Job cuts cast dark cloud over economy

According to CNN: “As the economic outlook worsens, job cut announcements have come in hard and fast this week from businesses across the nation.
In all, employers have announced in excess of 110,000 job cuts thus far in November – over 60,000 of which were announced this week alone. Though many of the job cuts represent global figures or won’t take place until next year, the ever-worsening job scene is an ominous sign before this month’s payroll figures are announced in two weeks.”

Crisis Monitor at Flickr: Sacramento, California

Sign Waver job only

Photo: CrisisMonitor

Associated Press to cut 10% jobs in 2009

According to Reuters: “The Associated Press plans to cut up to 10 percent of its workforce in 2009, according to sources at the news service, as it copes with tough financial times and ailing member newspapers.

The AP has one of the world’s largest news-gathering teams, employing about 3,000 journalists, and a total of about 4,100 people worldwide. The cuts could amount to about 400 employees.”

Unemployed? More help for you

According to CNN: “Congress passed legislation late Thursday to extend the period of government assistance to Americans struggling in the shrinking job market.
The bill, which was already approved by the House, is expected to be quickly signed by President Bush.
The measure helps people whose benefits have recently expired, extending benefits by seven weeks in most states and 13 weeks in states with unemployment higher than 6%.
Workers typically get 26 weeks of unemployment benefits, and it’s not uncommon for the government to extend that during economic slowdowns.”

Jobless claims reach 16-year high

According to CNN: “The ranks of Americans getting by on unemployment insurance are rising fast.
The number of people who filed new claims last week surged to the highest levels in 16 years, and the number of people continuing to collect benefits neared a 26-year high, the government said Thursday.”

Clean up your locker and hit the road, Mr. Murti at Goldman Sachs

According to NY Times (05/21/2008): “An analyst at Goldman Sachs, Mr. Murti has become the talk of the oil market by issuing one sensational forecast after another. Mr. Murti remembers the pain of the oil shocks of the 1970s. But he is bracing for something far worse now: He foresees a “super spike” — a price surge that will soon drive crude oil to $200 a barrel.”

According to CNN Money (11/20/2008): “crude futures fell $4 to settle at $49.62 a barrel, the lowest settle price since May 23, 2005”.

LayoffBlog.com comment: “Clean up your locker and hit the road, Mr. Murti”.

Layoff Tracker update (11/20/2008)

According to TechCrunch Layoff Tracker(11/20/2008, 12:00 pm PST):

Total Layoffs Since August 27, 2008: 225
Total Employees: 77,151

CNN: No job, bad mortgage – out of luck

According to CNN: “All the foreclosure prevention plans announced to date will do little to help the next wave of delinquent homeowners, who can’t make their monthly payments because they’ve lost their jobs. But something needs to be done for them, experts said, or the country will sink deeper into an economic recession.”