InfoAnda - Feb 16 Highlights Of Low Points In U.S. Economy

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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat Feb 16 Highlights Of Low Points In U.S. Economy February 16, 2009 12:34 p.m. EST Linda Young - AHN Editor Washington, D.C. (AHN) - Monday brought more bad economic news as companies continue to shed workers. With two-thirds of the U.S. economy dependant on consumer spending, the continued loss of jobs will lead to another drop in the nation's gross domestic product as people without a job and paycheck will be forced to decrease their spending. Here is a look at some of the latest job cuts. Michigan automaker Ford Motor Co's lending arm, Ford Motor Credit, is implementing 1,200 job cuts this week, that will be spread over the next few months. The cuts represent 20 percent of Ford Motor Credit's work force. Municipal government Alexandria, VA, will cut 121 jobs. Most of the cuts will come in not filling job openings, the city manager told the city council. The job cuts represent 4 percent of the total city personnel. A pay freeze is also being implemented in an attempt to balance the budget, the city has $43.6 million less than it needs to maintain current city and school services. Home furnishings manufacturer Ashley Furniture cut 90 employees, or 3 percent of its Arcadia, WI, workforce. Company officials blamed the recession-struck struggling housing market for lack of demand. Outboard motor manufacturer Mercury Marine in Fond du Lac, WI, has cut 85 jobs and also temporarily shut down its plant for two weeks beginning Monday. Company officials saying decreased demand was to blame. Municipal government Flagstaff, AZ, announced that it has trimmed the number of job cuts to 80 employees. Although details of exactly which employees in the various departments will be cut has not yet been finalized, the city council has decided not to cut any police officers and all cuts within the police department will be administrative positions. The 90 job cuts are down from the original 125 jobs cuts proposed, which had included laying off 15 police officers. Steel pipe maker TMK Ipsco announced it was laying off a third of its work force, or 75 employees, at its Camanche, IA plant. The company has its North American headquarters in Downers Grove, IL, and company officials say the economic downturn, and decrease in demand for tubular pipes used in the oil and gas industry, has caused it to lay off workers at other facilities before the layoffs at its Camanche plant, and that there are more job cuts coming at other plants in the next few weeks. Stainless steel fabricating manufacturer Paul Mueller Company (Public, OTC:MUEL) announced another 46 layoffs. This latest round of job cuts will be at the company's Springfield, MO headquarters and comes a week after 46 employees were let go. The steel manufacturer makes systems used in milk production and cited a recent drop in milk demand as decreasing demand for its products. Precision steel parts manufacturer Uniparts Olsen, formerly Olsen Engineering, announced it was cutting 37 jobs at its Camanche, IA plant. The company manufactures steel parts for original equipment used by the construction, agriculture and forestry industries and cited the recession for sagging demand. Established in 1972, the company said that softening worldwide demand might mean more cuts. California school district Amador County Unified School District announced it was laying off 15 non-instructional staff members, including maintenance workers and transportation managers. School board members discussed creating jobs at lower pay rates to bring some of the workers back. But they also discussed plans for the next round of job cuts which will focus on trying to cut teaching staff through retirements. Massachusetts museum Old Sturbridge Village will cut five jobs the living museum and managers are taking a voluntary pay cut. Copyright © 2003 - 2009 AHN - All rights reserved.Redistribution, republication. syndication, rewriting or broadcast is prohibited without the prior written consent of AHN.License AHN news for your website, business, digital signage network or publication. Home | News Briefs | U.S. | World | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird / Offbeat © 2009 AHN Client Login | Submit News | Privacy Policy | Terms of Use | Contact | Content Services All Rights Reserved

Other News on Tuesday, 17 February 2009
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Feb 16 Highlights Of Low Points In U.S. Economy
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US-TECH Summary
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US-ENTERTAINMENT Summary
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