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New jobless claims drop last week

jobless claimsWe got a bit of surprising news today, hearing that new jobless claims fell to 530,000 last week.

Going into today's announcement from the Department of Labor, analysts had been expecting to see an increase of 5,000 new jobless claims last week. This marks the third week in a row that we have seen new jobless claims fall.

Continue reading New jobless claims drop last week

Labor-less Day

Last Friday the market reacted favorably (or less negatively) to the latest report from the Labor Department's unemployment figures of 9.7 percent in August, as employers cut 216,000 jobs last month. The percentage is up but the raw numbers are trending down allowing for a sigh of relief on Wall Street with the major indices all up over 1%.

Many would argue that when it comes to the truth, the government is prone to favor aesthetic figures instead of the straight data. I tend to agree with this view as the numbers appear sculpted to be the least offensive.

Continue reading Labor-less Day

General Motors to boost output

General Motors Cash for ClunkersThe government's "cash for clunkers" has been far more popular than anyone thought, prompting General Motors to boost production at several factories to keep up with demand.

While not everyone is so convinced that the "cash for clunkers" program is good for the economy, there is no doubt that the big American car makers are enjoying the benefits. Five days ago I wrote about the decision by Ford Motor Company (NYSE: F) to boost production by 15% above its prior estimates, and today General Motors announced it will raising output and bringing back employees that it had been forced to lay off.

Continue reading General Motors to boost output

Barron's struggling like everyone else

When I picked up my copy of Barron's weekly business journal from the front lawn this weekend I immediately felt something was different -- the weight of the journal and the thickness were definitely reduced by my measure. As a big fan of Barron's I thought, oh no, they are in trouble too.

When I examined it I found that the July 4 edition was a scant 32 pages. Last week's June 29 edition was 40 pages -- whoa -- a 20% reduction! That's a big reduction.

I keep my old copies of Barron's, so I was able to go back in time a ways to see if this was trend or an anomaly. First off I realized that the journal does fluctuate in length from week to week seemingly with the average being about 44 pages in the past few months. Then I went back further and noticed the trend was moving down. I thought well maybe it was the time if year, and of course the economy had to affect it too.

Continue reading Barron's struggling like everyone else

Michael Jackson fireworks, the workaholic

While Michael Jackson is referred to affectionately by fans as the "King of Pop," he could have just as easily carried the title "The hardest working man in show business" except for the fact that elder statesmen of the music world, the late James Brown earned that title first.

While recriminations are being thrown around about the specific cause of Jackson's death, the primary reason he passed away may really have been overwork. In truth, his sleep disorder, eating disorder, drug dependency, and seemingly bizarre behavior at times may have all stemmed from his obsessiveness. He truly gave his fans everything he had in him right to the very end.

Continue reading Michael Jackson fireworks, the workaholic

GE invests in Michigan, USA -- new technology center

The federal government, for better or worse, has been increasing the money supply as fast as it can in an attempt to prevent a collapse of our financial system, stabilize the housing market, improve the employment outlook and rehabilitate our nations infrastructure.

Most economists have some fear of inflation as a result of this, even if the fear is not for three to five years. To combat the increase in money supply we need to balance it out with an increase in productivity.

Continue reading GE invests in Michigan, USA -- new technology center

Nervous workers opt against vacation time

Travel-industry experts hypothesize that employees may be opting out of summertime travel this year, out of concern that their jobs will be deemed unnecessary or easily replaced while they are out of the office.

What's worse? Coming back from a week in the mountains to find a mountain of work, or a boss newly cognizant of the fact that you're not as indispensable as everyone thought! Nervous workers appear to be fearing the latter, and whether or not this is driven by paranoia and panic, the travel market is suffering.

"People are scared of losing their jobs and want to stay in touch with their work," one travel expert told The Washington Times. Another noted that ". . . people feel guilty about indulging themselves and are nervous to leave their office for too long." And one New York-based advertising firm's survey showed that just over half of parents asked said they planned to cut down on vacation spending.

Continue reading Nervous workers opt against vacation time

Microsoft accounting error shows up as huge PR blunder

Steve BallmerThings have again become spicy in the world of Microsoft Corp. (NASDAQ: MSFT). Reports are circulating that Microsoft miscalculated the severance payouts to some of the approximately 1,400 employees that the company recently laid off.

According to CNET News, Microsoft Corp. has sent out letters requesting a return of funds from those former employees who received apparent overpayment of severance benefits.The report also indicates that some of the laid off workers may have received severance underpayments.

Continue reading Microsoft accounting error shows up as huge PR blunder

Put Maddoff and Blagojevich on work detail

When you hear about the outrageous accusations against Wall Street icon, now shamed, Bernard Maddoff, regarding his $50 billion Ponzi scheme and the corrupt thinking Illinois Governor Rod Blagojevich and his peddling of Obama's Senate seat, it almost makes you want to bring back the firing squad because their offenses are almost treasonous.

Are we not in the midst of a financial battle of historic proportion? If the charges against them hold true, have they not destroyed the lives of thousands of people, not to mention the integrity of both the political and financial systems at a time when our nation is in crises?

Unfortunately, as they used to quip in another time; "hanging is too good for them!"

I have another solution for them and all white collar criminals doing soft time, even if it is a long time, PUT THEM TO WORK!


Continue reading Put Maddoff and Blagojevich on work detail

The economy does not excuse everything

It use to be the classic response to the question, "Where's your homework? -- The dog ate it." Soon it will be, "Well teacher, it's sort of like this, the economy has just been getting me down and I had to get a second part-time job to help the family."

Now this cynical view may or may not be real, it may just be a better sob story, however it could be. And the fact that it could be is going to expand the use of the economy as an excuse for everything.

Unprofitable businesses are laying off workers. So are less profitable businesses and even profitable businesses. Any and all business negotiations you enter into in the coming year will try and get some leverage out of the economic woes -- whether it has any validity in your specific case or not.

This is certain to breed some level of mistrust and add to the grim outlook we are seeing in most quarters. This will be just one more bit of stress we do not need. And who do you think is going to get the most mileage out of this excuse? Politicians -- that you can bet on.

Sheldon Liber is the CEO of a small private investment company and the principal for design and research at an architecture & planning firm. He writes the columns Chasing Value and Serious Money.

Three reasons women need to save more than men -- Seriously!

In a conversation with an attorney friend of mine, who happens to be a woman, she asked for some general financial guidance. During the course of the conversation it occurred to me that women need to save more than men. There are many reasons for this, here are a few:

The first and most obvious reason women need to save more than men is that they live longer -- often without the support of a significant other. Living longer and living alone cost more money.

Second of all, women still do not have complete earnings parity with men. Some of this has to do with job type and some with history. But nevertheless, we are not there yet. If there is a 15% disparity, then a woman is starting at a disadvantage whether saving for her retirement in the future or for buying a gallon of gas today. This can only be made up by saving more and investing more. This is a worthy goal except that with less resources the difficulty is exacerbated.

Continue reading Three reasons women need to save more than men -- Seriously!

Toyota (TM) forced to lay off workers in response to U.S. market

Over the past year, automakers have struggled to deal with the tough economic conditions in North America, especially the United States. One of the companies that has been able to handle the slowdown better than its peers has been Toyota (NYSE: TM). But the effects are being felt even by the Japanese automaker, as made clear today in the news that the company is laying off 800 workers in one of its Japanese plants.

The 800 workers that are being laid off represent about 10% of the workforce at the company's plant in southwestern Japan. So far, the company has been able to sidestep the steep losses that its American rivals have been forced to deal with, but this year is proving to be a bit tougher, as the company is now predicting a first annual drop in profit, which would be the first time in the past seven years that the company has seen profit fall.

Toyota has been more fortunate than many automakers, mostly due the fact that the company has a long history of building smaller, more fuel efficient cars. This fact alone has helped it weather the slowdown that record high gasoline prices in the U.S. have helped create. Last Friday, however, the company stated that sales dropped 18.7% in July from the same period last year.

Continue reading Toyota (TM) forced to lay off workers in response to U.S. market

HUGH update: HughesNet puts email back in service

The recently reported three day e-mail blackout experienced by the consumer internet customers of Hughes Communications Inc. (NASDAQ: HUGH) has ended. Although the system has not swung over to its new enhanced version, it appears that Hughes technical staff has opted to reawaken the previous e-mail application to restore that service to its customers. Personal comment from the company regarding this situation was unavailable as of this writing.

What little preview I received of the attempted e-mail upgrade by HughesNet was enticing. It looked streamlined, intuitive and was definitely appealing to the eye. When the company completes its adjustments and makes the hoped for upgrade available, I'll provide my full assessment of the new service for our readers.

How shall Whirlpool handle its lying smoker issue?

logoFor the purposes of this examination, let's set aside the fact that you can find reliable clinical research that shows that tobacco smokers cost the insurance industry less over their lifetimes than svelte nonsmokers do. This is simply due to the fact that we tend to die sooner. But that's a matter of insurance industry/government/pharmaceutical hijinx, to possibly discuss another time.

That aside, the item I'm bringing forward today is how the issue of lying smokers should be pursued by Whirlpool Corp.(NYSE: WHR). I'll not take issue against Whirlpool's insurance plan demanding a different level of premium payment from smokers. I'll not take issue against Whirlpool asking smokers to document their participation in the addiction. I'll not take issue against Whirlpool taking action against smokers who lied when claiming that they don't smoke. What I do argue against is the ludicrous notion that Whirlpool employees have turned on one another. It appears that's what the company expects us to believe.

Whirlpool management wants you to believe that they had 39 instances of one employee reporting another for serving their nicotine addiction in violation of what should be a confidential declaration of status. Whirlpool expects you to believe that these company "rats" know which smokers lied on their paper work and which didn't. Whirlpool expects you to believe that all policy violators are of hourly status and that violations by management staff either don't exist or aren't yet worth pursuing. Whirlpool expects us to believe that the company itself wasn't at the root of this all.

An Ohio senator opines on free trade

welderIn the April 23, Wall Street Journal, Senator Sherrod Brown, (D) Ohio, made a realistic assessment of current government trade policy and how it is diluting the strength of our country. I think that Senator Brown was just a bit gentle with his words, and understandably so when given his position. Suffice it to say that I agree with him for the most part, but he should have just cut to the chase. The American working class has been sold out. He also failed to make one critical point about NAFTA. It was his party and the guidance of Bill Clinton that navigated that document into law.

Partisan politics aside, I believe that current American trade standards are something we need to be ashamed of. As a free market capitalist, I have nothing against the survival of the fittest in the worlds of manufacturing and business. However, we're beholden to good sense to provide a level playing field and to maintain benchmark standards. In that regard, American workers have been shorted. Our trade deficit is a testament to the decline of the American Dream. It's a dream, while not referred to by that name, that resides in the hearts of workers the world over. Every parent wants their children to have a greater degree of opportunity and safety than they had.

Continue reading An Ohio senator opines on free trade

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Last updated: November 08, 2009: 03:52 PM

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