Timesizing® Associates - HOMEPAGE
Downsizings, Aug.1-15, 2003
[Commentary] ©2003 Phil Hyde, The Timesizing Wire, Box 117, Harvard Square, Cambridge MA 02238 USA (617) 623-8080
8/15/2003 3 downsizings, totaling 6,825 jobcuts, reported in Wall St Journal & NY Times
(not counting economywide "Recovery without jobs? No way," 5 letters to editor, NYT, A28, and citywide "New York City slows its losses, holding jobless rate steady [at 8.1%!]", by Janny Scott, NYT, C11 ) -
8/14/2003 1 downsizing, totaling 600 jobcuts, reported in Wall St Journal & NY Times
- Dresdner Bank...finishing cutting 11,000...another reduction of 4,700 positions by 2005....
Germany: Insurer posts profit, NYT, W1.
- Skandinaviska Enskilda Banken AB...has cut 1,850 jobs (9%) since June 2001...now has 18,145 full-time employees
Swedish bank's net rises 3.8% despite 4.4% revenue decline, WSJ, B6.
- BearingPoint Inc...cutting between 250 and 275
Net rose in latest quarter; Earlier results are restated, WSJ, B7.
(not counting historical "Burlington [Greensboro NC] for investor seeking a test," NYT, C4, whose photo caption states, "Burlington Industries employment has shrunk to 7600 from 33000 [=25,400 jobs lost] over past 30 years." ) -
8/13/2003 1 economywide story & 6 counted downsizings, totaling 4,544 jobcuts + unspecified, reported in Wall St Journal & NY Times
- Tyson Foods...600 jobs lost..\..to close a poulty processing plant in Berlin MD,
Tyson will take $10 million charge for plant closing, NYT, C4.
(not counting economy-wide -
- After long boom [ie: bubble], workers confront downward mobility - Sluggish economy brings fear best years are all behind; 3 layoffs in 3 years, by Matt Murray, WSJ, front page.
...This unusual [not really, since 1970] period in U.S. economic history - a sluggish recovery, with continued job losses, after a prolonged period of intense [but superficial and in many cases, deleterious] growth - is increasing the ranks of the downwardly mobile. Many workers who have been laid off are eventually finding new jobs, but they're riding the down escalator at a time of life when they expected to be riding up. Even now, as economic growth appears to be gaining steam, it remains unclear how soon the economy will grow fast enough to improve the job market.
[Note the standard facile assumption that the growth of the whole pie will indefinitely be able to maintain job growth regardless of how lopsidedly huge the wealthy's slice becomes relative to the whole.]
While the recession is officially over, this is the first recovery since World War II in which the number of payroll jobs has continued to fall 20 months into the 'rebound' [or quotes], according to the Economic Policy Institute, a DC thinktank. The previous record was 13 months into the 'recovery' in 1992.
[Interesting! It's crept up from 13 (such a lucky number, not) to (so far) 20.]
In all, 2.7m payroll [vs. contract? = WSJ-speak for 'permanent', not temporary?] jobs have disappeared since the recession began in March 2001. Even when the jobcuts stop, economists say, many workers will find their incomes well below the levels reached only a few years ago.
[You only need an observer, not a forecaster, to tell that!]
Jobs have been lost across a wide spectrum, hitting workers [and markets!] of all levels of education and experience. Many of today's downwardly mobile are skilled, well-educated people, who only recently were highly sought after. The boom of the late 1990s allowed them to soar in salary far ahead of workers of their age and experience in the past.
[Only in the recent past. In the 40s and 50s similar people soared just as much or more - after all, a single parent could easily support the family then.]
But when the stock market bubble burst, so did the salary bubble. Thousands of high-paying jobs in technology, telecoms, and other once-hot fields disappeared as those industries downsized. These workers have found they are worth a lot less in the current marketplace, forcing them to cut back their career expectations [and their spending!]. Some may never again have the income or responsibility they once did..\.. James Richter [who] was laid off in March 2002 [from Nortel,] accumulated debt, ran through some of his savings \and\ ended up taking a supervisory job at a cable company, even though it paid little more than half as much as his old job...says he is "back to pre-college financially." Yet, "I feel lucky," he says. "Even though I've lost ground, I know people out there who have no ground at all any more."
[How much ground does "pre-college" have?]
...The unemployment [UE] rate, at 6.2%, fell slightly last month [from 6.4], but the drop was largely because nearly 500,000 jobseekers stopped looking for work.
[That should not matter. If they're valid jobseekers last month, they should still be valid this month unless they've found an at-least comparable-hours job!!! The assumption that someone really didn't need a job all along just because they stop looking for a month invalidates their inclusion in the UE rate in the previous month too and should trigger a revision if they're suddenly going to quit counting these people this month! The Bureau of Labor Statistics should make up its damn mind which way its going to cut this and stick to it, instead of grabbing every opportunity to rosy up the rate! They're mere panderers to incumbent politicians.]
Job searches have become much longer.
[But then, we've been saying this for years!]
Last month, the share of jobseekers who had spent at least 15 weeks looking for work was 39.8%, the highest level since the bleak job market of 1983.
Craig Heier...in early 2001...was laid off from an e-commerce startup. But he quickly landed another job, as a telecoms consultant, at a salary of $150,000 a year.... He was laid off 2 more times in the next 2 years...from the consulting job in July 2001 [and from] an information-security manager [job] which paid 40% less...in February of this year. ..."These should be the years I'm making the most for the family," he says. Instead, "I'm back to where I was in 1990...." They have depleted about a fifth of their savings, he says.... ) -
We've GOT to find a faster format for the negative so we can 'accentuate the positive' and get some revision time for the Grande Opus, so, experimenting...
- Advertising - Interpublic posts a quarterly loss and says it expects more costly moves to get expenses in line, by Stuart Elliott, NYT, C5 (//WSJ, B3).
...Since the end of last year, the number of employees across the Interpublic empire has declined to 44,500 from 46,900, including the elimination of 1,450 positions in Q2.
[46900-44500= 2400 cuts, but we caught 56 cuts on 5/20/2003 #3 so all we count now are 2400-56= 2,344 jobcuts, or 2344/(44500+2344)= 2344/46844= 5% of previous total.]
More layoffs are to take place in Q3 and Q4....
- Entergy to trim work force with retirement offer, Bloomberg via NYT, C4.
...Own[er of] utility companies [based in New Orleans will] try to cut 1,000 jobs, or more than 6% of its workforce by offering voluntary retirement packages to employees. The majority of jobcuts will come in Entergy's nuclear-power operations....
- Energy company posts a loss for second quarter, cuts jobs, Dow Jones via WSJ, D7.
Reliant Resources Inc...eliminating 650 jobs, including temporary and contract workers and open positions that won't be filled [out of total] 5,600 people....
- Dendrite International will cut 300 jobs and close 10 plants, Bloomberg via NYT, C2.
...software [for] drug makers...as a result of its acquisition in May of Synavant....[Again the lethal takeover-downsizing connection.]
- Schwab to lay off some workers and close offices, Bloomberg via NYT, C4 (//WSJ, C10).
Charles Schwab & Co., the discount broker...based in San Francisco \is\ laying off about 250 employees and closing about 20 branch offices.... Schwab has already cut about 9,000 jobs and closed 23 branches since 2001 to save money as 3 years of declining markets cut revenue...
- German offshoot of Nasdaq plans to end operations, WSJ News Roundup, D10.
FRANKFURT - Nasdaq Deutschland...will cease operations Aug. 29, five months after it was launched....
[Unspecified lost jobs.]
8/12/2003 2 general stories & 5 counted downsizings, totaling 1,542 jobcuts + unspecified, reported in Wall St Journal & NY Times
- Interpublic ad agency...yuk, can't reduce that one
- Entergy...1000 cuts, NYT, C4, OR
Entergy to trim work force with retirement offer, Bloomberg via NYT, C4.
- Reliant Resources Inc...650, Energy company posts a loss for second quarter, cuts jobs, WSJ, D7.
- Dendrite International will cut 300 jobs and close 10 plants, NYT, C2.
- Charles Schwab & Co...250, Schwab to lay off some workers and close offices, NYT, C4 (//WSJ, C10).
- Nasdaq Deutschland...unspecified, German offshoot of Nasdaq plans to end operations, WSJ, D10.
Let's see how this works.
- As U.S. shows signs of strength, global economies look up, too - In Germany, China and Japan, wallets begin to open; Rising profits and stocks - Job losses cast a shadow, by Hilsenrath & Rhoads & Buckman & Luhnow, WSJ, front page & A8. ...
Signs of a global upturn, but can it last?, charts from US Commerce & Labor Depts, Thomason Datastream, China's Ministry of Commerce, UN Economic Commission for LatAm & Caribbean.
[How could we have a "global upturn" when we're admitting we've got a job-less or job-loss recovery, which essentially means a market-less or market-loss recovery. All we have in store for us in a timesizing-postponed future are baby bubbles, based on pocket-stuffed investors rushing hither and yon seeking the latest hope for returns - somewhere else. Further fields. Foreign markets. Ever longer payback times for ever lower returns ever farther away that "coincidentally" match layoffees' ever longer rehiring times for ever lower paychecks via ever longer commutes. This ain't a "global upturn," it's just a baby bubble, as all the rest will be till humanity improves its technology of sharing = becoming more available/accessible to one another, since one another's all we got. In the anthropological age we distinguished ourselves from the other animals by taking hundreds of thousands of years to develop our signaling system into Language (Africa, c.60,000 BC). In the sociological age we took tens of thousands of years to develop our running observations into a hunting/herding/gardening calendar for Agriculture (Fertile Crescent, c.12000 BC). In the geographic/historical age we took millennia to develop our marking system into Writing (Sumer, c.3200 BC). In the poli-sci age we took centuries to develop our breadth of letters into tolerance, diplomacy and Loyal Opposition (Anthony of Thebes, c.270 AD). In the economic age we took many decades to develop our numbers into 'mathematics as a second language' dba Quantification of Problems. In the ecological age we are taking many many years to develop our statistics into very long-term, whole-systems, Homeostatic Programming. At each stage there were myriads of smaller steps. At each stage we became more available, more accessible to each other - we could share with one another better than the other species, and the advanced team of humans could communicate and cooperate and coordinate and construct better than the less advanced, had a better technology of sharing. This story is told in our second backgrounder, The Football of Time.]
- Hiring is slow despite optimism about economy, by Richard Breeden, WSJ, B9.
[Here's the latest impressive wording that our gurus are using to obscure the deterioration they are party to -]
...Of small businesses surveyed in July by the National Federation of Independent Business [NFIB], 16% said they had reduced total employment, 13% said they had increased it, and 71% reported no change during the past 3 months, on a seasonally adjusted basis. One reason, says William Dunkelberg [aptly, German for 'Dark Mountain'], chief economist for the NFIB, is that in a period of slow growth, an increase in sales can be less than the rise in productivity, "allowing firms not only to avoid hiring, but to release some employees and still keep up with business."...
[Phew. As if productivity induces sales rather than vice versa. We keep trying to lead with productivity, which means investment in productivity, as if investment induces sales rather than vice versa. Investors have concentrated sooo much money and feel sooo important that it's GOT to be all about them, - they've GOT to be able to induce sales, just by the act of investing. God forbid they should ever even THINK of the possibility that we've got too much investment money for the amount of spending money out there. God forbid even the articulation of the possibility that we've got a Black Hole economy that is sucking money into the top brackets than it can centrifuge or radiate it out, or "trickle it down." God forbid we're waaay top heavy, and slowly, gradually, even majestically ... toppling.] ) -
8/8/2003 2 general stories & 3 counted downsizings, totaling 260 jobcuts + unspecified, reported in Wall St Journal & NY Times
(not counting economy-wide:
- Avnet will lay off 500 workers, Bloomberg via NYT, C2.
...A computer-parts distributor will lay off about 500 workers, or 5% of its employees, by the end of the year because of slumping sales. After the cuts, Avnet will employ about 9,500, the CEO, Roy Vallee [any relation to Rudy?], said yesterday. The company has been cutting costs and jobs since it had 7 consecutive quarterly losses, beginning in 2001. Avnet returned to a profit because its workforce has been cut from 15,500 in 2000, Mr. Vallee said....
- AT&T Wireless Services Inc., WSJ, A8.
...recorded a $47m business-restructuring charge in Q2 related to workforce reductions, including cutting 1,500 employees, disclosing for the first time the size of a headcount reduction plan [resulting] from the company's plans to consolidate its operations in its main corporate HQ in Redmond WA as well as in northern NJ. In a 10Q filing with the SEC:, the cellphone operator said the majority of the reductions would be involuntary, and that roughly 1/3 would be the result of employees who decline to relocate....
[Hey, there's a neat way to get rid of people, eh? 'Move it or lose it!' Well, we caught 1000 cuts (3%) on 7/02/2003 #2, so we now just need to count 1500-1000= 500 more jobcuts.]
- Second-period loss narrowed; Manufacturing plants are shut, Dow Jones via WSJ, D5.
Warnaco Group Inc...closed manufacturing plants in California and Georgia, which employed a total of 427 people. The company, which has 12,700 workers, closed the plants to improve its operating flexibility and margins. Warnaco [also] operates plants outside the U.S.
[Hint - more and more outside, less and less inside the U.S.]
- Cooper Tire & Rubber Co., NYT, C5.
...Findlay OH, a leading tiremaker, [will] close an automotive-plastics factory in Cleveland early next year and eliminate 115 jobs to reduce costs.
- [suspected downsizing -]
Sysco Corp., Dow Jones via WSJ, D5.
...said net profit for its fiscal Q4 rose 18%, as it was able to raise prices in food and products while using technology to cut costs....
[Here is your most destructive, including self-destructive, kind of corporation. Tremendous profits while "using technology to cut costs," which you bet your booties includes cutting employees (unspecified jobcuts) = consumers = the consumer base = effective domestic demand = downsizing, not timesizing. What this oh-so-clever CEO needs to ponder is the Ford-Reuther deadlock, - Ford: "Let's see you unionize these robots!" Reuther: "Let's see you sell them cars." So much for "technology creates more jobs than it destroys." Maybe that's true for the minority of technological innovations that are qualitative, but for the majority that are quantitative (efficiency related), it is false, and the problem is cumulative, and it's accumulating in our unemployment and welfare lines, our 'disabled' population (now up to 5.7m), our prisons (now 2.2m inmates), our streets (est. 600,000 homeless) and of course, in forced part-time, force- retired, and forced self-employed regardless of clients or lack thereof.]
- Economic riddle still frustrates Bush team - [Next week's] summit to focus on how to create jobs ahead of 2004 election, but few policy tools remain, by Greg Hitt, WSJ, A4.
[Well, yeah, if you overlook the most effective policy tool and fail to substitute easy worksharing for the strain of job creation. Bush needs to take a page from some of his predecessors. Nixon advocated a 4-day workweek in a stump speech in Colorado Springs in 1956, and in 1932 Hoover said that shorter hours was the quickest way to 'create' jobs. If Hoover had focused and expedited that strategy, he would have been re-elected.
- As Tunisia wins population battle, others see a model - Women and economy gain with lower birthrate, but unemployment rises [to 16%], by Gautam Naik, WSJ, front page.
...The fertily rate - or the number of children per woman - has plunged to 2.08 today from 7.2 in the 1960s. In the developed world, that kind of decline happened over more than a century.... ) -
8/07/2003 1 general story & 3 counted downsizings, totaling 1,975 jobcuts, reported in Wall St Journal & NY Times
(not counting economy-wide:
- Newell Rubbermaid, NYT, C4.
...Freeport IL [will] lay off 170 employees who make drapery hardware for the company's Levolor-Kirsch Window Fashions division, and move some production lines to Mexico within 12-18 months.
- Steinway is closing a plant and laying off 90 workers, Bloomberg via NYT, C4.
Steinway Musical Instruments [plans] to close a plant in Nogales AZ...as demand for band and orchestra instruments declines....
- Foster Wheeler reports seventh consecutive loss, Bloomberg via NYT, C4.
...The powerplant and refinery builder...has laid off workers and renegotiated loans to avoid a bankruptcy filing and rebuild credibility after former executives priced contracts too low, analysts have said.
- Despair of the jobless - Grim times for labor market, op ed by Bob Herbert, NYT, A25.
[Bob makes 4 big contributions to the discussion. He undermines the credibility of the recovery, he undermines the credibility of the official unemployment rate, he makes the connection with technology, and he makes the connection with lower consumption that is hurting CEOs and investors. He could go a lot further on these last two but at least he's one of the few mentioning them.]
The folks who put the voodoo back in economics keep telling us that prosperity is just around the corner.
[Just as they did in the Great Depression.]
...This alleged upturn is not just a jobless recovery, it's a job loss recovery. The hemorrhaging of jobs in the aftermath of the recent "mild" recession is like nothing the U.S. has seen in more than half a century.... How bad is it? The Economic Policy Institute in Washington reported last week that "since the business cycle expansion began in Nov/2001, payrolls have contracted by 1m (1.2m in the private sector), making this the weakest recovery in terms of employment since the [Bureau of Labor Statistics] began tracking monthly data in 1939."...
The official jobless rate, now 6.2%, does not come close to reflecting how grim the employment situation really is. The official rate refers only to those actively seeking work. It does not count the "discouraged" workers, who have looked for jobs within the last 12 months but have given up because of the lack of [job] offers. Then there are the involuntary part-timers, who would like full-time jobs but cannot find them. And there are people who have had to settle for jobs that pay significantly less than jobs they once held. When you combine the unemployed and the underemployed, you are talking about a percentage of the workforce that is in double digits.
[i.e., 10% or more.]
...Productivity (based primarily on technology) is way up. Hiring, of course, is down.
[See tomorrow's article, "Productivity jumps again [5.7% p.a. in Q2] as job creation remains slow," by Edmund Andrews, 8/8/2003 NYT, C1, which states, "Almost all the improvement has come at the expense of job creation, which is why unemployment remained stubbornly high - 6.2% in July - long after the recession technically ended in late 2001."]
Part-time and temporary workers workers are in; full-time workers with benefits are out. And then there's the ominous trend of sending higher-skilled jobs overseas to low-wage places like India and China..\..
[So if CEOs and economists continue to obsess about productivity regardless of marketability, they'll continue to miss the boat and hurt themselves. And here's Bob's brief connection with shrinking markets and lower consumption -]
When...you are talking about a percentage of the workforce that is in double digits, that's an awful lot of lost purchasing power for a society that needs broad-based wage [and shopping!] growth among its consumers to remain economically viable....
[Bob makes one big BIG mistake -]
The simple truth is that the interests of the Bush administration's primary constituency, corporate America, do not coincide with the fundamental interests of workaday Americans....
[Granted this is the standard leftist rhetoric but, is it really not in the interest of corporate America to have growing markets, Bob? Quit evoking unnecessary resistance from the power elite with this tired lefty line and do a lot more thinking and writing about how near-sighted CEOs are continuously damaging their own anchor/home markets with downsizing and outsourcing. There is a complete alignment of interests between corporate America and workaday Americans, but corporate America doesn't realize it and it's up to us to "draw them a diagram." Fixed-workweek capitalism cannot possibly survive its own entry into the robotics age, because with downsizing instead of timesizing, its markets cannot possibly survive.] ) -
8/05/2003 2 general stories & 2 counted downsizings, totaling 1,791 jobcuts, reported in Wall St Journal & NY Times
(not counting economy-wide:
- Exelon planning to cut 1,900 positions by 2006, AP via NYT, C3.
[Honestly, this is like watching a horror movie where none of the 'guests' has the sense to get out of the haunted house while they're still alive. (We just watched "House on Haunted Hill.") In this case, the 'guests' are the CEOs who keep making it worse by chopping jobs - and consumers - instead of just trimming hours a bit for all.]
...about 1,200 jobs this year...by November..\..and another 700 by 2006, reducing its workforce by 10%...a majority...from professional and management employees..\..on a cost-cutting plan, according to the Chicago-based company, which distributes electricity....
- AstroPower announces layoffs for 10% of work force, AP via NYT, C3.
...The maker of solar-power equipment...laid off about 55 workers, or 10% of its workforce to try to control costs. ...It now employs about 500 people....
- Mean machines, by Ann Grimes with Byron & Bulkeley & Tam, WSJ, B4.
Score another for the technocrats. In newsrooms at TV stations across the country, machines are replacing people [and markets!] - and station owners couldn't be more pleased [until their market-starved advertisers pull out].
Most TV newsrooms need at least 6 people to operate video switchers, audio mixers, videotape machines and other equipment associated wit getting news on the air. But a video system dubbed PVTV being offered by ParkerVision Inc. slashes that number to 1 or 2. The Jacksonville FL company says 50 stations nationwide are using the system.
It's a mean machine. Bray Cary, president and CEO of West Virginia Media Holdings LLC, says one of his stations, CBS affiliate WTRF in Wheeling WV cut its staff to 16 from 36 after installing the system, which went on air in February. He expectst to recoup the $500,000 he spent on PVTV at the station in less than 3 years.
[...if his advertisers hold out that long. That's 36-16= 20 jobcuts. But wait one little minute - isn't "technology" supposed to "create more jobs than it destroys"? -]
Jeff Parker, CEO of ParkerVision [OK, here's the party line -] says PVTV might reduce production jobs, but it frees up money for more news-gathering positions.
[Did Bray Cary mention putting any money into news-gathering positions?? He's just busy paying off the halfa mil he blew on PV (pervert?) TV.]
"If you look at it rationally [translation: from the short-sighted CEO point of view], companies producing live news should embrace PVTV," he said.
But Robert Gessler, president of the WTRF union, doesn't like PVTV. Some think technology can run itself, he says, "but you still need the people behind it."
[Doesn't like it but talks like he does. Well, Bob, apparently that only takes 16 of the old 36 full-complement at WTRF. That's only 44%. What's the union gonna do for the other 56%? We suggest you quit contradicting yourself, wake up and start fighting for worksharing on a station-by-station level.]
- Employees abandon struggling professions for more fertile fields, by Joann Lublin, WSJ, B1.
...Professionals from many walks of life find themselves in turmoil these days, buggeted by diminished pay, increased regulation, lessened prestige - or all three....
- Grads seeking public service find few jobs, by Juliet Chung, WSJ, B1.
Shan Patel graduated with honors from Harvard University in June. But that wasn't enough to get him a position with Teach for America or the NYC Urban Fellows Program, two public-service programs. "I made the mistake of thinking that because I want to do something that's public service-oriented, which I thought was somewhat noble, it wouldn't be so competitive," says Mr. Patel, a Bedford MA native.... Neither prior experience nor an Ivy League pedigree...is any guarantee of success in the heated-up competition for slots in the public-service sector. Applications for such positions are soaring, while budgetary problems at AmeriCorps, the federal umbrella organization that runs and finances national and community service, are taking their toll on the number of positions available....
8/02-04/2003 2 general stories & 1 counted downsizing, totaling 325 jobcuts, reported in Wall St Journal & NY Times (not counting economy-wide:
- Work force will be reduced as two businesses combined, Dow Jones via WSJ, C12.
Lincoln National Corp. plans to cut as much as 17% of its workforce as the company moves to combine its life and annuities businesses into a single operation. The Philadelphia insurer...plans to...eliminate between 800 and 1,000 jobs. Lincoln National, which employs about 5,800 people, has already cut about 200 of those positions [for] cost savings...greater efficiencies and effectiveness....
- Underwear maker to close Texas plant, Bloomberg via NYT, C4.
Fruit of the Loom Inc...based in Bowling Green KY..\..will close a plant in Harlingen TX that employs 791 workers because of competition with imports from Asia.... Berkshire Hathaway bought the company last year for $835m as it reorganized under bankruptcy protection....
- 8/04 Job market's woes rouse Bush critics, by Schroeder & Cummings, WSJ, A2.
WASHINGTON - Persistent job losses are giving Democrats ammunition to attach the Bush administration's economic policy.
[What economic policy? Gratuitous war abroad and neglect at home?]
The jobless rate fell [0.2%] to 6.2% in July from a 9-year high...a month earlier [but only] because of a 556,000 decline in the civilian workforce last month. A huge 470,000 jobseekers gave up looking for work....
[Times' version -]
8/02 Job losses in July add to mixed signs on the economy - Many stop seeking work - 44,000 positions disappeared..., by Daniel Altman, NYT, front page.
- 8/04 Clues start emerging about how much [NYC] has...lost since the 1990's [bubble], by Janny Scott, NYT, A13.
...The number of jobs in the city was 3.53m in May, down from nearly 3.76m at the peak of the boom. But the May figure is still a quarter million more than the job count in Nov/1992, during the previous recession, and similar to the count in mid-1998....
[Unfortunately, Janny is too simple to provide parallel figures on the rising number of people needing jobs in those 3 sample years.] ) -
8/01/2003 5 downsizings, totaling 6,760 jobcuts + unspecified, reported in Wall St Journal & NY Times - we have the impression that downsizings are bubbling up again, but we have to dig deeper to find them, e.g., only one (#3) of our 5 downsizings today mention workforce reduction in its headline
- 8/02 Tellabs to close plant and lay off 325 workers, Bloomberg via NYT, B4.
...A maker of fiber optic network equipment \will\ close a plant in Bolingbrook IL and send the manufacturing work to the Sanmina-SCI Corp. ...Customers...have cut spending on networks....
(not counting economywide "It's the economy that most worries voters," by Jackie Calmes, WSJ, A4, which states, "'The one number that should concern Bush,' say Journal/NBC pollster Robert Teeter, a Republican, and Peter Hart, a Democrat, '...is the 41% who cite unemployment as the principal economic issue' - dwarfing those who cite issues such as taxes and energy prices.... Just a third of Americans - of all regions, ages, income groups - say Bush's taxcuts have helped. The poll of 1,007 adults July 26-28 has a margin of error of 3.1%.") -
- Comcast has cash-flow gains as loss for quarter narrows, by Geraldine Fabrikant, NYT, C2.
...In a conference call yesterday, Comcast's president, Stephen Burke, said the company had cut 7,000 jobs, mainly related to the AT&T Broadband acquisition, up from the 5,000 it had previously announced....
[We've only caught 1700 previously (10/10/2002 #4), leaving us with 7000-1700= 5,300 jobcuts to count here. Again the toxic takeover-downsizing-marketshrink connection.]
- Pep Boys to shut 33 stores, Reuters via NYT, C5.
The auto parts retailer Pep Boys - Manny, Moe & Jack [sounds more like the 3 Stooges] - said yesterday it would...cut 700 store jobs and eliminate 160 management positions to try to bolster profits....
[for a total of 860 jobcuts.]
- [serious recovery-blocking in process -]
Net rises 25% to $302m; Work force will be reduced, Dow Jones via WSJ, B6.
Anadarko Petroleum Corp. [will] cut 400 jobs and close 2 field offices as part of a move to save $100m in annual costs...and leave the company with about 3,400 full-time employees....
[So this is a downsizing of 400\(3400+400)= 10.5% of total FT workforce.]
- Gartner profit declines, Bloomberg via NYT, C5.
...An IT consultant and researcher...based in Stamford CT has reduced its workforce by 200 since January, leaving it with 3,700 employees.
- Cuts in electronics unit aim for savings of $453.7m, Dow Jones via WSJ, B6.
...Amsterdam-based..\..Philips Electronics NV...Europe's biggest consumer-electronics company, [will] slash costs..\..at its struggling consumer-electronics division...by reducing the number of warehouses it uses for distribution and by streamlining its IT and[?] production. But the company's failure to give any details about possible jobcuts or restructuring costs generated doubts about how it would generate the savings....
Click here for downsizing stories in -
Earlier 2001 downsizings accessible via links at bottom of Dec.16-31/2001 page.
Earlier Y2000 downsizings accessible via links at bottom of Dec.16-31/2000 page.
Earlier 1999 months accessible via links at bottom of Dec/1999 page.
Earlier months accessible via links at bottom of Dec/98 page.
For more details, our laypersons' guide to our great economic future Timesizing, Not Downsizing is available at bookstores in Harvard Square, Cambridge, Mass. or from *Amazon.com online.
Questions, comments, feedback? Phone 617-623-8080 (Boston) or email us.
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