[Lance Romance]

Who? Reuters had to rely on the word of one outsource placement firm. Pretty weak.

[ScreenName1]

August 24, 2003

More On The Trade Wars
By Paul Craig Roberts

The collapse of world socialism has made vast pools of cheap and willing labor in Asia and Mexico available to US capital and technology. The Internet has made the physical location of employees unimportant for many knowledge and Information Technology jobs. The Internet, out-sourcing, and offshore production for the home market allow US firms to substitute cheap foreign labor for expensive US labor in their production functions.
__________________________________________________________

This little excerpt says a lot about why this is a jobless recovery. I wish it were not so.

[Lael]

Challenger, Gray & Christmas

I dunno.

Albertsons here said they were cutting back from 1:00 AM closings to 12 Midnight closings. So I asked the checkout guy at 11:30 PM last night WTF???

No 'Top line Growth' for several years, so time to squeeze the "operations" again to puff up the bottom line.

BTW, CG&C inherited the layoff thing from someone who dropped dead about 15 years ago...figures come from WARN Act notices and are reliable.

DON'T SHOOT THE MESSINGER!!!

[Lael]

Challenger, Gray & Christmas

I dunno.

Albertsons here said they were cutting back from 1:00 AM closings to 12 Midnight closings. So I asked the checkout guy at 11:30 PM last night WTF???

No 'Top line Growth' for several years, so time to squeeze the "operations" again to puff up the bottom line.

BTW, CG&C inherited the layoff thing from someone who dropped dead about 15 years ago...figures come from WARN Act notices and are reliable.

DON'T SHOOT THE MESSINGER!!!

[oceanview]

believe it, because its true. large companies, with large white collar staffs, continue to be net dis-employers. That's not to say there aren't other types of jobs being created in other areas. But the traditional American "Fortune 500 company" white collar staff job, and the wages and benefits that those type of jobs provide, are melting away.

[Capitalism2003]

on a positive note, I got a job 2 weeks ago...
a local tech/assembly company needed 60 people asap...

certain industries ARE picking up, despite the unending doom and gloom we hear. That 7.2% certainly includes new jobs...but they always lag the other numbers, and won't be reported until the next update.

[Starwind]

UPDATE - US job cuts surge 125 percent in Oct.-Challenger
Tuesday November 4, 11:56 am ET

(Recasts lead, adds economists comments, background, Tyco job cuts)

NEW YORK, Nov 4 (Reuters) - The number of job cuts announced by U.S. employers more than doubled in October, after declining for two months, calling into question the strength of job market as other segments of the economy surge.

Planned layoffs at U.S. firms shot up to 171,874 jobs in October, from 76,506 in September, job placement firm Challenger, Gray & Christmas said on Tuesday. Layoffs were at their highest since Oct. 2002, when 176,010 job cuts were announced.

Some economists say the data may not provide a complete picture of the labor market, but investors seeking clues about Friday's employment report sent bond prices higher after the Challenger report.

"With factors like technology, outsourcing, and consolidation working against job creation, any job market rebound we see in the near future will be relatively small," said John Challenger, chief executive at Challenger, Gray & Christmas, in a statement.

In a signal that the job market may face another difficult month in November, Tyco International Ltd. (NYSE:TYC - News) on Tuesday said it would eliminate 7,200 jobs as it dismantles its far-flung global empire.

"We're not out of the woods yet with regard to the labor market," said Lehman Brother economist Drew Matus.

The job market won't really turn the corner until the economy shows a few quarters of strong growth, Matus said.

But some economists believe that the layoff numbers do not necessarily indicate a sour labor market.

Higher layoffs at larger companies could be offset by more robust hiring at small and medium-sized firms, said Sung Won Sohn, chief economist at Wells Fargo & Co.

The Challenger report clashes with other signals that the labor market has shown signs of stabilizing.

The September employment report showed that employers increased the number of workers on their payrolls by 57,000, the first increase since January.

In addition, last week the number of initial jobless claims fell to 386,000, the fourth straight week that claims were under 400,000, which economists consider as a critical level for the labor market.

A report on the manufacturing sector on Monday said the pace of factory job cuts was slowing.

Analysts are eagerly awaiting Friday's report payrolls and unemployment. According to a Reuters poll, economists on average forecasted payrolls increased by 55,000, and unemployment held steady at 6.1 percent.

(Additional reporting by Kevin Plumberg)

[mabelkitty]

They are lying.
Sarbanes-Oxley law went into effect.

If you lie on your balance sheet, you go to jail.

How many had to lay-off because the money they claimed they made was a lie?

Many. Add to that the corporate pond scum getting caught in the FBI dragnet now.