April 7, 2009

Some companies avoid layoffs, trim costs elsewhere

Filed under: FYI — 7macaw @ 11:51 am
Tags: ,

Even as the recession cuts deeply into their revenue, some companies are opting to do the unconventional. They’re keeping all their employees and finding other ways to trim costs.

For example, profits at Costco Wholesale Corp. are down 27 percent from a year ago, but the discount store has not laid anyone off. The only workers let go have been holiday seasonal hires.

Economists say it’s a wise move for some companies to keep their workers and cut elsewhere. “If you overshoot on the downside and lay off workers, it puts the company at a disadvantage when the economy comes back to life,” said Sean Snaith, economics professor at the University of Central Florida.

~News submitted by upthecreek

Source: The Salt Lake Tribune

February 13, 2009

Virgin Atlantic eyes 600 job cuts

Virgin Atlantic has said it is consulting with staff over the possibility of making up to 600 redundancies across the business.

The airline said it was reshaping its business to ensure it remained strong during the economic downturn. Virgin Atlantic employs about 8,500 people worldwide.

Source: BBC

January 27, 2009

More than 211,500 job cuts announced in January alone

According to CNNMoney: “The job market continued to take a beating Tuesday, as six companies across several industries announced more than 11,500 job cuts Tuesday.

The huge number of job cuts pales only in comparison to Monday’s statistics: seven companies issued job cut announcements totaling more than 71,400 layoffs.

In January alone, companies have announced more 211,500 job cuts.”

  • U.S. companies have announced 519,895 job cuts since November 1, 2008.
  • The U.S. jobless rate reached 7.2 percent in December, the highest level in almost 16 years.

January 13, 2009

US Economy Could Lose 2 Million More Jobs

Filed under: FYI,unemployment,US — 7macaw @ 7:52 am
Tags: , ,

“During 2008, total nonfarm employment declined by more than 2.5 million and the sharp declines in the Employment Trends Index suggest that in 2009 this number could grow by another 2 million,” said Gad Levanon, Senior Economist at The Conference Board. “The continued deterioration in the Employment Trends Index signals that no turnaround in the labor market is to be expected in the near future.”

The Conference Board Employment Trends Index (ETI)™ fell further in December. The index now stands at 99.6, decreasing 1.6 percent from the November revised figure of 101.2, and down almost 16 percent from a year ago.

Source: The Conference Board press release.

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