InfoAnda - Jan 23 Highlights Of Low Points In The U.S. Economy

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Home | News Briefs | U.S. | World | Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat Jan 23 Highlights Of Low Points In The U.S. Economy January 23, 2009 12:56 p.m. EST Linda Young - AHN Editor Washington, D.C. (AHN) - Two iconic American companies, profitable IBM and floundering Harley Davidson, were among those announcing layoffs Friday, along with health care providers once thought recession proof. It was the second day in a row that a company's profitability proved no protection for worker's jobs. On Thursday, as AHN Media reported, Swedish telecommunications company Ericsson LM (NASDAQ:ERICY) had announced a 16 percent rise in profits coupled with 5,000 worldwide layoffs, including an unspecified number in Plano, TX. On Friday, IBM confirmed that despite 12 percent profits it had sent pink slips to an unspecified number of workers. Not only do those unemployed workers face dim prospects in finding another job anytime soon, but its more bad news for the new Obama administration. The federal government is already lending money to many states to pay claims against insolvent unemployment compensation funds. And with the government outspending revenues for items that include the Bush administration's unfunded, ongoing Iraq and Afghanistan wars, the feds have long been borrowing money to fund government operations. Increases in the unemployment rate make it likely the federal government will have to borrow even more money, which it pays interest on, further compounding the countries' economic crisis. In addition, there is talk of administration officials finally confronting China over its policy of allegedly manipulating its currency, keeping it artificially low to benefit on trade deals. Loans from China, primarily through its investments in U.S. Treasury notes, are the source of much of the federal government's operating capital at this point. If China becomes angry, it could cash in those notes early or simply refuse to loan the U.S. any more money. After days of rumored layoffs IBM (NYSE: IBM) has confirmed it plans to shed workers and that it has sent out pink slips, but it has offered no specifics. This comes despite the fact the company announced Tuesday that it had posted a 12 percent profit for the fourth-quarter 2008. IBM officials say they have to remain "flexible" to the market and also that many of the laid off workers will be able to find jobs elsewhere in the company. Unlike IBM with its profits, Harley Davidson posted losses last quarter, but the results were the same at both companies, job cuts. Motorcycle manufacturer, Milwaukee, WI-based Harley Davidson Inc. (HOG) said Friday it would cut 1,100 jobs over two years. That announcement came after company profits plunged 60 percent in the fourth-quarter of 2008. Unemployment rates are up to 7.2 percent in New York City and 7 percent statewide in December, up from 6 percent statewide in November, triggering another extension of benefits. Some 670,000 people lost their jobs in December another 500,000 New Yorkers were already receiving jobless benefits. New York state officials expect the state unemployment fund to be $2.5 billion in the red by the end of 2010 unless employer contributions to the fund are increased. The fund is insolvent, so state officials have been borrowing $90 million each week from the federal government, which is itself running a deficit and borrowing money. New York isn't the only state having problems. On Thursday afternoon, AHN reported Maryland was laying off 700 state government workers, on Thursday night Vermont nearly matched that number of job cuts. Vermont Gov. Jim Douglas during his budget address announced the state plans to layoff 660 workers. The job cuts are for the upcoming 2010 state budget and represent 8 percent of the state's 8,100-person work force. And as unemployment numbers continue to rise in New York and Vermont, healh care providers, once thought to be recession proof, are announcing job cuts. In Rochester, NY, all three major hospitals have announced, or are anticipating job cuts because of financial difficulties. Rochester General Hospital announced it was cutting 240 jobs despite a 2 percent profit, because it expects to lose money this year. Unity Health System, which runs Unity Hospital and three senior living centers is eliminating 30 to 50 jobs because it is anticipates losing $6 million in state funding. University of Rochester Medical Center says it is cutting $39 million of its $1.9 billion budget, cutting overtime not required for direct patient care, discussing not filling vacant jobs and anticipating that layoffs are possible in the near future. GE Healthcare in South Burlington, VT, announced it will lay off less than 10 percent of its 700 workers, but didn't give an exact number. In a statement, GE Healthcare officials said, "There is overall weakness in the healthcare markets. Additionally, governments, insurance companies and state legislatures are reducing the amount spent on hospital procedures." Lexicon Pharmaceuticals Inc., based in Woodland, TX, announced it will layoff 102 employees, 22 percent of its workforce. The cuts are primarily in basic research and early-stage discovery and support, and are aimed at conserving capital, company officials said. Construction equipment maker, Fargo, ND-based Bobcat Co. announced Friday it will extend the layoffs of 2,000 employees at its Bismark and Gwinner plants by two weeks until Feb. 16. Company officials blamed the downturn in the housing markets and ongoing crisis in the financial markets. Michigan's second-largest bank in terms of deposits, Comerica Inc., announced it is cutting 570 jobs, most of them in Michigan. It will also freeze salaries of employees in its top 20 percent of earners. The bank moved its headquarters from Detroit to Dallas, TX in 2007. It says the job cuts will save $37 million a year and blamed the job cuts on rapidly deteriorating market conditions. Computer networking and software company Sun Microsystems Inc. (NASDAQ: JAVA) announced 227 job cuts in the metro Denver, CO area. These cuts are part of 1,300 cuts planned nationwide withing the next three months that the Santa Clara, CA-based company announced earlier, citing the ailing economy. Tire manufacturer, Nashville, TN-based Bridgestone Americas Tire Operations announced a fresh round of job cuts, saying business was bad and it would layoff 644 workers in addition to the 128 it laid off last month. 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 Saturday, 24 January 2009
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China says Web crackdown to be long-lasting | Technology |
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Suspected US missile strikes kill 18 in Pakistan
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Jan 23 Highlights Of Low Points In The U.S. Economy
Obama Makes Case For Stimulus, Warns Of Crisis In First Meeting With Congressional Leaders
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China tells Obama's Treasury pick it is not manipulating currency
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US-ENTERTAINMENT Summary
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US-TECH Summary
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