LayoffBlog.com

November 21, 2008

Your 401(k) match at stake

According to CNNMoney: “As the faltering economy forces companies to cut back, employee perks are among the first things to go. And along with free coffee in the break room, the next thing your employer might axe is its contribution to your retirement savings plan.

About 84% of companies in the U.S. offered employees a 401(k) match as of last year according to Watson Wyatt, a benefits consulting firm.”

Silicon Valley unemployment rate jumps to 6.9 percent

According to San Jose Mercury News: “The number of people looking for work in Silicon Valley was up sharply in October, sending the unemployment rate to 6.9 percentstill far below California’s jobless rate of 8.2 percent.

University of Texas Medical Branch begins laying off 3,000 positions

According to The Daily News: “The University of Texas Medical Branch campus, where a chorus of ambulance sirens once was constant and thousands of workers conducted the daily business of keeping a 550-bed hospital running, was somber and quiet Tuesday as the first of 3,000 people learned they no longer had jobs.
Most had worked at John Sealy Hospital, where workers will take the brunt of the massive cut.
Many had never worked any place except the medical branch.
Some who had held out hope their jobs would be spared sat in disbelief at the news. Others, minutes after being dismissed, attended classes to brush up their job-seeking skills.

Then, there were those who didn’t yet know. They waited in dread to enter rooms where their supervisors would deliver the news.

The University of Texas System regents last week authorized cutting up to 3,800 full-time equivalent positions after Hurricane Ike devastated the island campus that had employed 8,000 people.”

No layoffs in India, says AMD

According to ITExaminer: “AMD’s Indian employees can rest easy, as the company has no plans to follow up layoffs in the US with similar cuts in India.

AMD India managing director, Dasaradha Gude. said, “This is a global impact of economic slowdown, and AMD hopes to come back hard. It will affect India as well, but we are also at the hiring spree.” He added, “There are no such plans to have similar lay-offs in India.”

Top official meets rioters as China seeks stability

According to Reuters: “The governor of a Chinese province sat down with protesters after they fought pitched battles with police, a rare concession by a leader and a sign of government concerns about stability as the economy slows.

Xu Shousheng held a meeting with 10 representatives in Wudu in the poverty-stricken northwestern province of Gansu two days after the riot in which dozens were injured, state media said.”

Reuters

Riots in China

Photo: Reuters

International Paper shuts mill, 550 jobs lost

According to AP: “Citing the weak global economy and reduced demand, International Paper Co. has closed its pulp mill in northeastern Louisiana, terminating 550 employees.”

This crisis could have a happy ending

Fortune: “I was thinking about the financial mess the other day and I came up with this theory. I’m wary of it because it’s comforting, even uplifting, and by definition any economic supposition that has a happy ending is suspect. So with that caveat here goes:

I remember talking to a wise man at the end of the last decade who was pointing out to me how much the market had gone up during the 1990s and how stocks couldn’t possibly continue to go up at that rate. The market’s historical annual mean gain is about 8%, and yet between 1990 and 2000 the market had climbed some 15% per annum.” (full story)

1 job, 11 interviewers

Fortune: “It’s not easy if you’re a candidate being grilled by a big panel, but you can make it work for you. Plus, using LinkedIn to boost your job search.

..I’ve been working with a recruiter on finding my next job, and he just told me that one possibility (an opening for a manufacturing manager with a midsized company) will require that I undergo a panel interview, meaning an interview conducted by a group of prospective colleagues and bosses, all in the room..” (full story)

San Jose’s projected deficit zooms past $59 million; layoffs seem certain

According to San Jose Mercury News: “The imploding economy has widened the projected hole in San Jose’s budget next year to more than $59 million, city officials said Thursday, making layoffs virtually certain and burying Mayor Chuck Reed’s hopes for eliminating chronic deficits in his first term.Though city voters this month maintained two existing phone taxes at reduced rates — one of which was set to expire next year — and some employee groups have agreed to take lower raises, City Manager Debra Figone said “everything else has worsened.”

“At this point in time, I can’t see how we can avoid layoffs,” Figone said. City union leaders had no immediate response.”

California unemployment rate rises to 8.2 percent

According to AP: “State officials say California’s unemployment rate jumped to 8.2 percent in October from 7.7 percent in September. The jobless rate announced today by the California Employment Development Department was up from 5.7 percent just a year earlier.

The agency said the number of people unemployed in California topped 1.5 million — up by 95,000 over the month, and up by 487,000 compared with October last year. The U.S. unemployment rate also rose in October — to 6.5 percent.”

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.”

November 20, 2008

WaMu cuts 1,600 jobs in Bay Area

According to InsideBayArea.com: “About 1,600 Washington Mutual employees in the Bay Area — including 1,200 in Pleasanton — will lose their jobs in the coming months, a harsh economic fallout unleashed by JPMorgan Chase’s purchase of Washington Mutual this year.

Akamai to cut 7 percent of workforce

According to CNet: “Akamai Technologies announced Wednesday that it’s cutting 7 percent of its workforce (about 110 positions), as the Web content delivery company pares back its costs.”

Crisis Monitor at Flickr: Sacramento, California

Sign Waver job only

Sign Waver job only

Photo: CrisisMonitor

Data dim hopes of Asian stability

According to International Herald Tribune: “Yin Weimin, China’s minister of human resources and social security, warned that unemployment would rise further next year and that “stabilizing employment is the top priority for us right now,” Reuters reported. It was a sign that the Chinese authorities were increasingly concerned about the potential social fallout in a slowing economy.”

 Data dim hopes of Asian stability

Data dim hopes of Asian stability

Photo: The Associated Press

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