Wednesday, October 5, 2011

MS WINDOWS 8: TIPS AND TOOLS


LAYOFFS SURGE 212% OVER LAST YEAR!


Private Job Creation Beats Estimates But Layoffs Loom

Published: Wednesday, 5 Oct 2011 | 8:19 AM ET
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By: CNBC.com staff and wire
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The private sector added a better-than-expected 91,000 jobs even as the amount of expected layoffs hit their highest level in more than two years, separate reports showed.

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The monthly survey from ADP and Macroeconomic Advisors showed that the service sector added 90,000 positions, goods-producing rose just 1,000 and manufacturing fell by 5,000.
Economists had expected the ADP report to show 75,000 jobs created.
"We had a good pop in manufacturing employment and goods production early in the recovery. That has stalled a little bit of late," Joel Prakken, chairman of Macroeconomic Advisors, told CNBC. "But we could never have a full-fledged recovery in the job market without the service sector kicking in. So I think those are very encouraging things."
While the ADP numbers offer some hope that Friday's monthly nonfarm payrolls report will show some improvement, the primary damage to the jobs market appears to be happening in the public sector, where governments and the military are scaling back on staffing.
Indeed, the ADP number was almost identical for August—it was revised from 91,000 to 89,000—and the governments report subsequently showed a net zero overall job growth for the month, and the unemployment rate actually ticked higher to 9.1 percent. Government job losses have been averaging 67,000 a month.
Compounding uncertainty around the jobs market was a report earlier in the morning that showed the number of planned layoffs at U.S. firms in September jumped to its highest in more than two years due to heavy cutbacks by the military and Bank of America.
Employers announced 115,730 planned job cuts last month, more than double August's total of 51,114, according to the report from consultants Challenger, Gray & Christmas, Inc.
The figure was the highest since April 2009 when 132,590 layoffs were announced.
September's job cuts were also much higher than the same time a year ago, tripling from the 37,151 job cuts announced in September 2010.
For 2011 so far, employers have announced 479,064 cuts, up 16.5 percent from the first nine months of 2010.
"It is important to keep in mind that 80,000 cuts, or nearly 70 percent of last month's total, came from just two organizations: Bank of America [BAC  5.76        ]and the United States Army," John A. Challenger, chief executive officer of Challenger, Gray & Christmas, said in a statement. "Neither of these cuts is directly related to recent softness in the economy."
Bank of America's 30,000 planned cuts stemmed from continued fallout from the U.S. housing market collapse and restructuring efforts to remake the bank into a smaller, more efficient company, Challenger said.
The 50,000 military cuts were the result of drawing down forces in two wars and cost-cutting efforts in all areas of the federal government. September's cuts followed an announced 17,500 reduction in August, he added. These military personnel might face tough times finding jobs with companies.
"Perhaps the biggest challenge is taking the often specialized skills and experience gained in the military and translating it to the private sector," Challenger said.
On the hiring front, employers announced plans to add 76,551 workers in September, down from 123,076 a year ago, the firm said.
It predicted seasonal hiring would be about the same as 2010 when retailers hired more than 600,000 holiday workers in the last three months of the year.

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