Belated Thanksgiving
If you still still have a job, it's something to be thankful for. Over half a million jobs were lost last month. And October and September were worse than we thought.
AT&T announced it will cut 12,000 jobs over the next few months.
Credit Suisse announced it will cut 5,300 jobs (11% of its workforce), though it will spread them over its global workforce.
Even software titan, Adobe, announced that it will cut 600 jobs (8%) from its workforce. They had better-than-expected earnings for the fourth quarter, but said the cuts are necessary due to slower revenue growth.
And it's quite likely that more jobs will be lost as the automakers shrink their operations.
Oil closed at $40.81/barrel which tells me that anticipated demand is so low that we've got a long way to go.
Yet with all this dismal news, the Dow was up 259 points. Go figure.
Enjoy your weekend!
\_/
DED
UPDATE 12/11: The hits just keep on comin'.
UBS (the massive Swiss Bank with a very large office building in Stamford that towers over I-95) is reportedly considering cutting another 3,000+ jobs.
3M admitted to cutting 1,800 jobs.
Dow Chemical is cutting 5,000 jobs and closing 20 plants to stop the bleeding.
InBev, who bought out Anheuser-Busch earlier this year, is cutting 1,400 jobs in order to streamline operations. As an aside, that means the the top selling beer brewers in the US are foreign owned. Yet another reason to keep drinking American made craft beer. ;)
Electronics giant, Sony, will cut 8,000 jobs (4% of its workforce) between now and March 2010.
Principal Financial, an insurance and banking company, is cutting 550 jobs (3.5% of its workforce).
Mining giant, Rio Tinto, is cutting 14,000 jobs. Yet they plan on keeping their dividend to shareholders intact.
Office Depot plans on closing 112 stores. No word on how many retail jobs will follow.
Chip maker, Novellus, announced that they'll be cutting 10% of their workforce. Even the CEO "will take a 50% pay cut and forego bonuses and stock option grants for 2009."
Sara Lee, makers of Ball Park Franks, Jimmy Dean Sausage, Hillshire Farm and a bazillion other products, announced that they'll be cutting 700 white collar jobs and outsourcing their functions.
Even the NFL is getting in on the action. They're cutting 150 jobs (13.6%) from its staff. To be fair, the NBA, MLB, and NASCAR have all announced layoffs.
I'd be tempted to go off on a rant about how professional athletes are grossly overpaid, baseball in particular, but no one gives a shit, so why bother.
\_/
DED
The U.S. economy lost 533,000 jobs in November, the worst single month since late 1974, and the result was even worse than most analysts had expected.And more are on the way....
...
Job losses in September and October also turned out to be much worse. Employers cut 403,000 jobs in September vs. 284,000 previously estimated. Another 320,000 were chopped in October, compared with an initial estimate of 240,000.
AT&T announced it will cut 12,000 jobs over the next few months.
Credit Suisse announced it will cut 5,300 jobs (11% of its workforce), though it will spread them over its global workforce.
Even software titan, Adobe, announced that it will cut 600 jobs (8%) from its workforce. They had better-than-expected earnings for the fourth quarter, but said the cuts are necessary due to slower revenue growth.
And it's quite likely that more jobs will be lost as the automakers shrink their operations.
Oil closed at $40.81/barrel which tells me that anticipated demand is so low that we've got a long way to go.
Yet with all this dismal news, the Dow was up 259 points. Go figure.
Enjoy your weekend!
\_/
DED
UPDATE 12/11: The hits just keep on comin'.
UBS (the massive Swiss Bank with a very large office building in Stamford that towers over I-95) is reportedly considering cutting another 3,000+ jobs.
3M admitted to cutting 1,800 jobs.
Dow Chemical is cutting 5,000 jobs and closing 20 plants to stop the bleeding.
InBev, who bought out Anheuser-Busch earlier this year, is cutting 1,400 jobs in order to streamline operations. As an aside, that means the the top selling beer brewers in the US are foreign owned. Yet another reason to keep drinking American made craft beer. ;)
Electronics giant, Sony, will cut 8,000 jobs (4% of its workforce) between now and March 2010.
Principal Financial, an insurance and banking company, is cutting 550 jobs (3.5% of its workforce).
Mining giant, Rio Tinto, is cutting 14,000 jobs. Yet they plan on keeping their dividend to shareholders intact.
Office Depot plans on closing 112 stores. No word on how many retail jobs will follow.
Chip maker, Novellus, announced that they'll be cutting 10% of their workforce. Even the CEO "will take a 50% pay cut and forego bonuses and stock option grants for 2009."
Sara Lee, makers of Ball Park Franks, Jimmy Dean Sausage, Hillshire Farm and a bazillion other products, announced that they'll be cutting 700 white collar jobs and outsourcing their functions.
Even the NFL is getting in on the action. They're cutting 150 jobs (13.6%) from its staff. To be fair, the NBA, MLB, and NASCAR have all announced layoffs.
I'd be tempted to go off on a rant about how professional athletes are grossly overpaid, baseball in particular, but no one gives a shit, so why bother.
\_/
DED
posted by DED at 4:10 PM
1 Comments:
Yes, indeed, everything has officially gone pear shaped.
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