Job Market Monitor
Job cuts
Job Cuts in US – Ford is preparing to cut as many as 8,000 jobs in the coming weeks
Ford Motor Co. is preparing to cut as many as 8,000 jobs in the coming weeks as the automaker tries to boost profits to fund its push into the electric-vehicle market, according to people familiar with the plan. Chosen excerpts by Job Market Monitor. Read the whole story @ Ford Job Cuts: 8,000 Roles Set to … Continue reading
COVID and Job Cuts in Public Education in US – Already greater than in all of the Great Recession
It has been well documented that fiscal austerity was a catastrophe for the recovery from the Great Recession. New estimates show that without sufficient aid to state and local governments, the COVID-19 shock could lead to a revenue shortfall of nearly $1 trillion by 2021 for state and local governments. In lieu of substantial federal … Continue reading
COVID and Job Cuts – The difference between being furloughed and laid off?
Furloughing is actually a common practice used by many companies, such as landscaping and construction businesses, that will typically furlough workers during cold seasons, Business Insider adds. But during a national crisis such as coronavirus, companies that do not regularly furlough workers will turn to the practice to stay afloat. Recently, Macy’s announced it was … Continue reading
COVID and Jobs in Manitoba – Government employees asked to consider reduced workweek
Premier Brian Pallister says he will be asking non-essential government workers to consider a reduced work week in an effort to save money during the coronavirus outbreak. The Manitoba premier said he will be talking with “more than a dozen” public sector unions later Tuesday to discuss the proposed measure, which would affect civil servants … Continue reading
COVID and Jobs in US – A second sound of layoffs has begun
The first people to lose their jobs worked at restaurants, malls, hotels and other places that closed to contain the coronavirus pandemic. Higher skilled work, which often didn’t require personal contact, seemed more secure. That’s not how it’s turning out. A second wave of job loss is hitting those who thought they were safe. Businesses … Continue reading
COVID and Jobs in US – Ravaging is poised to ramp up survey says
Covid-19’s ravaging of American jobs is poised to ramp up, a survey released today by PricewaterhouseCoopers LLP indicates. In a survey of more than 300 U.S. chief financial officers, 26% said they expect layoffs due to the financial impact of the new coronavirus. That’s up from 16% two weeks ago when PwC put the same … Continue reading
COVID-19 and Jobs in US – Has Claimed Over 3K Jobs, Over 9M Threatened
More announcements in Entertainment/Leisure have pushed job cuts due to the COVID-19 outbreak to 3,634, according to global outplacement and executive and business coaching firm Challenger, Gray & Christmas, Inc. “We are certainly beginning to see the cracks in the foundation. Slowing demand, brought on by the need for Americans to practice social distancing, is … Continue reading
COVID-19 – Almost 25 million jobs could be lost worldwide as a result of COVID-19, says ILO
The economic and labour crisis created by the COVID-19 pandemic could increase global unemployment by almost 25 million, according to a new assessment by the International Labour Organization (ILO). However, if we see an internationally coordinated policy response, as happened in the global financial crisis of 2008/9, then the impact on global unemployment could be … Continue reading
Job Cuts – HSBC to cut 35,000 jobs worldwide
Bank warns of ‘meaningful’ job losses in UK and of impact of coronavirus outbreak in Asia The bulk of HSBC’s profits come from Asia, which has been hit by the coronavirus outbreak. HSBC has said it will slash 35,000 jobs over three years as part of a major shake-up as it issued a warning over … Continue reading
Job Cuts – Daimler and Audi
Daimler on Friday announced plans to cut thousands of jobs across the globe by the end of 2022. “The automotive industry is in the middle of the biggest transformation in its history,” Daimler said in a statement. (Reporting by Tom Sims, editing by Riham Alkousaa) Chosen excerpts by Job Market Monitor. Read the whole story at Daimler … Continue reading
Bombardier – To cut up to 2,200 jobs in Germany
Canada’s Bombardier will cut up to 2,200 jobs in Germany, or around a quarter of its workforce in the country, by 2020 as part of a sweeping savings plan, Bombardier Transportation’s supervisory board Chairman Wolfgang Toelsner said. There are no plans for plant closures, he told journalists at a news conference on Thursday. Bombardier said … Continue reading
Job Cuts in Banks – Another 30% could be lost
The downsizing of the bank workforce is about to accelerate as more technology takes over jobs humans used to do, according to a new Citigroup report. Another 30% of bank jobs could be lost between 2015 and 2025, mainly due to retail banking automation, Citi warned. “Fintech is forcing banking to a tipping point,” Citi … Continue reading
Canada’s petroleum industry – 40,000 jobs cut and more layoffs still to come
After almost two years of sinking oil prices and at least 40,000 job cuts, Canada’s petroleum industry still isn’t finished tackling its bloated operations. The next round of layoffs has already begun with Cenovus Energy Inc. and Murphy Oil Corp. announcing workforce reductions last week. Ongoing cuts by Suncor Energy Inc., Encana Corp. and others … Continue reading
China – Steelmaker to cut 50,000 jobs
The global crisis hammering the steel industry is beginning to be felt in China, where one of the country’s biggest producers has said it may let go 50,000 of its 80,000-strong workforce. Chosen excerpts by Job Market Monitor. Read the whole story at Chinese steelmaker readies 50,000 jobs cuts as industry crisis deepens
Bombardier – 7,000 jobs cut
Bombardier is implementing one of the deepest job cuts in its history by eliminating 7,000 positions — including more than a third in Canada — though it took pains Wednesday to instead train the public spotlight on a large CSeries plane order with Air Canada. The layoffs represent close to 10 per cent of Bombardier’s … Continue reading
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