Keyword: layoffs

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  • Here's How Many Manufacturing Jobs We've Lost Since Obama Took Office

    12/02/2016 10:30:27 AM PST · by Kaslin · 36 replies
    Townhall.com ^ | December 2, 2016 | Cortney O'Brien
    As the media begins to draw a pretty picture about the November jobs report, namely that unemployment has dropped to 4.6 percent, its lowest level in nine years, they are unlikely to tell you the other part of the story. The labor force participation rate continues to decline and is stuck at a rate we haven't seen since February 1978, according to the Bureau of Labor Statistics. It gets worse. Last month, we lost 4,000 manufacturing jobs, offering more damage to the already 301,000 we've lost since President Obama took office. The Republican National Committee says that is going to change under President-elect...
  • The Transition Trump has a plan for government workers. They’re not going to like it

    11/24/2016 10:09:10 AM PST · by markomalley · 47 replies
    As a longtime resident of government employee country I say this plan couldn’t come soon enough. The bureaucracy in DC is massive, expensive, and entitled. Given the degree to which technology could easily reduce the bloat in the city and beyond wins should come early and relatively easily. Wins for taxpayers anyway. Washington, the “imperial city” won’t like it and will scream bloody murder. On the other hand recent reports said that up to 35% of federal workers said they’d consider quitting their jobs if Trump became president. I say we call em’ on it.
  • Huffington Post Owner AOL Lays Off 5% Of Staff: 500 Workers Lose Their Jobs

    11/17/2016 10:24:34 AM PST · by SeekAndFind · 36 replies
    Zero Hedge ^ | 11/17/2016
    Following news that vocally pro-Hillary Clinton Spanish language media conglomerate Univision, which had a Q3 loss of $30 million after revenues dropped 8% to $735 million, would lay off between 200 and 250 workers, in part driven by the media organization's recent acquisition of insolvent Gawker Media, on Thursday ReCode reported that the media bloodbath continues, with another 500 workers, or 5% of the total staff, set to be let go by AOL. AOL CEO Tim Armstrong said that most of the cuts will come in its corporate units, while resources will be shifted more at mobile, video and...
  • Boeing to shift 2,400 jobs away from Huntington Beach facility by 2020

    11/16/2016 8:06:54 AM PST · by EveningStar · 46 replies
    Orange County Register ^ | November 16, 2016 | Margot Roosevelt and Greg Mellen
    Boeing will shift more than 2,400 jobs out of its Huntington Beach facility over the next four years, the aerospace giant announced Tuesday, slicing in half the number of workers at the sprawling campus. A nationwide streamlining of operations at the company’s Defense, Space & Security division will result in the transfer of 300 Huntington Beach jobs to its Seal Beach facility and 1,600 positions to its plants in Long Beach and El Segundo. Another 500 jobs will move to St. Louis. And an additional 400 will move to Huntsville, Ala., from Huntington Beach and other facilities around the country.
  • Detroit News and Detroit Free Press facing news staff cuts Cuts threaten watchdog role

    11/16/2016 6:33:17 PM PST · by dynachrome · 22 replies
    WXYZ (ABC Detroit) ^ | 11-15/11-16-16 | Curtis Jackson
    Two pillars of local journalism are facing cuts. Sources confirm a Crain's Detroit business report that indicates the entire editorial staff at the Detroit News has been offered buyouts -- regardless of seniority. They have a week to decide before layoffs are announced. Sources tell 7 Action News staffers at the Detroit Free Press will be made a similar offer as early as Wednesday. Tim Kiska is a former staffer for both papers. "This is not good, I don't think, for public discourse at all. This is a disaster," Kiska said.
  • Report: Univision To Lay Off Over 200 Employees

    11/16/2016 7:13:00 PM PST · by Rufus2007 · 14 replies
    Daily Caller ^ | November 16, 2016 | Caroline May
    The month of November has been a bit bumpy for Univision Communications. First Donald Trump wins the presidency and now the Spanish-language media conglomerate is slated for mass layoffs. Univision will be dismissing six percent of its workforce and restructuring following a third-quarter net loss of $30.5 million, the company announced Wednesday and The Washington Post first reported. The layoffs are expected to result in some 200-250 job-losses. ...more...
  • Chasing millennials and profits, Univision restructures and lays off at least 200

    11/16/2016 8:23:19 AM PST · by ripnbang · 12 replies
    WaPo ^ | November 16, 2016 | Margaret Sullivan
    The Spanish-language media giant Univision Communications will lay off almost 6 percent of its workforce — between 200 and 250 people — after it slipped into the red last quarter, the company announced Wednesday. The layoffs, along with a planned restructuring, “are in response to difficult times, challenging times,” Isaac Lee, Univision’s digital, entertainment and news chief, told The Washington Post in his first public comments on the moves. “We need to position ourselves for the future.”
  • Trump May Have Won, But Ford Is Still Moving Its Small-Car Production to Mexico

    11/16/2016 5:46:17 AM PST · by monkapotamus · 145 replies
    New York Magazine ^ | November 16, 2016 | Charley Lanyon
    Ford’s chief executive officer Mark Fields must not respond well to threats; he admitted to Reuters on Tuesday that Ford was still planning on moving the production of its small cars from Michigan to — you guessed it — Mexico... Fields claimed that the move would not have any effect at all on American jobs because the move south will “make room for two very important products we’ll be putting back into Michigan plants.” Ford has yet to announce what, exactly, those “important products” are, but Fields is convinced that the move will lead to “no job impact whatsoever.” “It’s...
  • Obamacare Architect Jonathan Gruber Sounds Off on CEO Job Loss Claims

    11/15/2016 10:06:55 AM PST · by HarleyD · 41 replies
    Fox News Business ^ | November 15, 2016 | Julia Limitone
    Jonathan Gruber, a well-known architect of President Obama’s Affordable Care Act, caused a ruckus two years ago after he was caught on tape saying “the stupidity of the American voter led us to hide Obamacare’s true costs from the public.” He told the FOX Business Network’s Maria Bartiromo that CEOs are wrong about Obamacare. The MIT professor sparked a heated debate with Bartiromo after she stated that “businesses are not hiring workers because the legislation is too expensive.” Gruber had a different take: “Please don’t use the word ‘fact’ because you’re not saying facts, you’re saying antidotes.” “I’ll tell you...
  • The Hill: ‘Shattered Dreams in Clintonworld’ as Longtime Aides Left Jobless

    11/12/2016 9:07:22 AM PST · by Hojczyk · 73 replies
    Breitbart ^ | November 11,2016 | Breitbart News
    This week, the Clintonworld train went off the rails — this time, seemingly for good. In interviews with more than a dozen former Clinton aides, they expressed a grief and pain akin to losing a member of the family. … “For many people Clintonworld is life,” said one former aide. “They don’t know anything else. There was a lot of measuring the drapes and not just now, it’s been that way for a long time,” another former aide said. Those in her orbit didn’t just expect Clinton to win. They expected her to win big with the campaign telegraphing that...
  • Massachusetts Turnpike: EZ-Pass Replaces Cash, Toll Booths Now a Thing of the Past

    11/12/2016 1:03:35 AM PST · by Tolerance Sucks Rocks · 62 replies
    Inquisitr ^ | October 30, 2016 | Ryan Anthony
    The Massachusetts Turnpike is in uncharted water as EZ Pass has replaced cash along the state’s turnpike system and many toll collectors have been laid off. In a world where many systems have gone electronic from payment for movies to parking, it was only a matter of time before the personless, electronic system eventually took over toll roads, as well. Along the Massachusetts Turnpike, it happened this weekend with toll collectors working their last shifts and the state moving quickly to tear down the booths where collections happened for decades. According to the Boston Globe, the new cashless collections system...
  • Days After Election, General Motors Announces 2,000 Layoffs in Ohio and Michigan

    11/11/2016 12:24:27 PM PST · by Freedom of Speech Wins · 61 replies
    Breitbart ^ | 11-10-16 | Warner Todd Huston
    The day after the 2016 election for president, General Motors announced it was laying off another 2,000 workers in plants in Ohio and Michigan, two states that gave President-elect Donald Trump a major victory on Tuesday. GM said the layoffs will affect the third shifts in the plants in Lordstown, Ohio, and Lansing, Michigan, which build the low-selling cars sold under the Chevrolet and Cadillac brand names. “The Lordstown plant builds the compact Chevrolet Cruze, whose U.S. sales through October were down 20%,” Fortune magazine reported. “The Lansing Grand River plant builds the Cadillac ATS and CTS, whose sales were...
  • Cabinet Members who will be "Available" in January

    11/09/2016 12:54:52 PM PST · by keat · 14 replies
    11/09/16 12:54 pm PST | self
    John Kerry James Comey Loretta Lynch John Brennan Jeh Johnson Did I miss anyone?
  • Twitter Planning Hundreds More Job Cuts As Soon As This Week

    10/24/2016 6:00:15 PM PDT · by SkyPilot · 17 replies
    Boomberg Technology ^ | 24 OCt 16 | Sarah Frier
    âžž Company may announce around third-quarter earnings report âžž Twitter said to plan cut of about 8 percent of workforce Twitter Inc. is planning widespread job cuts, to be announced as soon as this week, according to people familiar with the matter. The company may cut about 8 percent of the workforce, or about 300 people, the same percentage it did last year when co-founder Jack Dorsey took over as chief executive officer, the people said. Planning for the cuts is still fluid and the number could change, they added. The people asked not to be identified talking about private...
  • TD Ameritrade buying rival brokerage Scottrade for $4 billion; STL will lose hundreds of jobs

    10/24/2016 12:42:25 PM PDT · by Da Bilge Troll · 39 replies
    Stltoday.com (St. Louis Post-Dispatch) ^ | October 24, 2016 | Lisa Brown
    Discount brokerage Scottrade is being acquired by rival TD Ameritrade in a $4 billion deal. The companies announced the deal early Monday, following several weeks of news reports about the merger. The sale is subject to regulatory approvals, and is slated to close by Sept. 30, 2017. Scottrade will convert to TD Ameritrade systems in 2018. Combined, the two companies have $944 billion in total client assets and 10 million funded client accounts. "It gives us a lot of power to combine the two," Scottrade's founder and CEO Rodger Riney told the Post-Dispatch Monday. "It is a business that has...
  • Dodging the Jobs Problem (or how the NY Times explains the loss in jobs)

    10/17/2016 6:32:27 AM PDT · by bobsunshine · 13 replies
    The NY Sun ^ | October 17, 2016 | Editor
    Imagine you are an editorial writer of the New York Times (a stretch to be sure, but stay with us). Your biggest problem in the Age of Obama has to be that despite all the Democrats’ claims to have steered us into a recovery, jobs are lacking. Supposedly the unemployment rate has been brought down to 5%. But that’s because the job participation rate is at its lowest point in decades as millions of Americans are still too discouraged to look for work. How do you work around this pesky problem? Dang, if the Times hasn’t come up with its...
  • Office Furniture Company Closing Orleans Plant (Indiana - 467 laid off)

    10/16/2016 7:56:48 PM PDT · by 2ndDivisionVet · 9 replies
    Inside Indiana Business ^ | October 12, 2016 | Alex Brown, Multimedia Journalist
    ORLEANS - Orleans-based Paoli LLC has announced it is closing its manufacturing plant. In a notice to the state, the office furniture company says closure will result in the layoffs of nearly 500 employees in the Orange County town. The company says the layoffs of 467 workers are expected to be permanent. Employees will be terminated beginning in January with most of the layoffs taking place between March and October of 2017. Paoli did not disclose a reason for the closure of the plant.
  • Ex-Yahoo employee sues Marisa Mayer claiming she led an illegal purge of male employees

    10/07/2016 9:32:10 AM PDT · by C19fan · 56 replies
    UK Daily Mail ^ | October 7, 2016 | Staff
    A media executive who was fired from Yahoo last year is suing CEO Marissa Mayer, accusing her of running a campaign to purge the company of male employees. The lawsuit filed by Scott Ard in federal district court in San Jose this week states: 'Mayer encouraged and fostered the use of an employee performance-rating system to accommodate management's subjective biases and personal opinions, to the detriment of Yahoo's male employees.'
  • The 'Quiet Catastrophe' Of Men Choosing To Not Seek Work

    10/06/2016 4:00:53 AM PDT · by expat_panama · 294 replies
    Investors Business Daily ^ | 10/06/2016 | GEORGE F. WILL
    The "quiet catastrophe" is particularly dismaying because it is so quiet, without social turmoil or even debate. It is this: After 88 consecutive months of the economic expansion that began in June 2009, a smaller percentage of American males in the prime working years (ages 25 to 54) are working than were working near the end of the Great Depression in 1940, when the unemployment rate was above 14%. If the labor force participation rate were as high today as it was as recently as 2000, nearly 10 million more Americans would have jobs. The work rate for adult men...
  • Regency Beauty Institute announces closing (All 79 campuses)

    10/03/2016 4:34:35 PM PDT · by 2ndDivisionVet · 21 replies
    The Dayton Daily News ^ | September 29, 2016 | Staff
    The Regency Beauty Institute has closed after more than 50 years of educating cosmetology students. The institute announced on its website that it permanently closed on Wednesday, impacting all 79 campuses, including the Miami Twp. campus at 2040 Miamisburg Centerville Road. “This is incredibly difficult news for everyone affected: especially our students, teachers, and staff,” Regency’s website says. “We recognize that some of you may be finding this out for the first time by reading this. We are truly sorry for the abrupt nature of this information.” The institute said that it does not have the money to continue to...
  • This is Why the Job Market Stinks, but No One is Talking about it

    09/23/2016 10:27:52 AM PDT · by Lorianne · 29 replies
    Wolf Street ^ | 21 September 2016 | James Murray
    Anyone who pays any attention knows that something unusual is happening to employment. Good full time jobs are disappearing, being replaced by lower paying and part time jobs. Experts and especially politicians have explanations and excuses: Offshoring to lower labor countries, excessive rules and regulations, illegal aliens, lack of education in the workforce…. The list goes on and on. What I rarely hear: automation. When most people hear “automation,” they think “robots.” Most robots are dedicated and expensive and don’t replace that many people. “Automation” or computer control is what gets the majority of the jobs, and it is not...
  • Politico: Clinton Foundation to Lay Off Dozens

    09/22/2016 11:53:24 AM PDT · by Jim 0216 · 46 replies
    breitbart.com ^ | 9/21/16 | JOEL B. POLLAK
    The Clinton Foundation is planning to drop dozens of employees as it winds down most operations, according to a report by Politico, citing “two former Clinton Foundation officials who remain in communication with staff.” The layoffs come after media investigations, led by Breitbart editor Peter Schweizer, whose 2015 book Clinton Cash alleged a pay-to-play pattern in which the Clintons courted donations from foreigners and businesses with matters pending before the State Department. The Clintons say they are closing down much of the foundation’s work, and severing many — though not all — personal ties to the organization, in anticipation of...
  • Senator from Punjab’: How Hillary Clinton Masterminded a Global Scheme to Replace American Workers

    09/21/2016 5:42:59 AM PDT · by detective · 31 replies
    Breitbart ^ | 20 Sep 2016 | Julia Hahn
    Hillary Clinton co-founded the Senate India Caucus, which anti-offshoring advocates say champions “issues important to India, including outsourcing and H-1B and L-1 visas.” •Clinton in 2005: “I am delighted to be the Senator from Punjab as well as from New York.” •Clinton has called for nearly doubling the controversial H-1B guest worker program—suggesting that American workers lack the skills to fill American jobs. She has also defended the cheap labor practices of an Indian outsourcing firm, to which the Clinton Foundation has financial ties: “We are not against all outsourcing; we are not in favor of putting up fences,” she...
  • McDonalds Hires Foreign H-1Bs, Fires 70 American Accounting Staff

    09/20/2016 8:44:12 PM PDT · by Lorianne · 37 replies
    Brietbart ^ | 18 September 2016 | Neil Munro
    I can't copy from Breitbart for some reason. Their site is so buggy. If someone can post an excerpt I'd be grateful.
  • McDonalds Hires Foreign H-1Bs, Fires 70 American Accounting Staff

    09/19/2016 1:26:47 AM PDT · by Enlightened1 · 88 replies
    Breitbart ^ | 09/18/16 | Neil Munro
    An iconic American company, McDonald’s, has quietly outsourced the jobs of 70 white-collar professionals in Ohio to foreign H-1B workers. The H-1Bs outsourcing in the nation’s heartland showcases the growing corporate effort to use foreign H-1B workers to cut workforces of American white-collar professionals, and it comes after companies have used waves of legal and illegal migrants to slash blue-collar jobs and wages in Ohio and around the country. Also, the 70 Ohio jobs that McDonalds outsourced to lower wage foreign graduates are not Silicon Valley technology and software jobs — they’re white-collar accounting jobs performed by graduates from mainstream...
  • Could Ford moving to Mexico move Michigan into Trump's column?

    09/18/2016 4:20:31 PM PDT · by 2ndDivisionVet · 70 replies
    The Sun Prairie Star ^ | September 18, 2016 | Natalia Castro, Americans for Limited Government
    Ford Motor Co. is the classic example of an all-American company, but now they are better representing what ails the American economy, as they are being forced overseas. As Ford begins plans to build a $1.6 billion auto assembly plant in Mexico for small car production, the company continues to experience the pressure of globalization crushing their American business dreams. Ford was a classic Michigan company, but as Detroit News reported Michael Martinez reports, "It will employ 2,800 at the new Mexican plant by 2020." It is no surprise Ford has to modify their building model in order to compete,...
  • Dell-EMC to Lay Off 2,000 – 3,000 US Workers after Requesting 5,000 H-1B Visas

    09/09/2016 11:43:16 AM PDT · by Sgt_Schultze · 114 replies
    Wolf Street ^ | 9 September 2016 | Wolf Richter
    The ink was barely dry on Dell’s acquisition of EMC, the largest technology deal ever, valued at $67 billion when it was announced in October last year – and already the layoff rumors are oozing from the woodwork.snip But Dell needs to save some money, one way or the other. Dell’s corporate credit rating is at the upper end of junk. It’s loaded to the gills with debt, stemming from when it was taken private. Now the EMC deal has piled new debt on the company, including $20 billion of bonds it sold in May, followed by a $5-billion leveraged...
  • Goshen Coach intends to close facility in Elkhart (About 160 layoffs, Indiana)

    09/06/2016 11:02:43 PM PDT · by 2ndDivisionVet · 3 replies
    The South Bend Tribune ^ | September 1, 2016 | Ted Booker
    ELKHART — Goshen Coach, a commercial bus manufacturer, announced it will close its Elkhart facility on Oct. 31 and expects to lay off 159 employees. The company filed a Worker Adjustment and Retraining Notification on Wednesday with the Indiana Department of Workforce Development to announce the plan to close the facility at 25161 Leer Drive. It plans to offer "severance benefits and transition programs to affected employees," according to the notice, which does not explain why the plant will be shut down. Company officials could not be reached Wednesday for comment. Goshen Coach, which has manufactured specialty vehicles since 1985,...
  • Report: Up To 80% Of Current Jobs Threatened By Technology

    09/05/2016 1:41:09 PM PDT · by 2ndDivisionVet · 47 replies
    The Daily Caller ^ | September 5, 2016 | Ted Goodman
    More than 70 percent of manufacturing jobs and more than half of jobs involving data collection might be rendered obsolete by automation and robots, according to a report from McKinsey & Company. One study estimated up to 80 percent of current jobs may be threatened by automation, which could become a critical economic issue for policy makers and global leaders in the coming decades. While Americans celebrate Labor Day weekend, it is a good time to contemplate the rise in artificial intelligence and how it can threaten jobs in all types of industries....
  • State’s largest private ambulance service closing (North Carolina, 400 laid off)

    09/04/2016 1:46:24 PM PDT · by 2ndDivisionVet · 34 replies
    WGHP-TV ^ | August 31, 2016 | Chad Tucker
    DURHAM, N.C. -- Johnston Ambulance Service, the state's largest private ambulance service is closing at the end of Wednesday, putting around 400 full and part-time employees out of a job. "We do a lot of transports, across the state and Virginia," said one employee from the Triad who did not want to be identified. "There are many people who don't know what they will do next, some have weddings coming up." The private ambulance service, based in eastern North Carolina, serves thousands of patients across the state with non-emergency transportation for treatments like dialysis and wound care -- including right...
  • Bombardier hands out pink slips as part of effort to cut 7,000 workers

    08/29/2016 3:03:27 PM PDT · by Lorianne · 25 replies
    Financial Post ^ | 26 August 2016
    Bombardier handed out pink slips Friday to aerospace employees in Montreal as part of its efforts announced in February to trim 7,000 workers over two years. The Montreal-based company declined to say how many workers were being affected by the latest layoff notices, how many cuts have already been made, or what aircraft programs are being affected. Mark Masluch, spokesman for Bombardier business jets, said the layoffs are a continuation of the “workforce optimization” plan being implemented across the company. The union representing machinists said the uncertainty about efforts to save jobs is creating frustration for workers. It warned last...
  • Minimum Wage Claims Its Latest Victims - Ashley Furniture Slashes 840 Jobs In California

    08/29/2016 5:35:32 AM PDT · by Rockitz · 57 replies
    ZeroHedge.com ^ | Aug 28, 2016 | Tyler Durden
    A few weeks back we pointed out a couple of the reasons that businesses are fleeing California by the 1,000's ("3 Simple Charts That Help Explain Why 9,000 Businesses Have Left California In Just 7 Years"). Clearly the implementation of a State-wide $15 minimum wage hasn't helped "lure" business owners. On Friday, Ashley Furniture's 840 employees working in the company's production and warehouse facility in Colton, California became the latest victims of California's minimum wage hike. Ashley announced they would be leaving open their retail store in Colton, but would be relocating the production facility that accounts for most of...
  • Anheuser-Busch Expects Major Layoffs After It Buys SABMiller (5,500 jobs)

    08/28/2016 8:45:48 PM PDT · by 2ndDivisionVet · 40 replies
    Fortune ^ | August 26, 2016
    Anheuser-Busch expects to cut some 3% of its combined workforce after it has acquired rival SABMiller, according to takeover documents published on Friday. That would be some 5,500 jobs, according to a source with information on the offer. AB is aiming to achieve pre-tax savings of at least $1.4 billion per year within the four years after completion of the takeover through increased efficiency, sharing best practices and the removal of overlaps in corporate and regional headquarters....
  • Coal towns hit by layoffs to get job grants from US gov't

    08/24/2016 7:52:52 PM PDT · by Olog-hai · 37 replies
    Associated Press ^ | Aug 24, 2016 5:26 PM EDT | John Raby
    Communities in nine U.S. states that have been hard-hit by coal layoffs are being promised more than 3,000 jobs in several industries through a multimillion-dollar federal grant. Officials for the Appalachian Regional Commission and other agencies announced the 29 projects totaling nearly $39 million Wednesday at a news conference in Huntington, West Virginia. The investments are expected to create or retain more than 3,400 jobs in agriculture, health care, manufacturing, technology and other industries. The projects are intended to help communities in Texas and in eight Appalachian states: Alabama, Kentucky, Mississippi, Ohio, Pennsylvania, Tennessee, Virginia and West Virginia. …
  • Early data show $15 minimum hurting Seattle's poor

    08/21/2016 3:03:54 PM PDT · by Olog-hai · 34 replies
    Washington Examiner ^ | 8/13/16 12:01 AM | Sean Higgins
    As recently as last year, the Democratic Party’s leaders thought the idea of a $15 federal minimum wage was unrealistic and even pushed back against it. That ended in July when the official party platform, bowing to pressure from organized labor and Sen. Bernie Sanders and his supporters, adopted a call for a $15 federal minimum, more than double the current rate of $7.25 an hour. […] When Seattle increased its minimum to $15 in 2014, a boost of nearly $6 an hour, it also commissioned a study of the increase’s effect by the University of Washington. A report released...
  • Fed Survey: Obamacare Causing Companies to Cut Jobs

    08/17/2016 1:56:24 PM PDT · by Brilliant · 15 replies
    WSJ ^ | Aug 16, 2016 | Vipal Monga
    Many companies are cutting jobs in response to rising health care costs spurred by the Affordable Care Act, according to a new survey by the Federal Reserve Bank of New York. Roughly one-fifth of service sector and manufacturing company executives said they are reducing the number of workers in response to provisions in the healthcare law... The New York fed surveyed about 100 executives in the manufacturing sector and roughly 150 executives in the services sector located in New York State, Northern New Jersey and Fairfield County, Connecticut... The results add to a bevy of bad news related to the...
  • Target cuts outlook as it sees fewer customers in stores

    08/17/2016 1:38:05 PM PDT · by Morgana · 64 replies
    usnews.com ^ | August 17, 2016 | ANNE D'INNOCENZIO,
    NEW YORK (AP) — Target Corp. cut its profit forecast and a key sales outlook Wednesday as it saw fewer customers in its stores and acknowledged it didn't push the second part of its "Expect More, Pay Less" slogan. The Minneapolis-based discounter's second-quarter net income fell nearly 10 percent, though that was better than what most had expected. Sales at stores open at least a year fell 1.1 percent, reversing seven straight quarters of gains. Its main competitor, Wal-Mart Stores Inc., reports results Thursday. Target's shares fell $4.74, or 6 percent, to $70.74 in afternoon trading.
  • Cisco Systems to lay off about 14,000 employees: Report

    08/17/2016 5:01:58 AM PDT · by mykroar · 64 replies
    CNBC.com ^ | 8/17/2016 | Reuters
    Cisco Systems Inc is laying off about 14,000 employees, representing nearly 20 percent of the network equipment maker's global workforce, technology news site CRN reported, citing sources close to the company. San Jose, California-based Cisco is expected to announce the cuts within the next few weeks, the report said, as the company transition from its hardware roots into a software-centric organization. Apart from Cisco, two other big software companies, Microsoft Corp and HP Inc, have also announced job cuts this year.Microsoft said in July that it would lay off about 2,850 jobs over the next 12 months, taking its total...
  • Ruby Tuesday to close 95 restaurants

    08/12/2016 4:24:57 PM PDT · by Extremely Extreme Extremist · 85 replies
    THE INDY CHANNEL ^ | 12 AUGUST 2016 | ERIC PFAHLER
    Ruby Tuesday plans to close 95 restaurants throughout the country, the company announced. The locations of the restaurants to be closed have not been released, but the restaurants will be shutting down quickly. According to the company's press release, the under-performing locations will stop operations by September. Ruby Tuesday's had 724 restaurants as of May 31, and 646 of those were company-operated.
  • Macy's plans to close 100 stores, boost online investment

    08/11/2016 5:53:41 AM PDT · by Olog-hai · 87 replies
    Associated Press ^ | August 11, 2016
    Macy’s says it plans to close about 100 stores next year as the department store operator aims to become more nimble in a competitive market. That represents close to 14 percent of its store base. […] The nation’s largest department store chain says that it earned $11 million, or 3¢ per share, in the quarter ended July 30. That compares with $217 million, or 64¢ per share, in the year-ago period. …
  • Chicago schools lays off 1,000, about half are teachers

    08/05/2016 6:21:09 PM PDT · by Olog-hai · 19 replies
    Associated Press ^ | Aug 5, 2016 5:05 PM EDT
    Chicago Public Schools will lay off about 1,000 employees, nearly half of whom are teachers. Officials with the nation’s third-largest school district characterized the layoffs Friday as part of the “normal” yearly staff movement between schools and that they expect most people will be hired for other jobs. CPS has about 1,000 teaching vacancies. …
  • Here's what the real unemployment rate looks like

    08/05/2016 11:44:06 AM PDT · by BenLurkin · 12 replies
    cnbc ^ | 08/05/2016
    The U.S. unemployment rate remained at 4.9 percent in July, the Labor Department said Friday. But relying on that one number as an indicator of the job market is an oversimplification of the complicated world of employment. Each month on jobs Friday, the Labor Department's Bureau of Labor Statistics puts out a slew of employment-related data, each of which tells its own story about the jobs situation. Most economists look past the official unemployment rate — also known as the "U-3" number — to other metrics that provide other views of the state of jobs. One of those figures is...
  • Raising The Minimum Wage In Seattle Had Utterly Predictable Results–But Liberals Probably Don't Care

    07/31/2016 4:04:56 PM PDT · by RoosterRedux · 42 replies
    townhall.com ^ | Matt Vespa
    Raise the minimum wage in Seattle they said. It will help workers they said. Well, the city did increase the minimum wage from the previous rate of $9.47 to $15, which is to be phased in by 2018. It’s now at $11, and lo and behold it has hurt workers. A study found that workers would’ve already seen an increase in wages without the hike because of the increased economic activity and more would’ve been employed. Instead, hours were cut, fewer people worked, and all of this was [predictable]: The average hourly wage for workers affected by the increase jumped...
  • New York Times reports another loss as ad sales decline

    07/28/2016 8:03:35 AM PDT · by mandaladon · 42 replies
    Yahoo News ^ | 28 Jul 2016
    July 28 (Reuters) - The New York Times Co reported its second quarterly loss in a row as print and digital advertising sales declined. Print ad revenue fell 14.1 percent, the eighth straight quarterly decline. Digital ad revenue, which accounts for about a third of total ad revenue, dropped 6.8 percent, the second straight quarterly decline. The Times posted a net loss of $211,000 attributable to shareholders for the second quarter ended June 26, compared with a profit of $16.4 million the year-earlier quarter. On an adjusted basis, the company earned 11 cents per share from continuing operations, matching the...
  • 18 states see significant job gains, but unemployment rises

    07/22/2016 8:13:15 AM PDT · by BenLurkin · 5 replies
    WaPo ^ | 07/22/2016
    n Colorado, the rate jumped 0.4 point from May to a still-low 3.7 percent as more of its population began looking for work without being hired, a positive for the economy as it suggests greater optimism that these people will find jobs. A similar trend played out in five other states: Nevada and Oregon each saw a 0.3 percent increase, while rates went up 0.2 points in California, Maine and South Dakota. Those trends correspond with the national report that saw the unemployment rate rise from 4.7 percent in May to 4.9 percent as more workers started searching for jobs.
  • Biggest private coal producer warns of cutting 80 percent of workforce, head blames Obama policies

    07/02/2016 12:27:15 PM PDT · by PROCON · 21 replies
    The Wall Street Journal ^ | July 2, 2016 | The Wall Street Journal
    Murray Energy Corp., the largest privately held coal miner in the U.S., has warned that it may soon undertake one of the biggest layoffs in the sector during this time of low energy prices. In a notice sent to workers this week, Murray said it could lay off as many as 4,400 employees, or about 80% of its workforce, because of weak coal markets. The company said it anticipates “massive workforce reductions in September.” The law requires a 60-day waiting period before large layoffs occur.
  • Wendy’s Eyeing Self-Service Kiosks In Effort To Cut Labor Costs

    06/18/2016 7:04:43 AM PDT · by BenLurkin · 33 replies
    The fast-food chain has plans to replace some workers with the touch-screen technology in an effort to save on labor costs. By the end of the year, thousands of Wendy’s locations across the country will be offered the kiosks, while franchise-operated stores will have the option of whether to use the technology. ... This year, minimum-wage rose to $10 an hour in California and will gradually rise to $15. Wendy’s president and chief financial officer, told Investor’s Business Daily that labor costs have gone to five to six percent in the past year. ... On social media, there were mixed...
  • Wife just got laid off, retirement, age 59 1/2 relevant?

    06/18/2016 7:08:00 AM PDT · by George from New England · 71 replies
    Wife worked full-time at an organized church office for 9 1/2 years now. Worked 35 hours a week and received insurance and health care benefits, etc. Fiscal year cycles at June 30. She was the elimination of her position this past week and given the option to continue at 19 hours a week, part time. She has said no, she needs a job with benefits. They surprised her yesterday, Friday, with her last day worked. Their letter says she is paid until end of June and 4 weeks into July for sick days and left over vacation time. Now her...
  • Bank Of America Set To Fire 8,000 As Banker Layoffs Accelerate

    06/15/2016 11:02:03 AM PDT · by dennisw · 19 replies
    zerohedge ^ | Jun 15, 2016 | Tyler Durden
    A few months ago we pointed out that mass layoffs were coming for bankers due to declining revenues and more difficult market conditions, and now we're seeing the first major wave of that come to fruition. Bank of America has announced that it will fire as many as 8,000 employees within its consumer division the FT reports.The core reason given for the headcount reduction in this instance is that digital banking is picking up the pace, and has reduced the need for "back office staff" and bank tellers. This is a trend that BofA highlighted in its In its Q1...
  • Nearly Half of D.C. Employers Said They Have Laid Off Workers, Reduced Hours Due to Minimum Wage…

    06/07/2016 9:11:27 AM PDT · by Olog-hai · 14 replies
    Washington Free Beacon ^ | June 7, 2016 5:00 am | Ali Meyer
    Nearly half of Washington, D.C. employers said they have either laid off employees or reduced the hours of employees to adapt to the District of Columbia’s minimum wage hikes since 2014, according to a report from the Employment Policies Institute. The minimum wage in the District of Columbia has increased from a $8.25 hourly rate in 2014 to the current rate of $11.50 per hour. Mayor Muriel Bowser advocated a $15 minimum wage in her State of the District address earlier this year. “In recent months, the City Council in D.C. has considered enacting a number of new labor mandates,...