Job Market Monitor
Economy
US – Unemployment Claims : The good news didn’t last, an increase of 46,000
SEASONALLY ADJUSTED DATA In the week ending October 13, the advance figure for seasonally adjusted initial claims was 388,000, an increase of 46,000 from the previous week’s revised figure of 342,000. The 4-week moving average was 365,500, an increase of 750 from the previous week’s revised average of 364,750. The advance seasonally adjusted insured unemployment rate was 2.5 percent … Continue reading
Indiana – Cummins Inc – 126 Layoffs
Cummins Inc. will implement at least 150 layoffs by year’s end in its southern Indiana workforce, the Columbus-based engine maker announced Wednesday. The layoffs will affect workers at the Fuel Systems Plant in Columbus, Columbus MidRange Engine Plant or the Seymour Engine plant, Cummins’ spokesman Jon Mills said… via The Republic – 126 workers also … Continue reading
Saskatchewan – Potash Corp – Longer than normal layoffs
Longer than normal layoffs are coming a spokesperson for Potash Corp said Wednesday after the company ran into problems with contracts, storage space and profits. Bill Johnson said a yet-to-be-determined number of employees will be given the pink slip after the company discovered its 2012 profits will fall well below earlier projections. “We have about … Continue reading
Australia – Mt Gibson Iron cuts 270 mining jobs
Mt Gibson Iron will cut 270 jobs from its mining operations in Western Australia in a bid to cope with volatile commodity prices. The company says most positions will be slashed from its Koolan Island operations off the Kimberley coast. It is believed 140 of those positions will be contractors. In the company’s quarterly report … Continue reading
OECD – Employment rate at 65.0% in the second quarter of 2012
The OECD area employment rate – defined as the proportion of people of working-age who are employed – was 65.0% in the second quarter of 2012. This figure is 0.1 percentage point higher than in the previous quarter and 0.2 percentage point higher than one year ago. There are significant divergences in the evolution of … Continue reading
Sweden – Mass Job Cuts Belie Government Optimism
TeliaSonera AB (TLSN) yesterday became the latest in a string of Swedish companies to announce mass job cuts, prompting economists and unions to question the government’s forecast that unemployment will fall next year. TeliaSonera, Sweden’s biggest phone company, said it will eliminate 2,000 jobs as growth stalls, declining to say how many cuts will be … Continue reading
Alcatel-Lucent – 5,490 jobs cut
French telecom equipment maker Alcatel-Lucent (ALUA.PA) plans to axe 5,490 jobs worldwide as part of a cost-cutting plan announced in July, with 3,300 in Europe and 1,490 in France, a French union said on Thursday. “We are in shock,” said Isabelle Guillemot, of the CFDT union. Alcatel had said in July that it planned global … Continue reading
Abbott Laboratories – 550 Layoffs
A spokeswoman for Abbott Laboratories says the announcement Wednesday of a 550-job reduction in the drug and health care products company’s worldwide workforce will not have an impact on its nutrition products facility in Sturgis. But she said there will be some impact in Sturgis over the next year. That is part of an announcement … Continue reading
FedEx Outlines Broad Cost-Cutting Plans: Layoffs to come ?
FedEx Corp. announced programs targeting annual profitability improvement of $1.7 billion during the next three years. In a keynote speech at FedEx Corp.’s 2012 Investors and Lenders Meeting, Frederick W. Smith, FedEx chairman, president and CEO, said a significant portion of the profitability improvement will come from cost reductions at FedEx Express and FedEx Services… … Continue reading
Taiwan – Tech Layoffs Likely to Peak in Q4
With some of DRAM and LED companies downsizing to induce employment cuts among high-tech industries, tech layoffs in Taiwan are likely to peak in the fourth quarter of this year, warned local human resource agencies. According to statistics issued by the Council for Labor Affairs, a total of 2,742 employees in different industries in Taiwan … Continue reading
US – Is the recovery really here now? Yes indeed.
It seems real this time. 1. The unemployment rate is down: In U.S., Unadjusted Unemployment at 7.3% in Mid-October U.S. unemployment, as measured by Gallup without seasonal adjustment, is 7.3% in mid-October, down considerably from 7.9% at the end of September and at a new low since Gallup began collecting employment data in January 2010. Gallup’s … Continue reading
China – Hiring to hit lowest point in 4th qtr
Employers on the Chinese mainland are expecting the lowest hiring demand for 2012 in the fourth quarter, with about 53 per cent saying they will recruit more people, according to the latest Hudson Report released on Wednesday. But the report, which questioned 6,400 employers, said hiring demand on the mainland remains the highest among all … Continue reading
Securitas – To cut 400 jobs
Swedish security services group Securitas, (SECUb.ST: Quote) which has posted seven straight quarterly earnings drops, is to cut costs and merge two divisions, it said on Wednesday. The company, the world’s second largest security firm after British-Danish G4S, (GFS.L: Quote) has suffered from weakness in Europe during the sovereign debt crisis, affecting key contracts. Profitability … Continue reading
TeliaSonera – To cut thousands of jobs
Telecoms group TeliaSonera AB is shedding thousands of jobs as part of a cost-cutting plan and has warned of industry stagnation until companies find a way to profit from surging smartphone and tablet data traffic. TeliaSonera, part-owned by the Swedish and Finnish states, has seen revenue flatline since 2008, despite rapid expansion in central Asia, … Continue reading
Toronto – Loblaw cuts 700 head office jobs
The decision by Loblaw Companies Limited to chop 700 jobs from the payroll in administration and at head office in Brampton on Tuesday was met with mixed reviews from analysts and investors. Loblaw has been upgrading its supply chain technology and infrastructure and while the job cuts may reflect greater efficiencies, Perry Caicco, managing director, … Continue reading
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