InfoAnda - Feb 27 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 27 Highlights Of Low Points In U.S. Economy February 27, 2009 7:14 p.m. EST Linda Young - AHN Editor Washington, D.C. (AHN) - Friday brought news that the U.S. economy had shrunk by 6.2 percent at the end of 2008, its worst contraction in the past quarter century, while news of fresh lay offs continued. With two-thirds of the nation's economy coming from consumer spending, the continued layoffs will likely keep the economy shrinking. People without paychecks don't have money to spend. The Commerce Department report revealed the economy dropped faster than the 3.8 percent annualized decline for the October-December quarter first estimated last month. Although economists had expected a larger drop they had underestimated it by forecasting only a 5.4 percent annualized drop. Banking giant JP Morgan plans to cut 12,000 jobs as part of its takeover of the failed Washington Mutual retail bank, which was heavily impacted by bad mortgage loans. The job cuts will help Morgan cut $2 billion in expenses, including $1.35 billion in labor costs, by the end of the year. State college University of Tennessee announced it will cut 777 jobs system wide to cope with a $66.5 state funding cut, 543 employees will be laid off and the remainder of cuts will come from unfilled positions. Municipal government Clay County Schools in Florida plans to cut 450 jobs, including about 270 classroom teachers. The School Board will vote on the cuts in a special meeting Monday, but officials say that even those cuts aren't deep enough, the district will still need to find a way to cut another $8 million in spending. Natural gas suppler NiSource Gas Transmission & Storage will cut 370 to 380 positions across 16 states. The affected jobs are skilled positions in engineering and technical support, pipeline operations and maintenance. Natural gas supplier Chesapeake Energy (NYSE: CHP) announced it will cut 215 jobs at its Charleston, WV office to cut costs because of rapidly declining energy prices. The Oklahoma City, OK-based company is the nation's largest natural gas company. Utility PPL will cut 200 management and staff jobs across the country. Toyota auto parts supplier Toyotetsu Mid America will lay off 135 workers at the Owensboro, KY plant, company officials cited the ongoing recession. Maui Land & Pineapple Co., Inc.(NYSE: NLP) announced it will cut 100 jobs at its Kapalua Resort and its Kahului, HI corporate offices. Apparel retailer J. Crew (JCG) will cut 95 jobs, suspend contributions to employee 401(K) plans and merit raises. The clothier, which gained publicity because First Lady Michelle Obama wears its clothing, and also buys it for her daughters, cited a need to cut costs. Milk tank stainless steel fabricator Paul Mueller Co. announced 82 job cuts. The Springfield, MO-based company laid off 90 employees earlier in the month. Air conditioning manufacturer Trane Co., announced it was laying off 45 workers. The Clarksville, TN-based company had already laid off 111 workers in January. Municipal government Guilford County, NC announced it will cut 35 jobs in the next two weeks to try to balance its budget without raising taxes. 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, 28 February 2009
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Bangladesh army reaffirms support for government | International |
U.N. prosecutor pledges to pursue Hariri case to end
Jodie Foster Caught Speeding By Police And Reality TV Crew
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US troops say Iraqis ready for Obama timetable
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U.S. citizen stabbed in Cairo tourist area | International |
Gates prefers small US force in Iraq after 2012
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U.N. prosecutor pledges to pursue Hariri case to end | International |
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Iraq appeals for foreign oil expertise
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US-TECH Summary
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Feb 27 Highlights Of Low Points In U.S. Economy
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US-ENTERTAINMENT Summary
Publishers dust off vintage songs for new audiences
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Rihanna and Chris Brown reported back together
Lionel Richie still on the "Go" after 30 years
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Reports: Tom Brady, Gisele Bundchen married
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U.K. Police Hunting 'Radioactive' Principal Wanted For Child Pornography
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