AT&T, DuPont Cutting Thousands of Jobs
Washington Post - 21 hours ago
By Howard Schneider and Neil Irwin Telecommunications giant AT&T said today it would lay off 12000 employees in coming months, the latest shock to a labor market that has declined steadily for a year.
AT & T, DuPont, Credit Suisse, Viacom among firms adding to layoff ... Chicago Tribune
AT&T, DuPont, Viacom plan big job cuts Louisville Courier-Journal
The Associated Press - International Herald Tribune - USA Today - CNN

AT&T to Cut 12000 Jobs as Landline Losses Grow
New York Times - 6 hours ago
By AP AT&T announced Thursday that it plans to lay off 12000 people and curb spending on new equipment - a sign that the telecommunications industry is beginning to feel the pain of the economic downturn.
AT&T to cut 12000 jobs Houston Chronicle
AT&T to eliminate 12000 jobs MarketWatch

DuPont to Cut 2500 Jobs and 4000 Contractor Positions, an [b]...[/b]
MarketWatch - 1 hour ago
, , ) (Wilmington, Delaware) announced plans to restructure the organization in order to reduce capital expenditure and increase cash flow.
DuPont to cut 2500 jobs as global outlook worsens Houston Chronicle
2nd UPDATE: DuPont Projects 4Q Loss, '09 Outlook Below Views CNNMoney.com

Carlyle Plans To Cut Staff By 10 Percent As Deals Slow
Washington Post, United States - 17 hours ago
Carlyle, which has about 1000 full-time employees in 33 offices in 21 countries, said most of the layoffs will come from its US offices. ...
Carlyle Group Announces 100 Layoffs Washington Post Blogs
The Bell Tolls for Private Equity: Carlyle Cuts 10% of Staff Wall Street Journal Blogs
Carlyle Cuts 10% of Workers, Including US LBO Jobs (Update1) Bloomberg

Over 1 million US layoffs so far this year
San Francisco Chronicle, USA - Dec 4, 2008
(12-03) 19:28 PST -- Big employers nationwide announced 181671 layoffs in November, bringing the number of corporate pink slips issued so far this year to ...
'Tis the season for layoffs NetworkWorld.com
Corporate layoffs surge to nearly 7-year high MarketWatch
US planned layoffs in Nov at almost 7-year high Reuters

Sources: Layoffs hit RealNetworks
CNET News, CA - 16 hours ago
Media and music company RealNetworks started to conduct companywide layoffs on Thursday, according to multiple sources with knowledge of the events. ...
RealNetworks cutting 130 jobs Puget Sound Business Journal
RealNetworks Cuts 130, 7.5% Of Workforce All Things D Blogs
Viacom lays off 7 percent of workforce CNET News

Deutsche Bank Layoffs Are 10%-15% Of Division, Not Co.
CNNMoney.com - 13 hours ago
The layoffs constitute about 10% to 15% of that division's workers. (In "Wall Street Workers Facing Layoffs Ahead Of Holidays" at 3:20 pm EST ...
Sanofi-Aventis cutting US sales force by less than 10% MarketWatch
Global Layoffs Pile Up As Recession Woes Mount CNNMoney.com

More layoffs in Boston's financial sector
NECN, MA - 18 hours ago
Boston-based State Street Corporation says it will cut up to 1800 jobs, or 6% of its global work force between now and the end of next year's first quarter. ...
Pratt & Whitney to layoff 350 workers Private Jet Daily
Pratt & Whitney Lays Off 350 Aviation International News
Pratt & Whitney lays off 20 here, 350 nationwide Foster's Daily Democrat

Around the Web 12.4.08: Layoffs, more layoffs and a $99-iPhone rumor
Los Angeles Times, CA - 18 hours ago
Since when did Thursdays become the Day To Announce Layoffs? Viacom announces 850, including 300 at MTV. Gawker -- AT&T will cut 12000 jobs, in part because ...
Adobe to Cut Back workforce by 600 Employees – Other Companies ... Best Syndication

http://news.google.com/news?ned=us&hl=...;ncl=1277542519
Multichannel NewsNBCU To Cut 500 Jobs, Layoffs Begin at NBC News Bureaus
mediabistro.com, NY - 21 hours ago
Breaking: TVNewser has learned NBC Universal will be cutting up to 500 jobs in a round of layoffs which are now underway at all levels of the company ...
NBC Universal laying off 500 employees Hollywood Reporter
NBC Universal downsizes workforce Variety
NBC Universal to Slash 3 Percent of Workforce TheCelebrityCafe.com

Temporary layoffs begin in February at GM plant in Oshawa, Ont.
CBC.ca, Canada - 5 hours ago
About 700 workers at a General Motors plant in Oshawa, Ont., are facing temporary layoffs, the Canadian Auto Workers union said Friday. ...
More GM layoffs: CAW Toronto Star
GM suspends shift at Oshawa, about 700 workers to be laid off, CAW ... The Canadian Press
GM cutting shift at Oshawa: CAW Globe and Mail

Layoffs seen at Veterans Affairs
Louisville Courier-Journal, KY -
"I'm at a point now I can't do it without furloughs or layoffs," he said. All state agencies, including public universities, have been ordered to deliver by ...
Deadline for Kentucky Agencies to Submit Budget Cuts is Today WFPL

Massive layoffs likely for service sector
Globe and Mail, Canada - Dec 4, 2008
Companies are rapidly adjusting to the worsening economy by paring part-time workers, cutting overtime and, increasingly, through mass layoffs. ...
document.write(NVF_generateVideoLink('"java script:NVF_toggleBox(\'429496729531\', \'http://www.youtube.com/v/HfIccACbpHo\',\'s-y4awPD6ZK1D77xhllD-1JQ:u-AFQjCNHG9_w4DvgEsRD9pouaE88jLJh59g:v-3-1_1277101539\', \'n\');" ','zippy429496729531','va429496729531','Video: Money Minute: Beige Book, Online Sales, Yahoo'));Video: Money Minute: Beige Book, Online Sales, YahooVideo: Money Minute: Beige Book, Online Sales, Yahoo AssociatedPressBeige Book finds deterioration in NE Boston Globe
dreary economic picture CNNMoney.com

Massive layoffs hit Boston firms
NECN, MA - 14 hours ago
Massive layoffs hit the heart of Boston's financial industry. Over 1000 workers at State Street were handed pink slips, and there's word of more layoffs ...

Atlanta govt. hit with more layoffs
Bizjournals.com, NC - Dec 2, 2008
A third wave of layoffs this year has hit the cash-strapped city of Atlanta. Mayor Shirley Franklin announced Tuesday that the city will eliminate 222 ...

Financial company layoffs take an ugly turn at Bank of America
BloggingStocks - Dec 3, 2008
The new layoffs are not good for the poor people who will be hitting the exits, but the news may add weight to the impression that bank earnings for the ...
Merrill Lynch staff to take the brunt as banking takeover puts ... Times Online
BofA-Merrill merger vote may change Wall Street The Associated Press
BofA Reportedly Could Cut 30000 Jobs TheStreet.com

Layoffs Announced at E. Idaho Cement Plant
LocalNews8.com, ID - Dec 2, 2008
Layoffs were announced Monday by the Ash Grove Cement Company which will affect about 45 of their 68 full-time employees. According to a press release, ...
Economy forcing layoffs at Inkom Plant KIDK

Business Briefs: Bridgestone layoffs hit Nashville
The Tennessean, TN - Dec 4, 2008
Bridgestone Firestone North American Tire, LLC said its Bridgestone Bandag Tire Solutions division plans to lay off about 60 workers because of lower truck ...OTC:BRDCY

A Seattle layoff list
TechFlash, WA - Dec 3, 2008
By John Cook on December 3, 2008 at 8:10 PST I am slated to talk about layoffs in the tech sector at 10:35 am today on KUOW 94.9, so tune in if you want to ...

Global economic slowdown felt in mining towns
The Associated Press - Dec 3, 2008
Bigger layoffs began in October: half the 80-member workforce at the Kensington Mine near Juneau, Alaska; and 21 percent of the workforce at Montana's ...
Mining giant Freeport-McMoRan slashes more jobs KRDO
Summary of mining industry's economic woes CNNMoney.com
FCX eliminates another 600 US copper and moly mining jobs, 2009 ... Mineweb

United Mechanics to Be Laid Off in January
Workforce Management, Ca - 16 hours ago
The layoffs were first reported by the Chicago Tribune. An airline spokeswoman confirmed that previously announced layoffs are in progress but could not ...
UAL plans 1100 more furloughs on its way to 7000 BusinessWeek
United Airlines plans to lay off 1200 workers Chicago Tribune
Pink Slips To Start Flying At United Aero-News Network

Mittal Steel Lays Off 450 Cleveland Plant Workers
NewsNet5.com, OH - 13 hours ago
CLEVELAND -- Cleveland's ArcelorMittal Steel plant is laying off 450 workers, though the company hopes the layoffs will last no longer than six months. ...MT

US Steel Plans 675 Layoffs Amid Slowdown
Wall Street Journal - Nov 13, 2008
Steelmakers are now turning their attention to layoffs, which are likely to spread through the industry in coming months. Earlier this week, AK Steel ...
Alton Steel laying off 41 workers Chicago Tribune
US Steel to lay off 177 in Ontario CTV.ca
US Steel curbs production Pittsburgh Tribune-Review

Law firm layoff watch
Massachusetts Lawyers Weekly, MA - Dec 3, 2008
1, the day many legal insiders expect law firms large and small in Massachusetts to announce layoffs. Given the state of the economy,

Layoffs Are High and Headed Higher in Silicon Valley - Barron'sLayoffs - Google News
Layoffs Are High and Headed Higher in Silicon Valley
Barron's - Nov 29, 2008
By ERIC J. SAVITZ You think the dot-com bust was bad? Brace yourself. Gadget of the Week: SunGlo A244. BY THE TIME THE ECONOMY HAD WRUNG OUT the excesses of ...

Manufacturing represents 32% of October mass layoffs - Reliable Plant MagazinLayoffs - Google News
Manufacturing represents 32% of October mass layoffs
Reliable Plant Magazine, OK - 4 hours ago
In October, employers took 2140 mass layoff actions, seasonally adjusted, as measured by new filings for unemployment insurance benefits during the month, ...

Boeing warns of possible layoffs in 2009 - The Associated Pressfrom Layoffs - Google News

Boeing warns of possible layoffs in 2009
The Associated Press - 8 hours ago
It would include a mix of attrition, hiring freezes and layoffs, he said, according to the memo. The memo was released a day after Boeing announced plans to ...
Boeing warns layoffs coming in 2009 Seattle Post Intelligencer
Boeing sees more layoffs in 2009 Crain's Chicago Business
Boeing Bets on Backlog to Weather Storm Wall Street Journal

Ohio second in nation for mass layoffs - Bizjournals.comfrom Layoffs - Google News
Ohio second in nation for mass layoffs
Bizjournals.com, NC - Nov 21, 2008
The Bureau of Labor Statistics reported 118 layoffs of 50 or more workers in the state last month, up from 53 a year ago, seasonally unadjusted. ...

Mass layoffs spike in Kansas - Bizjournals.com
Mass layoffs spike in Kansas
Bizjournals.com, NC - 2 hours ago
... to increase in future labor department studies as well. Three of Wichita's largest aircraft manufacturers recently announced mass layoffs. They include:
Jobless claims jump unexpectedly to 16-year high Forbes
Hawaii reports 9 'mass layoffs' in October Bizjournals.com

Jobless claims jump unexpectedly to 16-year high - Forbesfrom Layoffs - Google News
Jobless claims jump unexpectedly to 16-year high
Forbes, NY -
Layoffs also are likely to spread to relatively unscathed areas such as retail, transportation and hotels and restaurants. "I don't think any of these ...
Video: Jobless Claims Jump to 16-year High AssociatedPressPopout
US Weekly Initial Jobless Claims Jump To 542000, Hitting 16-Year High istockAnalyst.com (press release)
Jobless claims spike to highest level in 16 years Medill Reports
Zacks.com - Onet.pl
all 860 news articles

Citigroup Announces 52000 Job Cuts - ABC News<from Layoffs - Google News
ABC News
Citigroup Announces 52000 Job Cuts
ABC News - Nov 17, 2008
By DAVID MUIR In the largest round of layoffs since this financial crisis began, Citigroup announced Monday that it would cut its global work force by an ...
AP Top News at 3:00 pm EST The Associated Press

US Economy: Jobless Claims Near Highest Since 1982 (Update1) Nov. ... ... The increase in layoffs can only worsen the economic downturn.'' First-time jobless
claims last week were the highest since 1982, with the exception of a one ...
- 2008-11-20 US Initial Jobless Claims Rose to 542,000 Last Week (Update1) Nov. ... ... ``Layoffs are picking up at a more rapid pace,'' said Jonathan Basile,
an economist at Credit Suisse Holdings Inc. in New York. ...
- 2008-11-20

Job losses pile up. Anticipating declining sales and tougher times ahead, companies across a broad swath of industries are accelerating layoffs. Over 33,000 job cuts were announced this week alone, including 12,000 jobs at AT&T (T), as well as cuts at household names like Viacom (VIA), DuPont (DD) and Avis Budget Group (CAR). All told, the U.S. has lost around 1.2M jobs this year, and economists expect November's losses to reach 350,000. (The government will release its monthly employment report today at 8:30am.) Unemployment will likely tick up to 6.8% for November, or possibly as high as 7%, and break 8% by the end of the year. (More employment data below.)

More Layoffs: AT&T, DuPont, Credit Suisse, Belden, Viacom, Adobe by Greg Feirman

Unemployment Preview Doesn't Bode Well by Andrew Horowitz

Private sector loses 250000 jobs - report
CNNMoney.com -
By Aaron Smith, CNNMoney.com staff writer NEW YORK (CNNMoney.com) -- The US economy shed a quarter-million private-sector jobs in November, according to a payroll processor's report that was worse than economists expected.
Largest Decrease in Private Sector Employment Since November of 2002 MarketWatch
Private sector sheds 250000 jobs in November Reuters

November job losses steepest since 1974
Friday December 5, 8:41 am ET WASHINGTON (Reuters) - Employers axed payrolls by a shocking 533,000 in November for the weakest performance in 34 years, government data on Friday showed, as the recession inflicted a mounting toll on the U.S. labor market.
The Labor Department said the unemployment rate rose to 6.7 percent last month in the highest reading since 1993, compared with 6.5 percent in October, after widespread losses across the country's major industry sectors.

November's job losses were the steepest since December 1974, when 602,000 jobs were shed, and were much worse than forecast by analysts polled by Reuters who had predicted a reduction of 340,000 jobs.

In addition, October's job losses were revised to show a cut of 320,000, previously reported as a 240,000 loss, while September's losses were revised to a loss of 403,000 from down 284,00.

That meant 199,000 more jobs were lost in September and October than previously thought and the total reduction in U.S. nonfarm payrolls for last three months was 1.256 million, with almost 2 million shed in the year so far.

Service-providing businesses alone shed 370,000 jobs in November, following a loss of 153,000 jobs the month before.

The length of the workweek slipped to 33.5 hours, the shortest since records began in 1964, a Labor Department official said.

(Reporting by Alister Bull, Editing by Neil Stempleman)

Employers shedding jobs as recession deepens...

[b]6.7%[/b]

Ruble Trouble & Where's Them Jobs?

Stirring the economic cauldron as we do, there is plenty of grist for the mill this morning, so rather than focus on just one aspect of things, we'll apply a leaf blower to the headlines this morning.



First up[ is word that the "Golden State" ain't really so golden. Seems that "California may pay vendors with IOU's for Second Time Since Depression."



OMG - there's that damn "D" word again. However, if you're still in "D" nial, how about the CNBC closing bell comments on CNBC last night. "You've got a (whispered) Depression"



Yup - a guest on CNBC saying pretty much what we've held around here - the market on an inflation-adjusted basis peaked in Q1 2000 and has been sliding ever since.



The currency mess threatens today on a couple of fronts: Not the lead of which is the pending decline of the Russian Ruble. "Bankers posed for a weaker Ruble" says the Moscow News. What's driving it is the downward oil shock: Ruble to plunge like Mexican Peso on 'oil shock' says a Bloomberg story.



Not just 'ruble trouble' though. The hedge funds continue to implode. Although in fairness, 'restricting withdrawals doesn't necessarily mean implosion...but it's often a precursor. "Hedge funds chalk up more losses, big names suffer" says Reuters. Oh wipe that feigned look of surprise off your mug.



As the global demand for 'thins' is going off to the morgue, we can't help but mention that Australian Iron ore minder Fortescue has suspended some ore shipping contracts. Unforeseen circumstances cited, but we don't see what those are, curiously.



We do know that China is not going to save Western banksters according to headlines out of the UK Telegraph.



Did I mention hedge funds in trouble? Like the report that Citadel out of Chicago has lost 47%?

---

"Ponzi Scheme at CITI" headlines the NY Post this week. Lawsuits in Bankster Land - who would have thought?



Say: Did I mention hedge funds in trouble? "D.E. Shaw, Farallon Restrict Withdrawals as Fund Freeze Deepens" headlines a Bloomberg report.



But wait, there's got to be good news somewhere...

The Jobs Report: Half-Million+ Axed in November

Not going to find much joy in Mudville over this one:

"Nonfarm payroll employment fell sharply (-533,000) in November, and the unemployment rate rose from 6.5 to 6.7 percent, the Bureau of Labor Statistics of the U.S. Department of Labor reported today. November's drop in payroll employment followed declines of 403,000 in September and 320,000 in October, as revised. Job losses were large and widespread across the major industry sectors in November.

Unemployment (Household Survey Data)

Both the number of unemployed persons (10.3 million) and the unemploy- ment rate (6.7 percent) continued to increase in November. Since the start of the recession in December 2007, as recently announced by the National Bureau of Economic Research, the number of unemployed persons increased by 2.7 million, and the unemployment rate rose by 1.7 percentage points. (See table A-1.)

The unemployment rates for adult men (6.5 percent) and adult women (5.5 percent) continued to trend up in November. The unemployment rates for teenagers (20.4 percent), whites (6.1 percent), blacks (11.2 percent), and Hispanics (8.6 percent) showed little change over the month. The jobless rate for Asians was 4.8 percent in November, not seasonally adjusted. (See tables A-1, A-2, and A-3.)

Among the unemployed, the number of persons who lost their job and did not expect to be recalled to work increased by 298,000 to 4.7 million in November. Over the past 12 months, the size of this group has increased by 2.0 million. "

Since I want to grow up and write serious fiction some day (like Clive Cussler or Alistair McLean) my favorite part of the employment report is the "Alternative Measures of Labor Under-utilization, Table-12, U-6"



Here we see that the "Total unemployed, plus all marginally attached workers, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all marginally attached workers" was up a full 1.1% in the latest reporting month.



Another great place to look for content (as a fiction writer should) is the CES Birth-Death Model which asks us to believe that a total of 30-thosuand new jobs were 'created' on a statistical basis over the past month.



Even more fictionesque? About 1.1 million jobs have been created since February. Cool, huh?



Personally, I expect to see a major revision to the 'created via statistics' shock when the January numbers come out - just before the inauguration. Last January, 3-million jobs went poof from the created jobs model. I can hardly wait, huh?

WORST JOB CUTS IN 34 YEARS
<h4 class="subhead">533,000 Jobs Slashed In November... Economists Predicted 320,000... 'Dramatic Proof The Country Is Careening Deeper Into Recession'...
Blogging The Meltdown: HuffPost Readers Share Their Stories</h4> Quick Read

533,000 JOBS LOST IN NOVEMBER
Quick Read

Terrible Unemployment Report Rocks Wall Street
Quick Read

GM to lay off 2,000 more workers at 3 factories - AP - 41 minutes ago
The worsening U.S. auto sales slump claimed another 2,000 workers Friday as General Motors Corp. announced layoffs at three more car factories.

Employers cut 533,000 jobs in Nov., most since 1974 Employers slashed jobs at the swiftest pace in 34 years in November, leading the unemployment rate to rise to 6.7% from 6.5% in October and the highest in 15 years, the government said Friday. The report points to a rapidly deepening recession. The unemployment rate was held down as discouraged workers dropped out of the job pool... USA Today

Great Depression Unemployment Didn't Hit 25 Percent Overnight
Posted Dec 05, 2008 02:26pm EST by Henry Blodget
A few months ago, when you dared raise the specter of a second Great Depression, most people responded that the current mess is completely different from the Depression because in those days we had 25% unemployment. Here are the problems with that argument.

First, unemployment stats are calculated differently now. If we calculated unemployment the same way we did in the Depression, our unemployment rate would be much higher.

Second, unemployment during the Depression didn't get to 25% overnight. It got there over three years, during which most people never dreamed it would get anywhere near that high. When unemployment started its run to 25% then, it was lower than it was last year.

In 1929, unemployment was below 5%. By the end of 1930, as the New York Times reveals, it had risen to just below 10%. The following year it hit 16%. In 1932, it was 24%. And in 1933, it peaked at 25%. It then took 19 years to get back to the pre-crash low.

As today's depressing jobs report showed, unemployment is now rising rapidly. Not as rapidly as in 1930, but rapidly. With luck (and good policy), this time it will peak below 10%, hopefully well below. But it's too early to be certain.

If you're looking for reasons why the current crisis won't end up being anything like the Great Depression, however, today's 6.7% unemployment rate shouldn't come as much comfort.

Legg Mason Gets In The Downsizing Game
Forbes -
Legg Mason is the latest in a long list of companies to announce layoffs, as it tries to outpace the deteriorating economy by aggressively cutting costs.
Legg Mason to Cut 8%, or 200 Jobs, as Assets Fall (Update3) Bloomberg
Legg Mason to Cut Up to 200 Jobs as Assets Decline New York Times

US job losses worst since 1974 as recession bites
Reuters -
By Alister Bull WASHINGTON, Dec 5 (Reuters) - US employers axed payrolls by 533000 jobs in November, the most in 34 years and far more than expected, government data on Friday showed, as the year-old recession hammered every corner of the US economy.
Employers cut 533K jobs in Nov., most in 34 years The Associated Press
US Layoffs Surge in November Forbes

Employers in U.S. Cut 533,000 Jobs; Jobless Rate Rises to 6.7%

• Bloomberg
• 12/05/2008 07:39 AM

California May Pay With IOUs for Second Time Since Depression

• Bloomberg
• 12/05/2008 06:07 AM

Steep Job Cutbacks Add To Bleak Economic Picture

• Washington Post
• 12/05/2008 05:20 AM

All eyes on job losses

• Reuters
• 12/05/2008 05:10 AM

Employers shedding jobs as recession deepens

• AP
• 12/05/2008 05:14 AM