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The job market is not getting better
EDS will shift more of its services staff overseas
to countries such as India, with a goal of having 20,000 employees
in so-called "low-cost" countries
by the end of 2004: EDS CEO Jordan.
"The jobs report is just awful. [It] shows no letup in the
trend of job losses in a quarter when all other signs point to
rapid growth. Businesses across the board are figuring out ways
to do more with fewer people. Another month like this and rate
cuts will definitely be back on the table," said Bill Cheney,
chief economist at John Hancock Financial Services.
- Even the recruiters are losing jobs. The past 2.5 years 3
million jobs have been lost, including thousands of recruiters. 500
headhunting firms, about 10% of the total, went under. Hiedrick & Struggles
Intl, for example, laid off 1000 people, 40% of its global staff.
The evidence is that business is not getting better:
- There have been 68,000 business failures since
March 2001. 9,850
Mass layoffs, defined as greater than 50 at a time by Companies
thru June, 2003: USDOL
- Kodak cuts 6,000 jobs summer of 2003. Boeing cut 5,000. Siebel
- 1.5 m unemployed quit looking. Add those to the 9-9.36 millioin
officially unemployed and still looking and you have 11 million
or 7.4 %. Add 4.8 million who have reduced benefits/hours/salary
and youre up to 10.6%.
- Howard Dean says 1 in 4 U.S. workers are free-lancing, self-employed,
employed in a temporary job, or working part-time.
- In a stunning statement Dean also said that more children
today will see their parents in bankruptcy than will see them
- U.S. workers' salary increases this year are coming in at their
lowest level in at least a decade, and are expected to remain
about the same for 2004, according to two HR surveys. The good
news is raises on average are nearly a full percentage point
above inflation, meaning we're still ahead of the game. Except
that HMOs are jacking up employers for an average 17.7 percent
medical-insurance hike for 2004 in contracts now under negotiation.
Citigroups Salomon Smith Barney had $150 million
$10 million fine of Xerox for Accounting Fraud
$7 million fine on Arthur Anderson for its Audit of Waste Management
WorldCom Agrees to Pay $500 Million
R.J. Reynolds said on 9.17.03 that it would take a $340 million
charge in the third quarter for the move, which will eliminate
about 2,600 jobs. Of the job cuts, 800 are in manufacturing and
the others are in sales, office work, marketing and other nonmanufacturing
The job cuts are part of a plan R.J. Reynolds hopes will cut $1
billion in costs by the end of 2005,
About 1,600 to 1,700 of the job cuts will be in Winston-Salem.
Of those, 75 percent are people who have already indicated they
want to take a buyout, which includes between 22 weeks and 87 weeks
of salary and benefits, the company said.