According to CNNMoney: “The bulk of the job loss news occurred on Monday, when several major U.S. companies announced sweeping job cuts, pushing the day’s total to more than 70,000.”
Top 3 Jobs cutters of this week:
Pfizer (PFE, Fortune 500): -20,000 jobs
Caterpillar (CAT, Fortune 500): -22,110 jobs
Boeing (BA, Fortune 500): -10,000 jobs
According to CNN Money: “Bankruptcy filings by American consumers increased nearly a third in 2008, according to a new report.
The American Bankruptcy Institute said overall consumer filings rose to 1.06 million in 2008, compared with 801,840 during 2007. The ABI based its study on data from the National Bankruptcy Research Center.”
According to MarketWatch: “California’s unemployment rate climbed to 8.4 percent in November, the third-highest rate in the nation, federal officials said Friday.
The jobless rate announced by the U.S. Department of Labor was up from 5.7 percent a year earlier, and 8.2 percent in October. Only Michigan and Rhode Island posted higher jobless rates than California.
The agency said California shed 41,700 jobs last month, bringing the total jobs lost over the past year to 136,000. Florida and North Carolina were the only states to lose more jobs in November.
The U.S. unemployment rate rose to 6.7 percent in November — a 15-year high. The nation lost 533,000 jobs last month, the largest monthly job loss in 34 years.”
According to AP and CNNMoney: “Car rental company Avis Budget Group Inc. said Thursday that it has cut more than 2,200 jobs and taken other steps to meet its goal of reducing annual costs by $150 million to $200 million by the middle of 2009.”
According to Reuters: “The U.S. economy hemorrhaged more than half a million jobs in November, data showed on Friday, sending stocks lower on both sides of the Atlantic and hammering currencies from Europe to Latin America.
Canada also absorbed more job losses last month than at any time since 1982, while Germany approved a stimulus package aimed at helping Europe’s biggest economy weather what some fear may be its worst recession since World War II.
The biggest blow, though, came from the United States, where employers last month axed 533,000 jobs, the most for any month since 1974 and nearly 200,000 more than economists expected. The jobless rate hit 6.7 percent, the highest since 1993.”
According to Bloomberg: “U.S. employers cut 240,000 jobs in October, a 10th consecutive decline. The unemployment rate rose to 6.5 percent, the highest level in 14 years, according to Labor Department statistics.
“It is clearly not going to end in a few months,” Jeffrey Frankel, a member of the NBER committee and a professor at Harvard University, said in an interview. “We would be lucky to get done with it in the middle of next year.” “
According to NBC12: “Workers with Henrico’s Qimonda company headed into work yesterday, not knowing if they’d have a job come December. On Monday, the memory-chip company announced cuts to nearly half its Sandston-based workforce.
The plant that employs 3,000 people will soon be trimming its workforce nearly in half. Beginning in December, 1,200 employees at Qimonda will be laid off.”
According to WSJ: “Russians have begun to feel the chill of the financial crisis, as it triggers layoffs and wage-payment delays reminiscent of the economic collapse in the late 1990s.
On Thursday, Prime Minister Vladimir Putin promised new measures, including lower corporate taxes and higher unemployment payments, in addition to an existing bailout package.
Government data show that wage arrears jumped in October to over four billion rubles ($145 million), their highest level in a year, and that firms owe back pay to 300,000 people. Economists say the real figures are likely to be higher, though far below those seen in the 1990s, when tens of millions of people were affected. Then, workers went without salaries for months on end, sparking nationwide protests.”
According to BBC: “Aircraft engine maker Rolls-Royce has said it plans to cut up to 2,000 jobs in 2009 because of the downturn and delays to new Airbus and Boeing planes.
The firm also said it was in talks about a planned cut of 140 jobs at its Assembly and Test facility in Derby. “
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.“
According to InsideBayArea.com: “About 40 percent of Bay Area companies intend to chop jobs during the coming six months, according to a new survey of local executives released Thursday that sketches a bleak outlook for the region’s economy.
Regional business owners have now become even more pessimistic than they were in the wake of the 9/11 terrorist attacks, according to the Bay Area Council’s quarterly survey of business confidence.”
According to CNN Money: ” The Bank of New York Mellon Corp. (BK) will cut 1,800 jobs, or about 4.2% of its worldwide work force.
Several banks have announced huge layoffs, including Citigroup Inc. (C), which plans to slash some 50,000 jobs; Goldman Sachs Group Inc. (GS), which is cutting 10% of its 32,500 global work force; and Deutsche Bank AG (DB), which plans to cut 900 jobs.”
“NEW YORK (CNNMoney.com) — In the worst labor market in 14 years, Americans from auto workers to financial analysts are considering a career change in hopes of landing a job.”
Techcrunch.com: “13 Employees Laid Off At VoIP Startup Jaxtr
Jaxtr, a startup that offers VoIP serivce as well as a social network, has laid off 13 of its employees and has been added to the layoff tracker. As of June 2008 the company had 35 employees (we’ve asked the company for the current count). Update: The company now has 30 full time employees.”
LayoffBlog.com 