Job Market Monitor
Economy
IBM / Planning layoffs in March
IBM plans to rebalance its workforce — corporate code for layoffs — in the first quarter, said Martin Schroeter, the company’s chief financial officer, during a conference call with analysts Tuesday. The announcement comes as the company deals with a deepening slump in its hardware division, which includes manufacturing operations in Dutchess County. Schroeter, who … Continue reading
Intel / To cut 5% or 5 000 jobs
Intel Corp. INTC -2.60% , on the heels of reporting a lower-than-expected fourth-quarter profit, on Friday said it expects to reduce its workforce by about 5% this year. The big chip maker ended 2013 with 107,600 employees, indicating that the cuts could affect close to 5,400 workers. Intel on Thursday projected flat revenue for 2014, … Continue reading
Alberta / Job growth polarized
Alberta – the economic powerhouse of the country – also shed nearly 12,000 jobs last month. But trends are built over several months, and December’s loss comes on the heels of five consecutive months of gains in Alberta. Even counting the big drop last month, the province saw a net gain of nearly 71,000 jobs … Continue reading
Australia / Full-time employment fell by 22,600 in December but UR stayed at 5.8%
Australia’s unemployment picture worsened, exacerbating the central bank’s dilemma over whether to give the economy a boost by further cutting interest rates, or to back off to avoid fanning inflation and prevent a surging property market from overheating. The number of people in full-time work fell by 22,600 in December, government data showed Thursday, capping … Continue reading
J.C. Penney / To cut 2,000 jobs
J.C. Penney Co. (JCP) Chief Executive Officer Mike Ullman, intensifying efforts to revive the money-losing department-store chain, plans to close 33 stores and eliminate about 2,000 jobs to help save $65 million a year. The closings and cuts will result in pretax charges of $26 million in the fourth quarter and $17 million in future … Continue reading
Sears Canada / To cut 1,628 jobs
Sears Canada Inc. is cutting another 1,628 jobs after having reduced its work force last year by almost the same number as the retailer tries to bolster its struggling operations. The company said late Wednesday it will outsource jobs in three call centres to IBM, in a cost-cutting move that will affect 1,345 employees over … Continue reading
Alcatel-Lucent / Scales back job cuts in France under govn’t pressure
Franco-American telecom gear group Alcatel-Lucent will cut fewer jobs in France than previously planned under moves to slash 10,000 posts worldwide in an attempt to stem losses, its chief executive told Le Monde newspaper. The French share of the cuts will now amount to less than 700, down from 900 announced last year, Michel Combes … Continue reading
The Job Gap in US / There are about 1.18 million fewer payroll jobs than before the recession started
This doesn’t include population growth and new entrants into the workforce Continue reading
Dell / To layoff up to 30% of its sales and marketing staff in Europe, the Middle East and Africa and more
The Register is hearing from two sources that Dell is making 30 per cent of its sales and marketing staff in Europe, the Middle East and Africa redundant while cutting 20 per cent of its US-based sales staffers. One source said: “Precisely 30 per cent, across EMEA.” There is no word on what’s happening on the sales … Continue reading
Canada / Economists on the Job Report
Here’s what top economists are saying about the numbers: Derek Holt and Don Zigler, Scotiabank (Report titled ‘CDN JOBS SHOCKER) What a way to end a year and it reinforces our argument since last Fall that there should be a higher probability of a rate cut from the BoC priced into the curve alongside sharply … Continue reading
German Catholic publishing house Weltbild-Verlag / Thousands of jobs at risk
Thousands of workers were facing job loss Friday as German Catholic publishing house Weltbild-Verlag said it would file for insolvency. “Against the company‘s expectations, it turned out yesterday that the necessary financing will not be available,” read a message from the Weltbild-Verlag on Friday. The insolvency means that the jobs of some of the publisher‘s … Continue reading
US Monetary Policy / On unemployment vs the fear of inflation
The Fed’s reliance on the unemployment rate for determining when to pull back on bond purchases may prove troublesome. That’s because statistics on the supply of labor are notoriously tricky to evaluate, particularly when it comes to gaging their relationship to inflation Continue reading
Italy / Unemployment at 37-year high, youth unemployment at 42 percent
Italy’s unemployment rate rose to a record high of 12.7 percent last November, revealed the National Institute of Statistics (ISTAT) on Wednesday, with some 55,000 people losing their jobs during the month. Continue reading
US / Planned layoffs to lowest level since 2000
The number of planned layoffs at U.S. firms plunged by 32 percent in December to the lowest monthly total in more than 13 years, a report on Thursday showed Continue reading
Macy’s / 2,500 jobs cuts
Macy’s said Wednesday it plans to lay off about 2,500 employees and close some stores as part of a cost reduction plan Continue reading
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