The US Economy Keeps Losing Jobs, The Domino Effect
(Aaron Hutchins) Incomplete list of publicly announced layoffs & shutdowns:
“…it’s unfortunate for employees that are put into this situation when it occurs, and you hate to say it, but typically investors reward stocks for these types of layoffs. Stocks react favorable to big announced layoffs.”-Brian Yarbrough, Edward Jones retail analyst
British Petroleum (BP) claims it lost $6.3-billion USD, and as a result “…significant headcount reductions in upstream and downstream as we progress through the year and I think you’ll see more of that before we get to the end of the year.”-Brian Gilvary, cfo
Alabama: Bankrupt coal miner Walter Energy revealed it will eliminate as many as 739 jobs!
US Steel shutting down their Fairfield Works blast furnace next month, the company just posted a $261-million USD loss (more than twice their loss for the same time last year)! County commissioner Jimmie Stephens calls the Fairfield Works shutdown “…a catastrophic event for western Jefferson County.”
California: News reports say Burbank based visual effects company Stereo D laid off about 225 people! Work is being shifted to Canada. In Berkeley, after 40 years Nabolom Collective Bakery shutting down on Sunday. News reports say the operators refuse to explain.
More Haggen grocery store fallout: “When we met with Haggen management prior to the store conversions, they assured us that they were committed to making this takeover a success and that they would do everything possible to keep the customers. It is now apparent that they have not followed through on those commitments and, in fact, have done nothing to assure that customers’ first impressions would be positive. We know that many of you have offered positive suggestions that have been disregarded. Haggen’s failure to live up to their commitments is extremely disappointing.”–UFCW Local 770
Colorado: Switzerland owned Diamond Materials Tech laid off 46 people in Colorado Springs in order to “further optimizing the cost structure and production capacity.” They laid off 43 people in January, and 105 people in October 2014!
Connecticut: Stone House Restaurant shutdown after being bought out by the non-profit Rothberg Institute: “We were just going about our day-to-day operations when a realtor said someone was interested in buying this building. We weren’t actively thinking about selling, but this was an opportunity for us to get out before another storm hit and we were left with nothing.”-Peter Hamme, co-owner
Delaware: Casino Dover Downs revealed it eliminated 48 jobs over the past three months, twice what it originally claimed: “When we cut those table games, it had a domino effect. We ended up not needing food and beverage workers, valet operators and other jobs that provided services during that same time period.”-Denis McGlynn, ceo
Idaho: The city of Coeur d’Alene (population about 45-thousand) must layoff four employees to meet their new budget. The state Department of Labor reports that personal farm income fell 18%, and profits crashed 23% from the end of 2014! Economists say expect more crashing & burning: “We’re looking at soft prices for every crop in the state basically, except for beef. Cash receipts will be way, way down this year.”-Garth Taylor, University of Idaho
Maryland: In Joppatowne the only marina is about to shutdown. Gunpowder Cove Marina told boat owners to ship out by November. Residents are pissed: “They lost the pool, they lost this place, the neighborhood is changing!”-Bill Moore, Joppatowne resident since 1965
Michigan: Five Port Huron firefighters forced to retire early as part of budget cuts.
Ohio: Remke Markets announced they will not renew their lease on their Westwood neighborhood grocery store, 63 jobs lost by October.
Utah: Despite recently announcing the shutdown of their fitness machine factory in Logan (eliminating 400 jobs), ICON Health & Fitness administrators posted a “Now Hiring” sign on the very same factory. They claim they need to hire 1-hundred temp workers to meet demand before they officially shutdown the factory in October. ICON Health & Fitness is moving production ‘overseas’.
Tennessee: After 42 years shoe store The Athlete’s House shutting down in August: “It has to come to an end sometime….it’s just time while everything is good. It’s best to go out on top.”-David Graeflin, owner
Texas: In Dallas, World of Beer on SMU Boulevard shutdown. Black-eyed Pea in Preston Center shutdown, employees blame lack of parking for customers. In Arlington, Olenjacks restaurant shutdown. In Deep Ellum, BBQ joint Mama Faye’s shutdown. Here’s one reason why the construction industry is not recovering; Gander Mountain retailer shutting down its Corsicana store due to an incompetent building contractor: “Based on the recent recommendation from independent engineering experts, it is apparent that the Corsicana Gander Mountain building has certain significant defects. These defects resulted from mistakes made by contractors during the construction of the building.”
30 July 2015: “…taxpayers were…underwriting a vast criminal enterprise…”
WARN=Worker Adjustment & Retraining Notification
The U.S. Department of Labor (DoL) no longer issues mass layoff reports:
“On March 1, 2013, President Obama ordered into effect the across-the- board spending cuts (commonly referred to as sequestration) required by the Balanced Budget and Emergency Deficit Control Act, as amended.
Under the order, the Bureau of Labor Statistics (BLS) must cut its current budget by more than $30 million, 5 percent of the current 2013 appropriation, by September 30, 2013.
In order to help achieve these savings and protect core programs, the BLS will eliminate two programs, including Mass Layoff Statistics, and all ‘measuring green jobs’ products. This news release is the final publication of monthly mass layoff survey data.”
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