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Layoffs slowing down, but upturn isn't coming yet

Employers are planning to cut fewer jobs for the third month in a row, according to a new report that Challenger, Gray & Christmas has supplied to BloggingStocks.

The executive outplacement firm says that the number of planned reductions fell 16% in October to 55,679 positions -- from 66,404 in September. Last month's level was the lowest seen since March 2008, when 53,579 layoffs were planned. And, it's 51% lower than October 2008's 112,884 result. Planned staff reductions have fallen in eight of the past 10 months.

Continue reading Layoffs slowing down, but upturn isn't coming yet

Four reasons we're stuck with high unemployment for a while

Some of the jobs that have disappeared through this recession are gone forever, it seems. Even when the market turns, and even gains momentum, we could be stuck with a fairly weak employment market for a while. The recovery will take longer than we'd like, putting more distance between now and the top of the next market run. We've lost 7.2 million jobs since December 2007, and the predictions of some economists that we'll get them back by 2014 may actually seem optimistic.

Unemployment is at 9.8%, and it's expected to clear 10% early next year. Then, we have the specter of a jobless recovery with which to contend. "Full employment" is often considered to be an unemployment rate of 4% to 5%, but it could be a while before we get there. The last downturn, following the dotcom bust, resulted in a peak unemployment rate of 6.3% in 2003 ... and we're already well past that.

Why is the recovery going to be such a grind? Check out the four major reasons after the jump.

Continue reading Four reasons we're stuck with high unemployment for a while

Unemployment rate hits 9.8%

Unemployment is at its highest level since 1983, hitting 9.8% last month. The Department of Labor announced that 263,000 jobs were lost. This follows a revised loss of 201,000 jobs in August (lower than first reported). Nobody expected the August unemployment reprieve to last, and the increase suggests that the forecasted 10.3% unemployment rate for early next year will be realized.

Originally, the forecasted unemployment drop for September was 175,000, according to Bloomberg News, with individual economists surveyed reporting in a range of 100,000 to 260,000.

Continue reading Unemployment rate hits 9.8%

Need a job? Consider a move to Nebraska

Lincoln, Neb., is the best place in the country for job-hunters. A new survey by headhunting firm Manpower (NYSE: MAN) reports that 21% of employers there plan to add employees in the next quarter, with only 4% looking to cut. That 17% spread (which Manpower calls the "net employment outlook") is tops in the United States.

Flint, Mich., on the other hand, is at the other end of the spectrum: 26% of employers are planning to chop jobs, while only 9% are forecasting new positions.

Continue reading Need a job? Consider a move to Nebraska

Job cuts continue to be a drag on economic recovery

As we saw this morning, companies cut 298,000 jobs in August, according to ADP. The forecast was for 250,000 jobs lost. The report also revised last month's decline to 360,000.

Well, the Labor Department's report is due out in two days, and it may show a loss of 225,000 jobs, according to a Bloomberg News survey.

Continue reading Job cuts continue to be a drag on economic recovery

U.S. jobless claims unexpectedly rise by 15,000

Bloomberg reports that 15,000 more Americans filed claims for unemployment last week, bringing the total to 576,000. Economists had predicted a drop in claims to 550,000.

The four-week moving average rose to 570,000 from 565,750.

Thirty-six states reported an increase, with Tennessee and North Carolina showing the biggest increases. California showed the biggest decrease as employment in construction jobs kicked in.

Continue reading U.S. jobless claims unexpectedly rise by 15,000

Private equity firms employ job cuts, salary freezes to get by

A survey of U.S. private equity executives and professionals conducted by advisory firms RSM Bentley Jennison and RSM McGladrey concluded that slashing jobs was the most common approach to cost-cutting among private equity firms.

Nine out of ten respondents said they have cut jobs at their portfolio companies in an attempt to rein in costs during the economic downturn.

Continue reading Private equity firms employ job cuts, salary freezes to get by

Continental releases earnings, announces job cuts

Earlier this morning, Continental Airlines (NYSE: CAL) announced that it will cut 1,700 jobs, along with raising fees for checking luggage. CAL tagged this news along with its quarterly earnings report, in which it reported a loss of $1.72 per share. In the same quarter a year ago CAL lost a nickel per share. Excluding one-time items, CAL lost $1.36 per share compared to estimates for a loss of $1.35 per share. Quarterly revenue slipped 22.7% to $3.13 billion in the quarter, just shy of the consensus estimate.

Continue reading Continental releases earnings, announces job cuts

Kimberly-Clark cuts 3% of its staff

I would think that all of the diapers the latest FightBaby goes through may have helped Kimberly-Clark (NYSE: KMB) a bit, but that was not the case.

The home of Kleenex and Huggies announced yesterday that it will cut 1,600 jobs, roughly 3% of its total workforce. A majority of the cuts will come from salaried and nonproduction workers; the company does not plan to close any plants. The company believes that these cuts will save roughly $150 million a year, or 25 cents per share. These results will be reflected the most in the second quarter, when the company will record $110 million of the costs.

Continue reading Kimberly-Clark cuts 3% of its staff

Monsanto tops 3Q profit estimates, warns on Roundup earnings

Monsanto Co. (NYSE: MON) pleasantly surprised the Street with a stronger-than-expected third-quarter profit. This morning, the company reported quarterly net income of $694 million, or $1.25 per share, besting analysts' expectations for a profit of $1.18 per share. Net sales arrived at $3.2 billion, down 11% from the year-ago period.

Additionally, Monsanto said it will create a separate division for its herbicides business, in order to "better align spending and working capital needs." The firm will also undergo a restructuring that will result in 900 lost jobs, or less than 4% of its global workforce. The change will translate to a fourth-quarter charge of roughly $350 million, or 41 cents to 47 cents per share.

Continue reading Monsanto tops 3Q profit estimates, warns on Roundup earnings

Job losses slowed during May

According to Challenger, Gray & Christmas, job losses slowed during May for the the fourth straight month. The report showed that job cuts totaled 111,182 during May, 16% better than the 132,590 jobs cut in April. May's total was the lowest since last September, but was still 7.4% higher than a year ago.

The greatest amount of layoffs came from the government/non-profit sector for the third-straight month. The second largest amount of cuts came from the computer sector, followed by the chemical and automotive industries.

Continue reading Job losses slowed during May

Layoffs loom at Lockheed Martin after Marine One cancellation

Late last Friday, The Wall Street Journal reported that the Defense Department has ordered Lockheed Martin Corporation (NYSE: LMT) to cease work on a $13 billion contract to build helicopters for the White House.

The move was widely expected, since the Obama administration has previously pointed to the revamped copters as an example of excessive defense spending. However, the contract's cancellation will no doubt bring fresh job losses to Owego, NY, where the Marine One copter is being designed.

Continue reading Layoffs loom at Lockheed Martin after Marine One cancellation

JockStocks: Nike eliminating jobs -- potential exists

Is Northwest shoe behemoth Nike (NYSE: NKE) starting to feel the sting of the economic crisis? It certainly appears that way with the company announcing that it will cut 1,750 jobs, or roughly 5% of its total work force. The cuts are the largest in the company's history, and roughly 500 of the positions will be eliminated from Nike's Oregon headquarters, which employs more than 3,000. A majority of these cuts will occur over the next week.

Nike is making the move in hopes of cutting costs and boosting competitiveness, which I will address in a moment. Back in February, Nike hinted that a review of its operations would result in a 4% cut to the firm's staff. Furthermore, the athletic apparel and footwear firm has cut production at Chinese and Vietnamese factories, cut marketing spending, and has reorganized its global business into six geographically based groups. All of these moves have been made to help the company deal with the current economic slowdown and its impact on the consumer.

Continue reading JockStocks: Nike eliminating jobs -- potential exists

DuPont to swallow 2Q charge after cutting 2,000 additional jobs

Dow component DuPont (NYSE: DD) said today that it will eliminate another 2,000 jobs as part of its ongoing plan to cut costs. Previously, the blue chip slashed 2,500 employees and 4,000 contractor positions from its payroll back in December.

The company will take a second-quarter pre-tax restructuring charge of $340 million to $390 million as a result of the job cuts, though DuPont said it will save $225 million by the end of 2010.

The news pressured DD to a loss of 3% within the first hour of today's trading. The stock's pullback could potentially find a floor near its 20-day moving average; in collaboration with its 10-day counterpart, this trendline has guided the shares higher since early March.

Continue reading DuPont to swallow 2Q charge after cutting 2,000 additional jobs

A peek at Yahoo ahead of earnings

Back on tax day, my friend and colleague Elizabeth Harrow wondered if Yahoo! (NASDAQ: YHOO) would announce job cuts when it reports earnings tomorrow. Ms. Harrow looked at a report in The New York Times about preparations for a "significant round of layoffs" and then took a look at the option activity on the Internet search portal a week ahead of earnings.

Something that Elizabeth noted was the fact that the 15 strike was going to assume the mantle of peak call open interest when the market opens for trading festivities today. This level could be a major sticking point for the stock, as Yahoo hasn't closed atop the $15 level since late 2008.

Continue reading A peek at Yahoo ahead of earnings

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Last updated: November 22, 2009: 03:12 PM

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