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Downsizings, September, 2003
[Commentary] ©2003 Phil Hyde, The Timesizing Wire, Box 117, Harvard Square, Cambridge MA 02238 USA (617) 623-8080

9/30/2003   5 downsizings, totaling 5,010 lost jobs, and 3 uncounted economywide downsizing items, in the Wall St Journal & the NY Times -

  1. Germany: Ford unit to cut 1,700 jobs, NYT, W1.
    German division of Ford Motor...6% of its workforce...by the end of the year..\..follows a large Q2 loss....

  2. Daewoo-FSO Motor Polska, WSJ, D8.
    ...will cut nearly 1,500 jobs as part of an attempt to save the Polish company from collapse and open the way for an investor to help restructure it....

  3. Where are those jobs and who has them?, letter to ed...by Fred Plemenos of Lexington MA, WSJ, A21.
    ...3Com Corp. did recently lay off 3,000 workers and outsourced all of its mfg work, now destined to be produced in the Far East....
    [We only caught 1000 (9/11/2003 #2 below) + 390 (6/13/2003 #2) + 500 (1/16/2002 #3) = 1,890 of these(?) cuts so we must now count 3000-1890= 1,110 more cuts.]

  4. Safeco insurance to sell units and cut 500 jobs, NYT, C6.
    ...Seattle-based home and car insurer...as higher-than-expected workers' comp claims eroded profit....

  5. Norstan to cut an additional 100 jobs, NYT, C6.
    ...in addition to 100 cuts announced last month...to lower costs and improve its cash position..\..
    [didn't catch them - will have to count 100+100= 200 jobcuts now.]
    sells and services telephone and computer systems...based in Minnetonka MN...had about 1400 employees before previously announced cuts....

& not counting economywide - 9/29/2003   2 downsizings, totaling 12 lost jobs + unspecified, in the Wall St Journal & the NY Times
(not counting economywide "Ahead of the tape," by Jesse Eisinger, WSJ, C1, which states, "The labor market, as everyone knows, shows little pulse." and also, "Market may be on hold until jobs figure arrives," by Tom Barkley, WSJ, C12, which states, "Investors turn their attention back to a more familiar question this week: When will the U.S. 'recovery' [our quotes] start producing jobs?") -
  1. Salvation Army shelter charges families to stay, AP via NYT, A15.
    LOUISVILLE, Ky...- The city's Salvation Army chapter is charging homeless families $5 a night if they stay at its downtown shelter for more than a week. ...The new policy comes as the Louisville Salvation Army copes with a budget crisis that forced it to lay off 12 workers this year....

  2. Interpublic disbands a new unit, by Suzanne Vranica, WSJ, B10.
    NEW YORK - Interpublic Group of Cos., under pressure to reduce costs [$5m annually], is disbanding its year-old Sports & Entertainment Group unit, according to people familiar with the situation. Discussions are continuing as to where each of the operating companies will land within the New York ad holding company....
    [Unspecified jobcuts.]
9/26/2003   3 downsizings, totaling 2,950 lost jobs in the Wall St Journal & the NY Times -
  1. Levi Strauss will cut, pointer summary (to B2). WSJ, front page (//NYT, C4 with different numbers).
    ...1,980 more jobs and shut its remaining North American manufacturing plants.

  2. Northwest Airlines, NYT, C3.
    ...Eagan, Minn., [will] close its reservations center in Livonia, Mich., in early Dec. because of decreased call volumes. The 570 employees affected will be eligible to transfer to one of Northwest's 5 other call centers.

  3. I.B.M. lays off 400 in software business, Bloomberg via NYT, C4 (//WSJ, B5).
    ...mktg and admin workers...to reduce costs.... The employees represented about 1% of the 38,000 workers in IBM's software division.... Last month, the company said it would lay off 600 workers in its chip-making business [8/19/2003 #1] and would furlough another 3,000....

9/25/2003   3 downsizings, totaling 130 lost jobs + unspecified, and 2 uncounted economywide downsizings, from the Wall St Journal & the NY Times -
  1. Japan: McDonald's cutting jobs, by Ken Belson, NYT, W1.
    The Japanese subsidiary of the McDonald's Corp. plans to cut 15% of the jobs at its Tokyo headquarters as it tries to increase profit. The subsidiary, McDonald's Holding Co., introducing its first retirement program, will offer retirement packages to 130 workers aged 40 and older....

  2. Sabre Holdings to cut work force, Bloomberg via NYT, C5.
    ...The owner of the Internet travel agency Travelocity.com...based in Southlake TX..\..plans to cut an undetermined number of [its] 6,500 employees \in\ the fourth quarter because it expects reduced profits because of discounted fees....

  3. Lawson Software Inc., WSJ, D12.
    ...agreed to acquire Apexion Technologies Inc. of San Francisco.... Most of Apexion's 20 full-time employees will be retained....
    [But not all? Unspecified jobcuts.]

& not counting economywide - 9/24/2003   1 downsizing, totaling 103 lost jobs, and 2 uncounted economywide or misrepresented downsizings, from the Wall St Journal & the NY Times -
  1. Walt Disney Co., Dow Jones via WSJ, B13.
    ...said it would close its animation unit in Tokyo, shutting an office with 103 employees...after it finishes..."The Heffalump Movie"..\..because production needs had decreased....

& not counting economywide & "we're still not convinced" - 9/23/2003   2 downsizings, totaling 880 lost jobs, and 3 uncounted economywide stories, all from only the Wall St Journal & the NY Times (& BG) -
  1. TIAA-CREF lays off 8% of workers in overhaul, by Joseph Treaster, NYT, C5.
    ...The largest provider of individual pension plans for universities and colleges [is] laying off...500 of its 6500 employees...to improve its efficiency.... For several years, the Teachers Insurance & Annuity Assoc. [TIAA] and College Retirement Equities Fund [CREF], a nonprofit founded with a $10,000 donation from Andrew Carnegie 85 years ago, has been struggling against profit-seeking competitors encroaching on its customers....

  2. High costs bring Indian Motorcycle to a halt, by Edward Wong, NYT, C6.
    ...The Indian Motorcycle Co. announced yesterday that it...was stopping production in its factory in Gilroy CA [and] laying off 380 workers, virtually its entire staff....

& not counting economywide & potential - 9/20-22/2003   6 downsizings, totaling 11,000 lost jobs + unspecified, and 3 uncounted economywide stories, all from only the Wall St Journal & the NY Times -
  1. 9/20 Japan: Cuts at banks, Reuters via NYT, B3.
    Some of Japan's top banks...have cut earnings targets and plan to cut thousands of jobs as part of a revised overhaul plan announced by the Financial Services Agency...as the industry regulator takes a tougher approach to lenders that received public funds four years ago but have failed to meet their profit targets.
    [Another subsidy for slow-circulating concentrated money at the expense of the fast-circulating spending money of the consumer. It never works, but they'll never admit it.]
    ..\..The Mizuho Financial Group...now forecasts a net profit of ¥200.1B ($1.74B) for the fiscal year ending next March, down from a previous estimate of ¥212B. It plans to cut its staff by 14%, to 24,000 in March 2005 from 27,900 in March 2003....
    [27900-24000= 3,900 jobcuts.]

  2. 9/20 Bank to cut staff, Reuters via NYT, B3.
    Commonwealth Bank of Australia will cut more than 10% of its staff...3,700 jobs by June 2006.

  3. 9/22 GM, Ford win UAW permission to close or sell eight facilities, by Sholnn Freeman, WSJ, B2.
    ...3 assembly plants, [including] a GM division that makes locomotive engines, \and\ 5 other facilities....
    [Here we catch up with the GM component of the story that got co-opted by Ford below on 9/19 #4.]
    In total, about 3,000 GM workers are affected....

  4. 9/20 The Netherlands: Army sites to close, by Gregory Crouch, NYT, A4.
    The Pentagon [will] close 2 Army storage sites in the Netherlands next year as part of a wider reduction of military forces and materiel in Western Europe. The shutdowns, together with cutbacks at a third facility, will result in the elimination of 400 civilian positions, Dutch officials said.

  5. 9/20 Interstate Bakeries plans to shut plants, Reuters via NYT, B2.
    ...and cut an unspecified number of jobs.... The company, which is based in Kansas City MO \and\ makes Wonder Bread and Hostess snack cakes...said increased advertising spending and employee-related costs, as well as lower sales [not healthy enough?!], hurt profit..\..
    "We have to automate, and we will; we have to rationalize production," James Elsesser, the CEO, said in a conference call with reporters....
    [So do we still believe that "technology creates more jobs than it destroys"? Are we still sneering at shorter-hours advocates as dupes of the "Lump of Labor Fallacy"? Unfortunately in primitive capitalism, "rationalizing" production means downsizing markets - via downsizing employment. Bottom line? In primitive capitalism, it's "rationale" to commit suicide. In more advanced, full-employment capitalism, microeconomic downsizing is offset by macroeconomic workweek reduction, with training and hiring targeted by any overtime that appears as the workweek ceiling is slowly adjusted, usually downward unless interrupted by spells of luddism.]

  6. 9/20 South Korea: PC maker shifts output, Reuters via NYT, B3.
    Samsung Electronics, the world's biggest maker of memory chips [plans] to move most of its PC mfg operations in South Korea to China by 2005 to cut costs....
    [Unspecified higher-wage job cuts.]

& not counting economywide - 9/19/2003   4 downsizings, totaling 1,263 lost jobs + unspecified, reported in Wall St Journal & NY Times -
  1. Up to 900 jobs are being cut in latest round of layoffs, WSJ, B4.
    Sun Microsystems Inc...about 3% of its global workforce. The Santa Clara CA maker of servers [is offering] some employees...the opportunity to transfer to other "areas of growth" at the company...so the net loss of jobs ultimately will be fewer than 900.... At the end of its most recent quarter, Sun had about 36,000 employees.... This is Sun's 3rd round of layoffs since the tech slump began in 2000. Sun cut 3,900 jobs in late 2001 and 4,400 in late 2002.

  2. Toshiba, NYT, C4.
    ...Tokyo, the computer maker, [will] cut about 200 jobs at it American Information Systems business, Irvine, Calif.

  3. Goodrich says it will close a plant in New Jersey, Bloomberg via NYT, C4.
    ...Englewood, NJ, eliminating as many as 163 jobs over the next year.... About 25 employees will be offered a transfer....

  4. G.M. accord finishes talks for U.A.W. - Speed and concessions indicate Detroit's woes, by Hakim & Maynard, NYT, C1 & C6.
    ...Instead \of closing\ a plant in Hazelwood MO [that Ford] had said it must close...it will close the plant in Lorain OH...which is smaller.
    [Unspecified jobs lost.]

9/18/2003   4 downsizings, totaling 7300 lost jobs + unspecified, reported in Wall St Journal & NY Times -
  1. RJR to reduce work force 40%; Merger talks seen, by O'Connel & Brooks, WSJ, A3.
    R.J. Reynolds Tobacco Holdings Inc., under mounting pressure from rivals who make cheaper cigarettes, will reduce its workforce by 40%, or 2,600 employees....

  2. WestLB  AG, WSJ, B10.
    ...said it would eliminate 900 jobs, on top of 1,600 cuts already planned, bringing its workforce to 6,200 by the end of 2005....
    [We believe the full or original name was West Landes Bank. Since we did not catch the 1600 cuts already planned, we'll now count all 900+1600= 2,500 cuts.]

  3. Flying the H-P way, by Ann Grimes, WSJ, B9.
    ...The Palo Alto CA maker of printers and computers acquired two pricey Gulfstream V jets this summer [and] retired two jets picked up with the $19B purchase of Compaq.... Despite tough economic times that have forced larger-than-anticipated jobcuts, the H-P spokeswoman defended the purchases as meeting "the needs of our executives...."
    [The executives "need" private jets and the ordinary employees, and consumers, and the economy, don't need jobs? These people have become completely isolated and insulated by their rapidly rising incomes due to the huge general labor surplus carefully groomed by introducing tsunami after tsunami of worksaving technology, vacuuming American jobs to China et al, and by God, keeping that damn workweek frozen at the 1940-era level no matter what! H-P used to be a good company for all its employees, not just its executives. Now it deserves all the market-share loss that it's getting. Carly Fiorina is living proof that if women ruled the world, things would be no better. Still the toxic takeover-downsizing connection.]
    The combined company's workforce has been cut to 141,000, with a further 2,200 dismissals [1.6%]to come, from the premerger work force of 153,500 employees.

  4. Spy plane maker to move, Bloomberg via NYT, C7.
    The United Industrial Corp. [will] move its HQ to Hunt Valley MD from NYC to save costs after a failed effort to sell itself....
    [That's farther than an easy commute so we'll count unspecified jobcuts.]
9/17/2003   2 downsizings, totaling 570 lost jobs, reported in Wall St Journal & NY Times
(not counting economywide "Dashed dreams - Most MBA students are looking to start a new career - They couldn't have picked a worse time," by Ronald Alsop, WSJ, R5, which is introduced by "Seeking new careers in the big chill of 2003," on the front page) -
  1. Toshiba sees larger loss in first half - Company to cut jobs in PC division, by Ken Belson, NYT, W1.
    ...Japan's largest laptop maker will...also reduce the number of products it sells, merge sales units and eliminate 500 jobs, or 5%, from its personal computer and peripherals division worldwide.... "Our condition is severe," Tadashi Okamura, Toshiba's president and CEO, said [yester]day at a news conference.... Toshiba has been unable to keep up [or down?] with a price war in laptops....

  2. Knitting business departs and leaves space behind, by Sana Siwolop, NYT, C7.
    ...Adam Doeringer, the owner of ACD Knitting Mill in Ridgewood and president of the Knitting Mill Owners Assoc. of Brooklyn, Queens and Long Is. for 18 years until it was dissolved in 2001 [uncounted before], said that over the last year at least 30 local knitting businesses had closed, with about 15 of them shutting down in the last three months. "All the business has left this country, and I have no work whatsoever," Mr. Doeringer said. He used to employ 70 people, none of whom now works with him..\..
    Twenty years ago roughly three out of every four sweaters worn in the U.S. came from the New York area, especially from the corner of Queens that includes Ridgewood, Glendale and Maspeth. But in recent years, and increasingly over the last few months, the knitting factories and related businesses have been closing as a result of rising costs and competition from abroad, especially China and India.
    This has put hundreds of thousand of square feet of industrial space on the market in the area. ...About 16% of the 1,039 industrial units - buildings or portions of buildings - in the greater Ridgewood area are available for sale or lease. That number...reflects a 25% increase in the last 6 months in space available for lease, while the availability of units for sale has stayed constant....
    In the early 1990s, faster and more efficient knitting machines gave NYC mills a temporary reprieve,
    [A technological reprieve for employers is not a reprieve for employees (or consumers or the economy) when employers are kneejerk downsizers rather than kneejerk timesizers.]
    and as recently as five years ago the Ridgewood area was still home to some 500 factories that provided the industry with everything from yarn, needles and dyes to finished sweaters. Now, the area is home to only about 75 knitting-related factories....

9/16/2003   5 downsizings, totaling 300 lost jobs + unspecified, reported in Wall St Journal & NY Times
(not counting nation-level: "Open war over, Iraqis focus on crime and a hunt for jobs," NYT, front page) -
  1. Sprint Corp., WSJ, C15.
    ...will use outside contractors to handle some software operations, a move that the telephone company said will result in hundreds of layoffs, [not] immediate layoffs, but several hundred jobs would be affected within the next 3-12 months....
    [Since 2 is "a couple," we count "several" conservatively as 3, so, est. 300 layoffs.]

  2. Goodyear workers, pointer blurb (to A12), WSJ, front page.
    ...approved a contract that raises their healthcare costs and shuts a plant, but provides some job security.
    [main story]
    Goodyear workers vote for contract, by Timothy Aeppel, WSJ, A12.
    ...which covers 19,000 employees and 22,000 retirees, allows Goodyear to close one plant, in Huntsville, Ala., while another, in Tyler TX, will have to meet financial targets to stay open.
    [Unspecified jobcuts.]
    But the agreement also requires that all of the production from the Huntsville facility be transferred to another unionized plant in the U.S. As part of the contract, the company can't cut the workforce at its remaining U.S. plants below 85% of August employment levels, which leaves open the potential for some layoffs in all locations..\.. Leo Girard, the union's president, said that given the "blatant abandonment of American manufacturing by global corporations in recent years," winning job security for workers was a major achievement....
    [Some job security.]

  3. Facing huge debt, large farm co-op is closing down - Farmland Industries battled major food conglomerates, by David Barboza, NYT, C1.
    KANSAS CITY, Mo. - ...the nation's largest farmer-owned co-op...weighed down by huge debts...a victim of its own mismanagement....
    [Why, for example, would they have the motto, "Proud to be farmer owned" yet call it Farmland "Industries" like any conglomerate? - Koch Industries, for example, which, with Cargill, recently bought its fertilizer plants. This was as stupid as fun-sounding "Boston Chicken" changing to boring "Boston Market."]
    The problem...was an overaggressive expansion effort, too many building projects, too much reliance on debt and too much dependence on a fertilizer business that fell apart..\.. "They took a lot of risk," said Roger Ginder, a professor of agricultural economics at Iowa State University. "Farmland borrowed heavily to finance its operations," he added, "and in the end this created a lot of problems."... But no one expected Farmland to come apart so quickly.
    [Unspecified jobcuts.]
    The failure has shocked the farm community. Thousands of farmers here is Missouri and as far west as Idaho and south to Mississippi are expected to lose more than $700m in equity or investments in the collapse of the co-op....

  4. [and speaking of farms -]
    Company that cloned sheep [Dolly, '96] to sell assets and shut down, NYT, W1.
    Scotland's PPL Therapeutics....
    [Unspecified jobs lost.]

  5. Professional women's soccer folded, pointer blurb (to B6 but WSJ omits ref!), WSJ, front page.
    ...in the U.S.   The Women's United Soccer Assoc. said low attendance and ratings put it too far in the red.
    [main story]
    Women's soccer folds professional league, WSJ, B6.
    ...The shutdown came despite efforts by the league to improve its finances, including voluntary salary cuts by big-name players such as Mia Hamm and Julie Foudy....
    [Unspecified jobs lost.]

9/13/2003   3 counted downsizings, totaling 1,225 lost jobs, & 3 uncounted economywide stories, reported in Wall St Journal & NY Times -
  1. As factory jobs disappear, Ohio town has few options, by Steven Greenhouse, NYT, front page & B14.
    ...And 700 steelworkers at Republic Technologies on the east end of [Canton] lost their jobs when Republic filed for bankruptcy [see 3/29-31/2003 #2]. ...Said Dan Yarnell, who worked at Republic for 26 years, "A lot of people are going to work at Wal-Mart. But how do you live on the $7.50 an hour Wal-Mart pays?"...

  2. As factory jobs disappear, Ohio town [of Canton] has few options, by Steven Greenhouse, NYT, front page & B14.
    ...Last year, Hess Management of Austin TX shut the Danner Press printing plant, costing 325 workers their jobs....

  3. As factory jobs disappear, Ohio town has few options, by Steven Greenhouse, NYT, front page & B14.
    ...And Hoover, a division of Maytag, [laid off] 200....

& not counting US economywide or unnamed - 9/12/2003   1 counted downsizing, totaling unspecified lost jobs, & 2 uncounted economywide stories, reported in Wall St Journal & NY Times -
  1. Italy: Insurer's profit rises, Reuters via NYT, W1.
    Italy's largest insurer, Assicurazioni Generali...has been cutting jobs as part of an overhaul effort....
& not counting US economywide - 9/11/2003   5 downsizings, totaling 4,810 lost jobs + unspecified, reported in Wall St Journal & NY Times -
  1. International Paper Co...3,000 jobcuts...about 5% of U.S. or 3.5% of global workforce...to improve profit, WSJ, A10 (//NYT, C3).

  2. 3Com Corp...1,000 cuts...nearly 33%...close its last mfg plant, its 12-yr-old plant in Dublin, WSJ, A10 (//NYT, C6).

  3. Levi Strauss & Co...650 jobcuts this year, WSJ, B2 (//NYT, C3).

  4. Korn/Ferry International...160 jobcuts, WSJ, A10.

  5. KeyCorp warns of lower profit for the year, Bloomberg via NYT, C3.
    ...The CEO, Henry Meyer...said that the bank had cut some jobs and had closed brokerage offices to offset the decline.
    [Unspecified jobcuts. However, this bad news is mitigated by -]
    Mr. Meyer also said that the bank planned to open 35 consumer branches in the next two years.

9/10/2003   3 downsizings, totaling 663 lost jobs + unspecified, reported in Wall St Journal & NY Times -
(not counting industrywide "Scanning for trouble - Medical-screening businesses fall ill from lack of clients; Many centers close for good - As centers close, used scanning equipment is hitting the market at bargain prices," WSJ, B1) -
  1. Mortgage lenders are cutting jobs amid rising rates, by Queena Kim, WSJ, A2.
    ...Countrywide Financial Corp...shed 500 jobs since July....

  2. Mortgage lenders are cutting jobs amid rising rates, by Queena Kim, WSJ, A2.
    ...E*Trade Mortgage last week let go 163 telephone-service reps....

  3. Tellabs to cut work force, Bloomberg via NYT, C4.
    ...again by Oct. 3 and will offer employees based in the U.S. incentives to leave...could not say how many.... The CEO, Michael Birck, has slashed the work force by more than half, to about 3,800, since 2001.
9/06-08/2003   3 counted downsizings, totaling 1,450 lost jobs + unspecified, reported in Wall St Journal & NY Times, & 7 general stories (uncounted in rollups) -
  1. 9/06 Champion Enterprises to lay off 1,000 [13%] and close 4 plants, AP via NYT, B4.
    ...and 35 retail sales centers because of a continuing slump in demand for manufactured homes.... Champion...is based in Auburn Hills MI....

  2. 9/08 Heineken NV - 450 job cuts at Dutch operations reflect declining beer market, WSJ, B3.

  3. 9/06 Japan: Cuts at electronics maker, by Ken Belson, NYT, B2.
    ...Matsushita Electric Industrial will shut 3 factories to cut costs...2 plants on the southern island of Kyushu and 1 on Honshu. Production and workers from the plants will be shifted to other factories in Japan.
    [Since we're talking about different islands here, we don't think all workers will be shifted - instead, there will be unspecified layoffs.]

And the general stories - 9/05/2003   2 counted downsizings, totaling 1,265 lost jobs, & 3 general stories (uncounted in rollups), reported in Wall St Journal & NY Times -
  1. Royal & Sun Alliance PLC...will outsource 1,000 jobs in the UK by the end of next year, WSJ, B6.

  2. Marathon Oil to cut 265 jobs in reorganization, NYT, C3.

9/04/2003   5 downsizings, totaling 2910 lost jobs, reported in Wall St Journal & NY Times -
  1. Gateway Inc...people close to company have said dismissals in excess of 1,100, WSJ, B8 (//NYT, C4, which however reports 450 +?? jobcuts).

  2. Despite assurance, PeopleSoft to cut [(800+1300)/2=] 1050 jobs, WSJ, B4.

  3. Ahold NV - Albert Heijn will cut 440 jobs as part of cost-cutting effort, WSJ, B8.
    Dutch grocer tries to calm furor over pay - Amid layoffs at the stores, word of a large pay package ignited protests, by Gregory Crouch, 9/18/2003 NYT, W1.
    NIJMEGEN, the Netherlands...- Hoping to quell a national outcry over corporate compensation here that has spread to its own supermarkets, the Dutch food retailer Royal Ahold said [yester]day that its chairman [Henny de Ruiter] would resign and that it would overhaul its CEO's multimillion-dollar pay package. The scandal-plagued Ahold, having already admitted to some $1.1B in accounting irregularities, is now trying to quell a tempest surrounding a 2-year contract given to its new CEO, Anders Moberg, that is worth 6m euros ($6.8m), as it lays off hundreds of employees at its flagship grocery chain, Albert Heijn.
    [Executives never learn that if they continue moving the income of the nation to themselves regardless of employees and customers, there's no "there" there to hold up their fat.]
    By Dutch standards, Mr. Moberg's salary is high, and everyone from cabinet ministers to coupon-clippers reacted badly [how about reacted "angrily" - which was a very good reaction under the circumstances?!] to news that he was guaranteed an annual bonus of 1.5m euros as well as a large severance package, regardless of how Ahold performed....
    [You can't tell us that in this economy they couldn't have hired dozens of competent CEOs for a quarter of that! What the hell is driving this lunge for unspendable brontosauric pay on the part of these morons?? Do they really hate their jobs so much that they need this much "compensation"? And if jobs are so hateful, why aren't they cutting job hours?]
    Mr. Moberg had threatened to resign if shareholders refused to approve his pay package...
    [So good riddance!]
    but today he appeared to have had a change of heart....
    [What a slime mold.]

  4. Ionics, Maker of water purification equipement to cut 200 jobs, NYT, C4.

  5. Albany International closing of 120-employee paper plant in South, NYT, C4.

9/03/2003   1 counted downsizing, totaling 2900 lost jobs + unspecified, & 5 general stories (uncounted in rollups), reported in Wall St Journal & NY Times -
  1. DHL Holdings (USA) Inc. unit of Deutsche Post...2,900 jobcuts...6% of US workforce...due to takeover of Airborne Inc., WSJ, B7.
9/02/2003   2 counted downsizings, totaling 200,000 lost jobs + unspecified, & 3 economywide stories (uncounted in rollups), reported in Wall St Journal & NY Times -
  1. China plans to cut 200,000 troops [8%] over 2 years, by Joseph Kahn, NYT, A9 (//WSJ A1).
    ...as it struggles to reinvent its armed forces, the world's largest in headcount [2.5m], to better match the mobility and technological sophistication of the US Army.
    [A demobilization of 200,000 people? That's going to play havoc with China's already massive unemployment!]
    ...The reduction, announced [yester]day, is the second major cut since the mid-1990s when China said it planned to demobilize 500,000 troops.... [However,] Beijing continues to increase defense spending far above the rate of inflation....
    [So don't relax completely - the "yellow menace," the "golden horde," could STILL come & GET us! Woo-oo-oo!]

  2. Telstra Corp., WSJ, C13.
    ...expects to cut costs...by further decreasing staff [presumably beyond 4/11/2003 #4]....
    [Unspecified jobcuts. Note on same page another possible downsizing, "Euronext NV..." but the wording is ambiguous, "plans to continue to curb expenses for staff."]

( & not counting economywide -

Click here for downsizing stories in -
May/2003 (+Jun.1-2).
Jan. 16-31/2002.
Jan. 1-15/2002.
Dec. 16-31/2001.
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.

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