Home | News Briefs | U.S. | World
| Celeb Buzz | Entertainment | Sports | Business | Health | Sci / Tech | Politics | Weird & Offbeat
Jan 22 Roundup Of Highlights Of Low Points In The U.S. Economy
January 22, 2009 12:34 p.m. EST
Linda Young - AHN Editor
Washington, D.C. (AHN) - Bad economic news for the U.S. continued on Thursday with first time jobless claims for the week ending Jan. 17 rising to 589,000 and additional companies announced job cuts today.
A mixed bag of entities announced plans to layoff workers including companies that are posting profits, companies struggling to stay open while posting losses, the state of Maryland and a school district in New York.
Today's bad news indicated the nation's economy continues to grow worse. Along with news of additional layoffs on top of the last week's increase in jobless claims, the number of Americans who continue receiving unemployment compensation also rose. It now stands at a whopping 4.6 million, which was above predictions by analysts of 4.55 million.
President Barack Obama put in his second full working day since being sworn in and methodically worked on the long list of problems his administration inherited from the Bush administration. With the federal government operating largely on borrowed money it pays interest on, Obama announced he was freezing the pay of his senior staff members earning more than $100,000 a year.
Here is a round up of some of the low points in the nation's economy for Jan. 22.
Merrill Lynch filed a report with the Securities and Exchange Commission revealing that client withdrawals in the fourth quarter of 2008 jumped to $10 billion from $3 billion in the third quarter. The withdrawals were happening as the Bank of America was completing its acquisition of Merrill Lynch.
Microsoft Corp. announced planned layoffs of 5,000 employees over the next 18 months. It is the first time since Redmond, WA-based Microsoft began in 1975 that it has laid off employees.
Microsoft officials blamed loss of revenue for the layoffs, citing an 11 percent plunge in profits for the second-quarter of 2008. It said the layoffs will save the company $1.5 billion amid falling revenues and earnings.
Maryland's Gov. Martin O'Malley announced he will lay off 700 state workers and slash programs in an attempt to close the state's $2 billion shortfall in revenues. The move becomes the first time in decades that a Maryland governor has proposed budget decreases from the previous year.
Despite those measures, O'Malley is also relying on $350 million in federal aid, which the state expects to recieve in July, to help close this year's budget deficit. But the measures the governor is taking now won't be enough to solve the state's budget woes forever, the state will still face a projected $713 million shortfall a year from now.
Aircraft maker, Wichita, KS-based Hawker Beechcraft is warning employees to prepare for an unspecified number of layoffs within the next few weeks that will affect every area and level. Company officials reportedly plan to finalize details of the layoffs within the next few weeks and say they are trying to minimize the impact on employees and their families. These job losses are in addition to 500 layoffs there last year.
Plano, TX-based employees of Sweden-headquartered LM Ericsson are being warned that they will share in planned job cuts that come despite the company posting a 16 percent increase in profits for the fourth-quarter of 2008.
Company officials say that no one location around the world will suffer the brunt of the 5,000 layoffs. The company employs 78,000 worldwide, with 2,163 in Plano and says it will cut 1,000 of 20,000 jobs in Sweden, with the rest at undisclosed locations.
Ericsson officials said the ongoing recession in numerous countries made it necessary to cut costs to protect the company. The layoffs will save the company about $1.9 billion by the second half of 2009. Ericsson officials say they will continue hiring in countries where its business is expanding.
Home furnishings retailer Williams Sonoma announced late Wednesday that it plans to cut 1,400 jobs. The San Fransisco, CA-based company blamed the economy and said it will cut the jobs by the end of the month and also close a call center.
Diesel engine-maker, Columbus, IN-based Cummins Emission Solutions (NYSE: CMI) says it will cut 180 jobs when it shutters its Wautoma, WI, plant at the end of March. The company makes emission-control devices for the company's diesel engines there. Earlier, the company announced it would layoff 800 employees worldwide by the end of February and freeze wages for 2009.
And even the nation's schools don't offer job security in this recession that began in December 2007.
Officials with the Burnt Hills-Ballston Lake School District in New York announced they will send letters to 40 employees in February telling them that their jobs are either being eliminated or reduced. And at least two other school districts in that state are reportedly rumored to be considering layoffs of school district employees as well.
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 Friday, 23 January 2009
US envoy in Iraq warns against hasty withdrawal
Irish woman jailed for incest, abuse of children
| International
|
Gates says Iraq meeting was start of process
Croatia hails EU initiative to resolve border row with Slovenia
Army: Negligence caused soldier's electrocution
Microsoft still interested in : Ballmer
"Columbo" Star Peter Falk's Wife Blocks His Adopted Daughter's Bid For Conservatorship
Nazi forced labourers recount ordeal online
Turkish police detain 30 more in coup probe
| International
|
AP: Iraq forced to cut spending as oil price falls
Nazi forced labourers recount ordeal online
Ty Pennington Offering $10K Reward For Information On Hit-And-Run Accident
Global banking losses to hit 3.6 trillion dlrs: Roubini
Iraq ready for US troop cutback
Diane Keaton, Michelle Pfeiffer, Sandra Bullock And Mandy Moore Team Up To Sue Online Electronics Peddlers For Unauthorized Use Of Their Images
Israeli PM says war could speed soldier's freedom
RIM execs face record fines for options backdating: media
Iranian AIDS doctors get several years in jail
Al Pacino Film "Righteous Kill" Sues Watchmaker For Non-Payment Of Product Placement Fee
Nokia profits slump, cuts industry outlook
At least 100 killed in Sri Lanka shelling: official
| International
|
Palestinian girls tell grim stories of survival
Microsoft to cut up to 5,000 jobs as earnings fall
Blogger indicted for spreading falsehoods on S Korean financial crisis
UN welcomes green initiative in stimulus packages
China brushes aside questions over censorship of Obama speech
Microsoft to cut up to 5,000 jobs
Nokia profits slump, cuts industry outlook
Microsoft stuns with profit miss, job cuts
| Technology
|
US refuses Chinese demand for Guantanamo prisoner return: official
Obama keeps BlackBerry, after all
| Technology
|
Afghanistan and India unveil strategic road
House panel clears $3 billion for Internet, wireless
| Technology
|
China sentences two to death over tainted milk
Obama signs death warrant for Guantanamo
Sri Lanka seize rebel command centre amid heavy fighting
Panel clears Geithner for full U.S. Senate vote
Indonesia to repatriate 193 boat migrants
Chinese official visits NKorea, prospect of Kim appearance
New game genre taps into players' creativity
| Technology
|
Obama orders closure of Guantanamo Bay prison camp
Pakistan questions terror suspects
NATO: Aid needed for Afghan war
Pakistan arrests man linked to 2005 London bombs
Lack Of Customs Agents Keeps Passengers Aboard Diverted Flight For Four Hours
UN welcomes green initiative in stimulus packages
Former Merrill Lynch CEO Resigns From Bank Of America
TJX Cos. Thanks Customers With Nationwide One-Day Sale, 15% Discount
President Obama Orders Guantanamo Closed
Jan 22 Roundup Of Highlights Of Low Points In The U.S. Economy
Poll: Americans Split Over Obama's Plan To Shut Down Guantanamo
Hillary Gets Warm Welcome At State Department On First Day As Secretary
Liberia signs 2.6 billion dollar mining deal with China Union
Just a Minute With: Chris Rock on his Good Hair
| Entertainment
|
Geithner assails China as Treasury confirmation moves closer
India's Reliance Industries Q3 profit down nearly 10 pct
Oscar voters fail to make Clint Eastwood's day
| Entertainment
|
NY exhibit On the Money finds humor in boom, bust
| Entertainment
|
Future still unwritten for Punk legends
| Entertainment
|
Dita von Teese back at Paris revue
| Entertainment
|
Exactly 1 year after death, Ledger's legacy grows
"Spore" computer game evolving
'Waltz with Bashir' won't be screened in Lebanon
Disney-ABC reorganization expands McPherson role
NY exhibit "On the Money" finds humor in boom, bust
"Benjamin Button," "Slumdog" lead Oscar nominees
Washington Post launches "who's who" in government website
Luanda breathes new life into once-rusty Iron Palace
Dita von Teese back at Paris revue
Future still unwritten for Punk legends
Rock's provocative look at blacks and their hair heats up Sundance
Israel to open Gaza Strip crossing to journalists
US-TECH Summary
U.S. to set concrete, near-term Afghan goals: Gates
| International
|
They Wuz Robbed!
Crisis-hit Iceland heads for early election
| International
|
US unemployment spikes, housing crisis deepens
House panel backs $3 billion Internet stimulus
U.S. ambassador sees no sudden pullout from Iraq
| International
|
IBM tool helps companies cut costs and emissions
New game genre taps into players' creativity
Obama keeps BlackBerry e-mail device, after all
50 sperm whales beached off Australian island
US diplomat walks out on Bolivia's Morales
Sri Lanka troops allegedly kill 30 in 'safe zone'
Gates says Iraq meeting was start of process
Strong quake hits Indonesia
Obama lays out vision for Middle East peace
Google profit beats on strong ad sales
| Technology
|
Obama names top envoys to Mideast, Afghanistan, Pakistan
IBM tool helps companies cut costs and emissions
| Technology
|
Diving consumer demand hits technology firms
| Technology
|
Wall Street Closes Lower On Jobs Data, Microsoft News
Obama Staffers Try To Adjust To Less Tech-Savvy White House
S.Korean T-bond futures down ahead of holiday
Toyota may cut more than 1,000 jobs in NAmerica, Britain: report
Nippon Steel to cut output by 15 percent: report
Seoul shares open down; Samsung Elec, KT fall
War, immigration, politics mark foreign Oscar picks
| Entertainment
|
Milk screenwriter straddles two clashing worlds
| Entertainment
|
Hayden Panettiere's dad gets probation for assault
| Entertainment
|
Obama Staffers Struggle To Adjust To Lack Of Technology In White House
US-ENTERTAINMENT Summary
Hayden Panettiere's dad gets probation for assault
Winning posthumous acting Oscar not easy
Hayden Panettiere's dad pleads to battery
Studios with multiple Oscar nominations
Oscars odds, ends, facts and figures
A tangled triangle unravels in 'The American Plan'
A father and son talk fitfully in `Sixty Miles'
"Milk" screenwriter straddles two clashing worlds
Carter Center auction in Fla. to raise funds
Israel rules out opening Gaza border if Hamas gains
| International
|
Happy with wartime leaders _ and Netanyahu, too
Obama says Pakistan, Afghanistan require wider strategy
Spain arrests suspected leaders of ETA political wing: report
China parents press demands in wake of milk sentences
| International
|
Samsung posts loss as diving demand hits tech firms
Japan launches satellite to track greenhouse gases
Congo rebel Nkunda arrested: Rwanda-Congo military
| International
|
Obama wins first battle -- to keep BlackBerry
Obama steps up anti-recession offensive
Pakistani newlyweds live in fear of honor killing
| International
|
freezes employee salaries
Castro writes of death, illness in latest column
| International
|
North Korea's Kim well enough to meet foreign visitor
| International
|
Taiwan wins landmark access to WHO amid China thaw
| International
|
Samsung posts loss as diving demand hits tech firms
Japan launches satellite to track greenhouse gases
Castro says he won't outlive Obama's term in office
Polynesians originated in Taiwan 5,200 years ago: study
Microsoft stuns with profit miss, job cuts
| Technology
|
Thai PM heads to Laos for first official overseas visit
Jailed Myanmar monk goes on hunger strike
Google profit beats on strong ad sales
| Technology
|
NKorea's Kim meets Chinese envoy: state media
Afghan president welcomes order to shut Guantanamo
3 Filipino militants get life for 2000 bombings
Sri Lankan editor attacked
House Republicans File Bill Banning Release, Transfer Of Gitmo Detainees Into U.S.
SKorea blaze clouds nomination of new police chief
Thousands Attend 'March For Life' Rally In D.C. To Mark 36th Anniversary Of Rule Legalizing Abortion
Gunmen abduct 3 Filipino teachers
Pakistani Mulls Lawsuit Against U.S. Government For 6-Year Gitmo Detention
NKorea's Kim Jong Il meets with Chinese official
Philippines property group says buying two local AIG units
HK firm agrees to buy back Lehman investments
Sony stock tumbles after forecasting annual loss
Nippon Steel cuts production on auto demand fall
Asia-Pacific air travel fell 1.8 percent in 2008
Seoul shares fall on techs; Samsung, LG Elec slide
Toyota may cut 1,000 jobs in N.America, Britain: report
GDP growth declines in China's Guangdong province
Obama sets stage for likely trade war with China
Samsung posts first-ever quarterly loss
Benjamin Button, Slumdog lead Oscar nominees
| Entertainment
|
Mixed feelings for Ledger's family
| Entertainment
|
Oscar nominations come in tough week for Hollywood
US Senate passes wage discrimination bill
Actors union loses support for strike vote
Hint of hard times at Paris men's fashion week
Child matador bullfight suspended in Mexico
Soothsayers see no bull run in Year of Ox
Handwritten Lincoln speech to be auctioned at top price
CNN online traffic tops on Inauguration Day
Dudamel brings fresh approach to L.A. Philharmonic
Bus driver sued in crash that killed Dottie Rambo
Doctors Cut Hands, Feet Of Model With Septicemia
War, immigration, politics mark foreign Oscar picks
| Entertainment
|
Milk screenwriter straddles two clashing worlds
| Entertainment
|
Oscar nominations come in tough week for Hollywood
| Entertainment
|
Oscar voters fail to make Clint Eastwood's day
| Entertainment
|
Dudamel brings fresh approach to L.A. Philharmonic
| Entertainment
|
Gunmen kill family, including six women, in Iraq
Suspects arrested over German embassy Kabul bomb
Britain in recession, data confirms
German chipmaker Qimonda files for insolvency: court
China says 19 nationals freed from Myanmar kidnap
| International
|
Israel names justice minister to fight war crime charges
Warning strikes against Germany's Lufthansa: airline
Mobile phone market to shrink in 2009
World stocks slide
Russia and Georgia must probe war crimes, watchdog says
| International
|
Gunmen kill family in Iraq
| International
|
Five dead in Pakistan's Swat
| International
|
Key Ukraine meeting on Russia gas deal postponed
| International
|
Japan launches rocket with greenhouse-gas probe
Obama names peacemakers to hotspots
US soldier dies when vehicle rolls over in Iraq
Mobile phone market to shrink in 2009
| Technology
|
Japanese learn English using Obama speeches
Rights group: Thais abandoned migrants at sea
Rights group: Tiananmen prisoner held in hospital
NKorea's Kim Jong Il meets with Chinese official
TV Network Speculates Kirsten Gillibrand Is Paterson's Choice To Replace Clinton In Senate
Djokovic, Roddick roll on at Aussie Open tennis
More Bank Mergers Foreseen As Small Banks Report Q4 Losses
Suicide bomber kills 2 in northwest Pakistan
Fears for 126 Rohingya rise as Thais deny holding them
India PM to undergo bypass surgery
Taiwan's ASE plans buyback worth up to T$4.85 bln
HK firm agrees to buy back Lehman investments
Taiwan dlr falls to 4-year low on data, c.bank
Japan's KDDI says 9-month profit rises 18.2 pct
Bridgestone says to shed 800 workers in US
Hanwha threatens legal battle to recover deposit from KDB
Japan stocks fall on dire Microsoft, Sony results
Indonesia Islamic body to mull ban on smoking and yoga
Iraq repeats pledge to close Iran opposition camp
Russia says ready to work with U.S. on Afghanistan
| International
|
Amnesty probes Israel's use of white phosphorus in Gaza
War boosted extremists in Gaza, says U.N. official
| International
|
Three die in Belgian child care center attack
| International
|
Microsoft leaves many sleepless in Seattle
Iraqi PM urges strong election turnout despite violence
Obama warns crisis must be dealt with rapidly
Sudan violated international law in Darfur raid: U.N.
| International
|
Larry Birkhead And Howard K. Stern Team Up To Discredit Anna Nicole Smith Tell-All Book Informants
Ring of fire: Indian Ocean to see solar eclipse
Congo's Nkunda arrested in Rwanda awaiting extradition
Learjet Responds To Travis Barker's Plane Crash Negligence Suit
US to carry out first human stem cell trials
SAG Wants To Avoid Strike Vote
Nine dead in suspected U.S. strikes in Pakistan
| International
|
Hayden Panettiere's Dad Receives Two Years Probation Following No Contest Plea To Hitting Wife
Cuba's Fidel Castro in first photo since November
| International
|
British 'hacker' wins right to fight extradition to US
Indonesian police say 2 killed in train collision
Thailand meets regional ambassadors over refugee issue
Australian rescuers try to save 7 beached whales
Oil pares losses on evidence of OPEC supply cuts
Microsoft leaves many sleepless in Seattle
| Technology
|
Ishikawa's dream closer to reality with surprise Masters invite
Indian PM in hospital for heart surgery
Nine dead in suspected U.S. strikes in Pakistan
Obama keeps BlackBerry, after all
| Technology
|
Reports: NKorea's Kim meets Chinese official
China welcomes Britain's call for closer ties
Ivanovic crashes out, Jankovic battles on at Aussie Open
Confirmation Of Attorney General-Designee Eric Holder Still Unclear After Meeting With Republican Leader
Geithner signals tougher stance on China
Norm Coleman Assures Supporters But Gets New Job While MN Senate Race Drags On
Thai economy set to grow by zero to 2.0 percent in 2009: central bank
California To Get $4.5 Billion Under House Stimulus Plan
Upstart challenges Chinese state TV New Year show
Civil Liberties Group Lauds Closure Of Guantanamo As Republicans Issue Warnings
AB InBev sells 20 pct Tsingtao stake to Asahi
New York Unemployment Rates Up Triggering Extension Of Benefits
Illinois Gov. Rod Blagojevich Will Not Sue To Stop Impeachment Trial
Intel tells Filipino workers about factory closure