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Posts Tagged ‘job losses’

U.S. Job Cuts Rose 20% From Year Ago, Challenger Says

March 3, 2011 1 comment

bloomberg.com

Employers in the U.S. announced more job cuts in February than in the same month last year, led by a surge at government agencies.

Planned firings increased 20 percent to 50,702 last month from February 2010, the first year-over-year gain since May 2009, according to a report today from Chicago-based Challenger, Gray & Christmas Inc. Announcements at federal, state and local government offices almost tripled from last year.

“More job cuts at the federal level are expected in the months ahead as pressure mounts to cut costs and rein in the soaring national debt,” John A. Challenger, the outplacement company’s chief executive officer, said in a statement.

Dismissals of government workers may contribute to a slowdown in consumer spending, which accounts for 70 percent of the economy. Combined with the highest gasoline prices in two years, the threat of a pause in purchases may already be causing retailers, which had the second-biggest number of announcements last month, to pare payrolls, said Challenger.

“If gasoline tops $4 per gallon in the coming weeks, consumers may be forced to make significant changes to their spending habits,” said Challenger. “At this stage of the recovery, that could be an extremely damaging setback.”

Compared with last month, which saw the fewest firings for any January since record-keeping began in 1993, job-cut announcements climbed 32 percent. Because the figures Read more…

GOP budget cuts would kill 700,000 jobs: report

March 1, 2011 1 comment

rawstory.com

WASHINGTON – The Republican budget proposal to sharply cut federal spending would cost 700,000 jobs through 2012, according to the independent analyst Moody’s.

In a new report obtained Monday by the Washington Post, Moody’s Analytics chief economist Mark Zandi analyzes the House Republican budget proposal cutting spending by $61 billion this year and projects that it will curtail job growth.

“The House Republicans’ proposal would reduce 2011 real GDP growth by 0.5% and 2012 growth by 0.2%. This would mean some 400,000 fewer jobs created by the end of 2011 and 700,000 fewer jobs by the end of 2012,” Zandi concluded.

The numbers challenge the Read more…

Employment Report: IT SUCKS

February 5, 2011 Comments off

Wow…. if you remember on the ADP and Claims numbers, I said I was expecting +100k.

That was way off – we really got +36k.

 

The unemployment rate fell by 0.4 percentage point to 9.0 percent in January, while nonfarm payroll employment changed little (+36,000), the U.S. Bureau of Labor Statistics reported today. Employment rose in manufacturing and in retail trade but was down in construction and in transportation and warehousing. Employment in most other major industries changed little over the month.

Youch.

There’s no love in here.  Worse, the benchmark revisions are out, and they show about 300,000 supposedly-reported jobs that didn’t really happen. No, really?  How come that number seems to always be in this direction?  That is, why is it that the BLS always seems to over-report reality in the establishment survey?

That inconvenient truth, incidentally, is why I always use the household numbers.  They’re at least a real survey without BS “adjustments” applied and while they’re subject to Read more…