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The signs of the struggling economy are again showing at Mohegan Sun Casino. Thursday night the Mayor of Montville confirmed that casino is laying off hundreds of workers, effective immediately. Mayor Ronald McDaniel said that he's saddened by the news and that it will be difficult for those workers who got pink slips to find new jobs. The New London Day reports that 282 employees were laid off immediately and that another 46 would be let go by the end of October. The newspaper also reports that CEO Jeffrey Hartmann left the casino Wednesday.

Banks continue to bear the brunt of the global economic crisis with Goldman Sachs the latest to scale back its workforce. According to the Sunday Times, the investment bank is to make 100 of its partners redundant. The news comes after a number of major investment banks, including Barclays, Deutsche, UBS and Credit Suisse have announced job cuts over the last few months. The move by Goldmans would cut the number of partners on its books by 20% with the firm’s chief financial David Viniar among those being shown the exit door, according to the paper. In its interim results...

* 2012 investment banking revenue seen sliding 15 percent * Average return on equity seen at 5 percent this year * Larger firms urged to expand in emerging markets * Smaller banks must focus on niche sectors, products Up to 15 percent of the 500,000 jobs in investment banking could disappear in the next five years as the euro zone crisis and stiffer regulation hammers revenue, profitability and risk-taking, Roland Berger Strategy Consultants said on Wednesday. A study by Roland Berger Strategy, one of the world's leading consulting firms, suggests that investment banking global revenue is set to fall by...

Bank of America is planning to cut 16,000 jobs by year end as it speeds up a company-wide cost-cutting initiative amid declining revenues, "The Wall Street Journal" reported on Wednesday. Job cuts could begin in the company's European investment bank and sales and trading units as soon as Monday, sources told CNBC. Bank of America will begin layoffs in the U.S. on Thursday, September 27, sources said. The job cuts would put the second-largest U.S. bank a year ahead of schedule in eliminating 30,000 jobs under a program called Project New BAC. The job cuts could shrink the bank's workforce...

Dan from Squirrel Hill's Blog “Policy matters. If Barack Obama matched Ronald Reagan’s post-recession recovery rate, 15.7 million more Americans would have jobs.” The title of this post is a quote from the Wall St. Journal. On April 15, 2011, the Wall St. Journal wrote:Policy matters. If Barack Obama matched Ronald Reagan’s post-recession recovery rate, 15.7 million more Americans would have jobs.Some apologists suggest that the current recovery is so weak because the recession was so deep. But the totality of our experience in the postwar period is exactly the opposite—the bigger the bust, the bigger the boom that follows.If we...

Cost-cutting moves by medical device companies have resulted in the loss of more than 2,000 jobs over the past 2 months. Medical device companies are molting at a reptilian rate, shedding more than 2,000 jobs over the past 2 months as they look to slash costs across the board. Several of the med-tech companies that are scrapping jobs say the 2.3% medical device excise tax in the Patient Protection and Affordable Care Act, slated to begin in January 2013. Others deny that the tax is the sole cause of their moves, saying it's a factor but not determinative. Seven medical...

Bankrupt Eastman Kodak Co said it will cut 1,000 additional jobs by the end of this year and may cut more as it focuses on its commercial packaging and printing business. Kodak, which invented the digital camera but had trouble adjusting to the digital age, was betting on an auction of its 1,100 patents to raise funds to repay money borrowed to finance its bankruptcy.

A CEO stands in front of his crumbling, century-old factory and speaks to his employees. “I promise that no matter what, I will never renovate this place. No matter how many worn-out items break, no matter how much our out-of-date machinery slows us down, no matter how many people tease us for clinging to fax machines over email, I will keep this factory going as-is. It’s time to embrace the inefficient.” How long do you think a company operated in such a fashion would last? How long do you think its employees would have jobs? Everyone understands that in a...

United Technologies announced last week that it plans to cut 150 salaried positions around the world, including 70 white-collar jobs at UTC Aerospace Systems, formerly Hamilton Sundstrand, here. The company is cutting 150 salaried positions globally, according to a news release. But locally, the 70 cuts will be on top of 130 blue collar machinist jobs the company is hoping to eliminate through buyouts and layoffs as part of job cuts first announced in 2011. The first 80 machinist jobs were already cut through attrition, according to a news release from the company. Anthony J. Walter, president of Local Lodge...

NBC insiders tell me The Tonight Show went through ”downsizing” today and that 20 staffers lost their jobs. Others tell me the number is more like 25, and producers were forced to take pay cuts or lose their jobs. The downsizing also comes just 5 days after First Lady Michelle Obama appeared as a guest for the third time on The Tonight Show: high unemployment, job creation, and taxing the rich vs the poor all are issues in the 2012 president campaign. Leno has said publicly that he’s able to bank his entire Tonight Show salary and live on the...

Angela Weiss/Getty Images UPDATED: The direct cause is not yet clear, nor are the exact areas of programming that were hit by the downsizing. NBC's Tonight Show with Jay Leno has laid off about 20 employees, a network source confirms to The Hollywood Reporter. The direct cause of the shakeup at NBC's late-night staple is not yet clear, nor are the exact areas of the program that were hit by the downsizing. While the Jay Leno-hosted talker regularly tops the late night ratings, its core audience has aged as competition from such younger-skewing shows as Jimmy Kimmel Live!, The Daily...

Unemployment was up in 44 States, down in two states, down in D.C, and unchanged in four others. There has been no improvement nationally this year. Bloomberg reports U.S. Joblessness Rise Broad-Based as 44 States Show Gain

Google will cut about 4,000 jobs at its Motorola Mobility Holdings unit, or 20 percent of the staff at the company, which it bought for about $12.5 billion.

The Hill reports that U.S. defense companies Lockheed Martin and Pratt & Whitney are preparing to issue layoff notices, which they are required to do under the Worker Adjustment and Retraining Notification (WARN) Act 60 days in advance of mass layoffs, even though the Obama administration suggested those notices would not be necessary. Approximately $500 billion in defense cuts are set to take place in January, and companies that plan to layoff employees must send notices out by November, two months before the layoffs hit. The Obama administration, realizing this would hurt them politically before the November elections, has argued...

BEGIN TRANSCRIPT RUSH: Want to go back to the unemployment numbers that came out Thursday and Friday. You know, the employment number went up to 8.3%. The Bureau of Labor Statistics said that 163,000 new jobs were created. We used BLS numbers ourselves to show you how this isn't true. We talked about "seasonal adjustment." But a random act of journalism -- a stunning random act of journalism -- in the Washington Post yesterday in the Sunday paper. They actually wrote (this was the headline): "Wait, the US Economy Actually Lost 1.2 Million Jobs in July? -- The US economy...

The U.S. economy added 163,000 jobs in July. Although an improvement over the first quarter, the ranks of the unemployed swelled another 45,000. ...The unemployment rate rose to 8.3 percent even as 348,000 workers quit looking for work and were no longer counted in the official jobless tally. In the weakest recovery since the Great Depression, nearly the entire reduction in unemployment since October 2009 has been accomplished through a significant drop in the percentage of adults participating in the labor force -- either working or looking for work. Growth slowed to 1.5 percent in the second quarter as consumers...

We've spoken previously about how Barack Obama is waging a war against the coal industry. Even though Candidate Obama openly told us that he aimed to bankrupt the industry, he has his toadie, former Ohio Governor Ted Strickland, traveling around the state making a fool of himself by insisting that Obama is actually a friend to the coal industry.  Recently, ultra-liberal Senator Sherrod Brown (D-OH) joined Obama in attacking the energy source that provides 86% of Ohio's electricity. Brown had a chance to join other Senators, including other Democrats, in getting rid of the EPA's new Utility MACT rule, which...

WASHINGTON (Reuters) - The number of Americans filing new claims for jobless benefits rose less than expected last week, but the data continues to be influenced by distortions from seasonal auto shutdowns. Initial claims for state unemployment benefits rose 8,000 to a seasonally adjusted 365,000, the Labor Department said on Thursday. The prior week's figure was revised up to 357,000 from the previously reported 353,000. "The claims number is not that bad. There does seem to be some difficulty dealing with the seasonals this time of year whether it's auto plant closures or lack thereof," said Cary Leahey, a senior...

Two more indicators previewing tomorrow's July jobs report are in today, and neither look particularly good. First, weekly jobless claims went back up again after a sharp drop the week before --- which was amended upward in today's report, too: In the week ending July 28 the advance figure for seasonally adjusted initial claims was 365,000, an increase of 8,000 from the previous week's revised figure of 357,000. The 4-week moving average was 365,500, a decrease of 2,750 from the previous week's revised average of 368,250.The advance seasonally adjusted insured unemployment rate was 2.6 percent for the week ending July...

(CNSNews.com) - President Obama is trying to prevent thousands of layoff notices from going out a few days before the November election, Sen. Jame Inhofe (R-Okla.) said on Tuesday. Obama's Labor Department on Monday issued "guidance" to the states, telling them that a federal law requiring advance notice of mass layoffs does not apply to the layoffs that may occur in January as a result of automatic budget cuts known as "sequestration." Inhofe, appearing on Fox & Friends Tuesday morning, said President Obama, through his Labor Department, "is trying to intimidate businesses, companies, corporations -- not just defense contractors --...