InfoAnda - April 30 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 April 30 Highlights Of Low Points In U.S. Economy April 30, 2009 11:13 a.m. EST Linda Young - AHN Editor Washington, D.C. (AHN) - The nation's ongoing recession is wreaking havoc on the economy as job cuts continue in every industry with no apparent end in sight. Even as President Barack Obama attempts to trim government costs, his fiscally responsible actions are ironically helping to fuel layoffs. Helicopter maker Lockheed Martin (NYSE: LMT) announced it was cutting 225 jobs. Those job cuts come partially in response to cancellation of new presidential helicopters. But the government has few options to cutting spending because tax revenues keep falling short. And those shortfalls are causing the government to continue borrowing huge sums of money to operate. During his third prime-time televised press conference Obama sought to reassure the nation on Wednesday night. He recited the growing list of crisis his administration has had to deal with in its first 100 days, in addition to the ongoing U.S. recession. Here is a look at some of the recent layoffs. Antifriction bearing manufacturer Timken (NYSE: TKR) announced plans to cut another 3,000 to 3,500 jobs by the end of the year. The Canton, OH-based company posted 1st quarter earnings that were down after sales dropped 33 percent from a year ago. Company officials say they expect to cut a total of over 7,000 jobs for the year. Financial services provider UBS bank, headquartered in Switzerland, announced it had cut 2,000 employees in the United States this month. Private jet manufacturer Cessna announced it is cutting 1,600 employees at every level of the company. The Wichita, KS-based company announced the cuts Wednesday - that are in addition to 4,600 job cuts made earlier - citing plans to cut production from 375 business jets to 325 this year. Helicopter maker Lockheed Martin announced it will cut 225 jobs in Owego, New York in mid-May and will likely cut additional jobs in the next few months. It cited the call by the U.S. defense secretary to cancel the presidential helicopter program and the Air Force Combat Search and Rescue choppers. Optical networking equipment manufacturer Sycamore Networks Inc. of Chelmsford, MA will lay off 140 employees because of falling sales to telecom companies. Fiberglass manufacturer PPG will layoff 110 workers at its Lexington, KY plant. The Pittsburgh, PA-based company was positioning itself to supply fiberglass to the wind turbine industry. Health care provider Reading Hospital in Pennsylvania will lay off 106 employees. This is the final phase of reductions that has cut 1.6 percent of the hospital's workforce, including six registered nurses working in clinical areas and 13 percent of managerial staff. Non-profit health care provider Nemours announced it was laying off 106 employees at its three Florida locations. The Delaware-headquartered company has operational headquarters in Jacksonville, FL and employs 4,400 at hospitals and clinics there and in three other states. This round of layoffs does not include any physicians. Municipal government Santa Cruz City Schools in California announced plans to cut 72 of its lowest paid positions including learning assistants, special education technicians, food service workers, and cut hours for another 49 positions. Only 47 employees would be laid off because some workers would fill multiple positions and 15 percent of the positions are vacant. Municipal government Westfield city schools in Massachusetts announced plans to cut 59 positions to balance its budget. Appliance products manufacturer Western Industries plans to lay off 55 employees in its Engineered Products Division in Watertown, WI because of revenue declines and order cancellations from customers in its core appliance markets. The company produces gas, electric and induction cook tops, laundry accessories and ventilation products for the appliance industry, as well as welded assemblies for commercial products. Media organization Newspaper Association of America is cutting 39 positions as its member newspapers struggle with the ongoing economic downturn. High tech manufacturer ATS Oregon has laid off 35 workers at its Corvallis, OR plants. It is the second round of layoffs at the company that cut 50 jobs in December. ATS Oregon makes automated production and inspection equipment for the automotive, semiconductor, health care and consumer products industries. Municipal government New Hanover County in Delaware has laid off 27 employees in an effort to balance its budget. Siding and trim millwork manufacturer Louisiana-Pacific Corp. will cut a combined 25 jobs at its three mills in Two Harbors, MN,Tomahawk, WI and Newberry, MI. Company officials cited the continuing downturn in residential construction. Mining and oil equipment clutch manufacturer Wichita Clutch in Kansas laid of 23 workers because of slumping demand for its products caused by the global economic downturn. Newspaper The Chattanooga Times Free Press announced it was laying off 15 employees in the newsroom and would not fill another five positions being vacated by retiring staffers. Newspaper The Sun in Baltimore, MD has laid off another 15 employees in its editorial division. Municipal government Coral Gables, FL is laying off 5 part-time workers in the face of a $9 million deficit in the city budget. Municipal government Borough in New Jersey has laid off three employees and cut the hours of a part-time employee to try to balance the city budget. Municipal government Galena Board of Education in Kansas voted to lay off a school district librarian, eliminate one teaching position on the kindergarten level and not fill two other teaching positions that are becoming vacant because the teachers are retiring. 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

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