Job Market Monitor
Economy
Comet confirms Hull call centre closure and layoffs
Hundreds of jobs are to be lost in Hull after electrical retailer Comet announced it was closing a call centre in the city. Comet said last year it would close a site in Hull or Clevedon, near Bristol, as part of a restructuring programme. It has now confirmed it is closing the centre in George … Continue reading
Sega Planning Layoffs – PCMag.com
Sega is downsizing its home video game business in the U.S. and Europe in a restructuring that will result in game cancellations and an unspecified number of layoffs. Parent company Sega Sammy announced its plans for the “structural reform” in a statement to investors on Friday. The company estimates that it will record an “extraordinary … Continue reading
American Manufacturing Decline | Worse Than the Great Depression
“The conventional wisdom that U.S. manufacturing job loss is simply a result of productivity-driven restructuring (akin to how U.S. agriculture lost jobs but is still healthy) is fundamentally flawed” writes Robert D. Atkinson, Luke A. Stewart, Scott M. Andes and Stephen J. Ezel in What the Experts Are Missing About American Manufacturing Decline . Source: http://www2.itif.org/2012-american-manufacturing-decline.pdf . Excerpts by JMM … Continue reading
North-East UK | 450 jobs go
MORE than 450 North-East workers were facing redundancy last night after another grim day for the regional economy. Two of the North-East’s major employers announced the bad news as an international think-tank said the spectre of a UK double-dip recession was now a reality. About 350 jobs are at risk at the Kerry Foods processing … Continue reading
Germany | Schlecker | 12,000 jobs lost
Nearly 12,000 employees of a struggling German drugstore chain faced an uncertain future on Thursday after a rescue package was blocked by the Free Democrats. The junior partner in Chancellor Angela Merkel’s coalition government opposed a 70-million-euro loan guarantee. The package would have backed a retraining and job placement scheme for Schlecker employees. Katja Deuser, … Continue reading
VG247 | GAME stores shuttered, 2,104 jobs cut
MCV has a full list of the 277 GAME and Gamestation stores closed during the first day of administration by PWC. While the firm said earlier that it believes there is still room for a high street specialist chain, it made significant closures across the UK and Ireland; up to 300 outlets are expected to … Continue reading
Australia | Bunnings creates 6,000 jobs
Hardware chain Bunnings has announced plans to create 6,000 jobs in the next three years as part of its longstanding expansion plans. The company says it will spend $1.5 billion building 85 new stores across Australia and New Zealand… Read More @ Bunnings expansion to create 6,000 jobs – ABC News (Australian Broadcasting Corporation).
Australia’s unemployment benefits | Bad and getting worse
“A report on inequality to be delivered to Treasurer Wayne Swan this morning will label Australia’s welfare system one of the best and most efficient in the developed world, with the exception of unemployment benefits which are the worst relative to community standards and shrinking” writes Peter Martin. The report, to be unveiled just after Mr … Continue reading
U.S. | The top 1 percent got 93% of income growth
93 percent of income growth went to the wealthiest 1 percent of American households, while everyone else divvied up the 7 percent that was left over according to Emmanuel Saez. Main Findings Source: http://elsa.berkeley.edu/~saez/saez-UStopincomes-2010.pdf “Figure 1 presents the income share of the top decile from 1917 to 2010 in the United States. In 2010, the top … Continue reading
Exar Cutting More Than 30% of Jobs
The chipmaker Exar this morning said it has expanded its cost reduction program, cutting about 120 jobs, or about 30% of worldwide headcount. The move is intended to save about $12 million a year, about 30% of that in operations and 70% in R&D and SG&A. The cuts follow a previous round of cuts in … Continue reading
Daio Paper Corp. to cut 900 jobs
Daio Paper Corp. will cut 900 jobs within three years by not replacing retiring workers, it said in a statement. Daio expects the job cuts to lead to about 5.5 billion yen of savings annually. The stock slipped 1.2 percent to 498 yen. via Ashok, Cheung Kong, Hankyu, Nippon, Suzlon: Asia Stock Preview – Bloomberg.
WindTronics leaves Windsor | Goodbye to 200 subsidized jobs
A local wind turbine manufacturer that blew into Windsor with great fanfare is leaving. After two years in operations, the president of WindTronics said the provincial feed in tariff (FIT) program is not working for him, so he’s moving the business to Michigan. Michigan-based WindTronics produced small residential wind turbines. They are to be used … Continue reading
Best Buy | Large Stores Closing and Layoffs to Come
Best Buy Co.reported weaker-than-expected quarterly sales and said it would close 50 large U.S. stores and lay off another 400 employees, disappointing investors looking for even deeper cuts to turn around the world’s largest consumer electronics chain… Read More @ Best Buy to close stores, cut jobs on 4Q weakness – South Florida Sun-Sentinel.com.
News | Jobless Claims Reach New Four-Year Low
“New claims for unemployment benefits fell to a new four-year low in the United States last week, according to a government report. A separate report confirmed the American economy expanded at an annual rate of 3 percent late last year” reports the NYT. ______________________________________________________ Unemployment Insurance Weekly Claims Report (Excerpts from the Press Release) SEASONALLY ADJUSTED … Continue reading
Australia | More Westpac jobs go offshore
The Australian – WESTPAC is ramping up its outsourcing strategy by sending a further 126 positions offshore, adding to the growing number of job losses across the finance sector and sparking calls the banks are in a “race to the bottom” to rein in costs to protect profits. After cutting at least 748 jobs across … Continue reading
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