Job Market Monitor
Business
Sharp / To cut another 5,000 jobs
Japan’s financially beleaguered Sharp Corp. is expected to reveal that it will be eliminating 5,000 positions from its current workforce of 51,000 by March of 2016. As the TV manufacturer struggles to stay afloat after losses amounting to billions of dollars over the last fiscal year, their revival plans will see the sales of factories … Continue reading
Lloyds / To slash another 850 jobs
The latest cull means the bailed-out banking giant has axed more than 30,000 jobs since 2008, according to the union. The new round of cutbacks includes 690 jobs which are expected to go with the closure of a large office in Southend, Essex. The remainder are going in its commercial and insurance operations. Chosen excerpts … Continue reading
Electronic Arts / Layoffs Hit 10 Percent of Workforce
So, those “hard but essential changes” and “difficult organizational decisions” Electronic Arts announced back in late April, but refused to explain in detail? It did so last night during its fourth-quarter earnings call, and they’re not pretty. Since announcing that organizational update on April 25, EA has sacked 10 percent of its workforce, CFO Blake … Continue reading
US / A bill to change overtime pay law
The Republican-led House is poised to approve a bill that would give private sector workers the option of choosing paid time off instead of cash wages for working overtime. The measure would allow employees who work more than 40 hours a week to save up their earned time off for use weeks or months later. … Continue reading
Americans Give Priority to Jobs and the Economy over Guns and Immigration Reform Gallup finds
Americans put reforming immigration and reducing gun violence — the focus of much of the attention on Capitol Hill in recent weeks — at the bottom of a list of 12 priorities for Congress and the president to address. Americans instead say leaders in Washington should give highest priority to jobs and the economy, followed … Continue reading
Société Générale to cut 1,000 jobs
French banking giant Société Générale revealed on Tuesday it would cut at least 1,000 jobs worldwide, in an effort to find almost €1 billion in savings by 2015. The announcement comes as the bank’s first-quarter profit fell by half. French bank Société Générale reported on Tuesday that first-quarter net profit fell by half to €364 million … Continue reading
US / The number of self-employed at all-time low
The unemployment rate in the United States is at a four-year low, but another labor stat is shrinking in not such a favorable way: a decline in the number of self-employed Americans suggests the personal business will soon be a thing of the past. Since the Great Depression, the number of Americans who identify themselves … Continue reading
Sanyo / Layoffs vs tax incentives
Five years ago, taxpayers provided more than $42 million in incentives to lure Sanyo Solar of Oregon to Salem. Tax credits, land write downs, grants and other incentives caused corporate decision-makers to look favorably on Salem. With many of those incentives, however, came conditions. Sanyo would have to hire a certain number of workers, pay … Continue reading
Oracle / Layoffs announced to employees
Sources are telling us that some Oracle employees got pink slips on Friday. All of them are from Sun Microsystems’ hardware groups. Friday’s layoffs hit employees in the “legacy hardware” units from Sun, particularly salespeople and some managers, our source tells us. Details are sketchy but like previous Oracle layoffs, we’re estimating the layoff is tiny and … Continue reading
China / Is This the End of Cheap Labor?
It’s been the lament of everyone for years now: Cheap Chinese labor is killing the job market. With lower wages and lax regulation, the giant sucking sound we heard was manufacturing jobs headed from Sheboygan to Shenzhen. But now China’s new found riches are starting to turn in on themselves in the form of much … Continue reading
Magna / To cut jobs in Europe and US
Canadian auto parts maker Magna International plans to cut jobs in Europe and the United States as it seeks to reduce costs and offset weak demand in Europe, Chief Executive Donald Walker told German magazine WirtschaftsWoche. Chosen excerpts by Job Market Monitor via Canada’s Magna to cut jobs in Europe, U.S.: report | Reuters.
Mining / South Africa / Amplats to cut 14,000 jobs
Anglo American’s platinum arm is expected to cut 14,000 mining jobs as part of the loss-making business. According to industry sources, the mining company is under pressure from South African government. Anglo American Platinum, the world’s top platinum producer, is battling to restore profits and is planning to cut back production and mothball two mines … Continue reading
(Update2) US / Employment rose by 165,000 in April, unemployment rate to four-year low, but still …
Total nonfarm payroll employment rose by 165,000 in April, and the unemployment rate was little changed at 7.5 percent, the U.S. Bureau of Labor Statistics reported today. Employment increased in professional and business services,food services and drinking places, retail trade, and health care. Household Survey Data The unemployment rate, at 7.5 percent, changed little in April but … Continue reading
Nuclear / Duke Energy is cutting 585 jobs at Crystal River
Duke Energy issued a notice to the state this week that it intends to transfer or lay off 585 employees at the shuttered Crystal River nuclear plant over the next year or so. The utility expects to begin layoffs May 31. As many as 58 workers face termination by June 30. Duke announced in February … Continue reading
US / Private-sector jobs growth slows in April according to ADP
Private-sector employment growth slowed down in April, hitting the lowest result in seven months as tax hikes and government spending cuts took a toll, Automatic Data Processing Inc. reported Wednesday. Private employers added 119,000 jobs in April, the weakest gain since September, compared with 131,000 in March, according to ADP’s monthly report. “Job growth appears … Continue reading
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