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Lay-off’s - Bankruptcy - Salary Cuts - Salary Freezes - Benefits Cut
WASHINGTON (AP) - The number of laid-off workers receiving unemployment benefits has jumped to an all-time high near 5 million while new jobless claims remain well above 600,000. Both figures were worse than expected and new projections from the Federal Reserve show unemployment rising for the rest of this year.
WASHINGTON (AP) - It's already been a lousy year for workers less than a month into 2009 and there's no relief in sight. Tens of thousands of fresh layoffs were announced Monday and more companies are expected to cut payrolls in the months ahead.
A new survey by the National Association for Business Economics depicts the worst business conditions in the U.S. since the report's inception in 1982.
Bankrupt Circuit City Stores Inc., unable to work out a sale of the company, said Friday it will go out of business - closing its 567 U.S. stores and cutting 30,000 jobs.
The nation's second-biggest consumer electronics retailer is the latest casualty of an unprecedented pullback in consumer spending that has driven other brands such as KB Toys, Mervyns LLC and Linens 'N Things into bankruptcy. Experts believe there will be more to come.
Caterpillar Inc., the world's biggest maker of mining and construction equipment, in late December said it was cutting executive compensation by up to 50 percent. It's also suspending merit pay increases for managers and support staff.
Earlier that month, FedEx Corp. said it was cutting pay for senior executives and freezing 401(k) contributions for a year. And AK Steel Holding Corp. is cutting pay for salaried employees.
Pfizer Inc. and Sprint Nextel Corp., the country's third-largest wireless provider, said they each will slash 8,000 jobs
Home Depot Inc., the biggest home improvement retailer in the U.S., will get rid of 7,000 jobs.
General Motors Corp. said it will cut 2,000 jobs at plants in Michigan and Ohio.
Caterpillar Inc., the world's largest maker of mining and construction equipment, announced 5,000 new layoffs on top of several earlier actions.
Advanced Micro Devices Inc. plans to cut 1,100 jobs, 9 percent of its global staff, and slash the remaining employees' pay as the chip maker hopes its third round of layoffs in a year can help it get through a brutal market for computer sales.
AMD cut 600 workers just last month, and earlier in 2008 jettisoned 1,600.
AMD: 1100 jobs cut and salary cuts of 5% to 20% for remaining employees.
Caterpillar: Cutting executives pay by 50%, up to 15% for non-executive employees.
Hutchinson Technology: 5% salary cuts for remaining employees
SAKs: Cutting 1100, says remaining employees will get no wage increases or 401(k) contributions for 2009.
YRC Worldwide: 10% pay cuts for drivers, 15% pay cuts for non-union employees.
ConocoPhillips said Friday it would lay off 4% of its work force -- about 1,350 workers
Bose Corp., known for its high-end audio equipment, is cutting 1,000 jobs - about 10 percent of its work force.
Intel Corp. (INTC) plans to cut up to 6,000 manufacturing jobs as the company struggles
Chemical maker Huntsman Corp. (HUN) will slash 1,175 jobs this year, representing more than 9 percent of its work force, to reduce costs as demand slows amid the global economic downturn.
United Airlines parent UAL Corp. (UAUA)said it would eliminate 1,000 jobs, on top of 1,500 it cut late last year. Industrial parts and systems maker Eaton Corp. (ETN) said it is cutting 5,200 jobs, and airplane maker Hawker Beechcraft Corp. said it would eliminate workers after laying off 500 last year, though it didn't provide details.
Radio broadcaster Clear Channel Communications Inc., oil and gas company ConocoPhillips (COP), and media company Time Warner Inc. (TWX) also announced job cuts in the past week.
WASHINGTON – What do Tropicana Casino and Resort, Avis and the White House now have in common?
They're all freezing the pay of some of their workers. It's part of a growing trend by employers facing the fallout — economic and political — from a brutal recession.
For companies, pay freezes are a key cost-cutting tool for surviving hard times.
The number of newly laid off Americans signing for unemployment benefits last week jumped by 62,000 to 589,000, the Labor Department reported. The total matches a 26-year high reached four weeks ago. The number of people continuing to draw benefits climbed to 4.6 million, and both figures were worse than economists expected.
The Cleveland Clinic in Ohio imposed a hiring and salary freeze across its 33,000-worker health system in December. Aluminum producer Alcoa Inc., which this month said it was slashing 13,500 workers worldwide, has also imposed a salary and hiring freeze.
Luxury retailer Saks Inc. is axing 1,100 jobs, eliminating merit raises and suspending matching contributions to its 401(k) plan
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