act (EAWA) it’s become harder for companies getting government support to hire skilled immigrants with H-1B visas.

Supporters say the law will help U.S.-born workers and stimulate our economy, but this is just wrong. The economy is not of fixed size, in which more foreign-born workers necessarily mean fewer U.S. workers. Productive foreign-born workers can help create more jobs here. Keeping them out damages us.

There is also indirect, unforeseen damage that’s beginning to appear in higher education. According to the National Science Foundation, 42% of Ph. D. science and engineering workers in the U.S. today are foreign born..

And where will all these foreign-born students go? To countries whose leaders recognize their job-creation potential and shape policy accordingly. For example, current British immigration policy welcomes an unlimited supply of the world’s best and brightest business minds.

Oregon, Carolinas Led Increase in U.S. Unemployment

According to Bloomberg: “Unemployment climbed in 49 U.S. states in January, showing no region has escaped the worsening recession. The jobless rate jumped by at least one percentage point in 23 states from December to January, led by a surge of 1.6 points in North Carolina, Oregon and South Carolina, the Labor Department said today in Washington. Michigan, where the rate jumped by 1.4 points, had the nation’s highest at 11.6 percent. “

March 5, 2009

Jobless Claims Exceed 600,000 Again

Filed under: FYI,unemployment,US — DF @ 5:47 pm
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According to Department of Labor, Bloomberg: “More than 600,000 Americans filed claims for jobless benefits for a fifth straight week, the worst performance since 1982, pointing to a deteriorating job market that may deepen the spending slump.

The Labor Department today reported 639,000 first-time unemployment applications, the fifth straight week above 600,000. The agency also said worker productivity, a measure of employee output per hour, fell at a 0.4 percent annual rate in the fourth quarter of 2008.”

Texas unemployment rate jumps to 6.4 percent

Filed under: FYI,General,unemployment,US — DF @ 5:30 pm
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According to AP, The Houston Chronicle: ” The Texas unemployment rate jumped to 6.4 percent in January and the state lost jobs for the third consecutive month, the Texas Workforce Commission reported Thursday.

The unemployment rate jumped nearly a percentage point from the revised December figure of 5.6 percent, and the state’s seasonally adjusted nonagricultural employment fell by 75,800 jobs, according to commission figures.”

NY state lost 25 pct of new jobs since last decline

Filed under: FYI,General,unemployment,US — DF @ 5:23 pm
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According to Reuters: “New York state, in the final quarter of 2008, lost over 25 percent of the jobs it had gained since the last downturn, a statistic that reveals the deepening recession, the labor department said on Thursday.

This means 110,300 people working at private companies lost their jobs in just three months.

These employers had hired more than 400,000 people from July 2003, when the last decline ended, to August 2008, when the economy peaked, the state labor department’s report said.”

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