joblosses posts
FeedPosted Oct 20th 2009 3:00PM by Tom Johansmeyer (RSS feed)
Filed under: Employees, Economic Data, Personal Finance, Recession
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
Posted Oct 2nd 2009 10:00AM by Tom Johansmeyer (RSS feed)
Filed under: Employees, Economic Data
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%
Posted Sep 24th 2009 5:00PM by Michael Fowlkes (RSS feed)
Filed under: Forecasts, Good news, Employees, Market Matters, Money and Finance Today, Economic Data, Workspace, Federal Reserve, Recession, Financial Crisis

We 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
Posted Sep 2nd 2009 9:30AM by Mark Fightmaster (RSS feed)
Filed under: Bad News, Economic Data

The Automatic Data Processing (ADP) employment report was released before the opening bell Wednesday morning, showing that the
private sector lost 298,000 jobs during August. Expectations called for a
loss of 255,000 jobs, but the loss was better than the revised 360,000 jobs lost during July.
A spokesperson for ADP noted a "gradual improvement in labor markets" because "monthly losses are diminishing." That said, the group did note that job losses are likely to continue for "several more months."
In addition to this news, Challenger Gray & Christmas reported that layoffs planned by major U.S. corporations
fell 21% from July to August. The 76,456 layoffs in August were the second-lowest amount cut in 2009.
Continue reading Job cuts slow in August, more not-so-bad news
Posted Jun 3rd 2009 10:20AM by Mark Fightmaster (RSS feed)
Filed under: Employees, Economic Data

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
Posted May 15th 2009 9:30AM by Mark Fightmaster (RSS feed)
Filed under: Bad News, NIKE, Inc'B' (NKE)

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
Posted Mar 2nd 2009 9:00AM by Mark Fightmaster (RSS feed)
Filed under: Before the Bell, Earnings Reports, Bad News

In the infamous words of Rod Roddy,
HSBC Holdings (NYSE:
HBC) come on down! You're next on the Earnings are Falling (or The Price is Wrong if you like).
The banking firm announced this morning that its 2008 profit fell some 70%, which is prompting the firm to halt most of its U.S. consumer lending business. HSBC's net profit fell to $5.73 billion from $19.13 billion a year ago. In North America, HSBC took a goodwill charge of $10.6 billion stemming from the restructure of the region. Taking this charge out of the equation, HSBC's profit dropped 18% to $19.9 billion. Experts had expected a pretax profit of roughly $20 billion.
Continue reading HSBC announces earnings and U.S. closings; more pain to come