The Street
written by By Jeanine Poggi
Monday December 20, 2010
NEW YORK (TheStreet) -- The economy added fewer jobs in November, dashing hopes of a jobs recovery.
According to the Labor Department's Employment Situation Report, nonfarm payrolls rose by 39,000 in November, significantly less than the 140,000 new jobs economists forecast.
The Labor Department also revised upwards its estimate for the previous month to 172,000 from 151,000.
At the same time, the unemployment rate rose to 9.8% from 9.6% in October.
But private-sector employment hit a three-year high in November, according to the latest ADP National Employment Report.
On a seasonally adjusted basis, private businesses added 93,000 jobs during the month, according to the ADP National Employment Report. Economists forecast a much smaller uptick of 58,000.
Employment in the services sector rose for the 10th consecutive month by 79,000 in November. Employment in goods-producing and manufacturing sector rose by 14,000 and 16,000 respectively after both declined last month. The construction sector shed 3,000 jobs, its smallest decline since June 2007.
As expected, companies continue to lay off workers at a steady pace. Here, then, is a look at those corporations that have laid off workers since the beginning of the year.
Defense contractor Northrop Grumman(NOC_) said on Dec. 17 that it will eliminate 120 positions in New York due to lack of new orders.
The layoffs will come at its Amherst Systems business unit near Buffalo at the end of February.
Northrop Grumman has been announcing job cuts steadily throughout the year. In November, it said it is laying off 318 salaried workers at its Newport News, Va., shipbuilding facility.
Earlier in the year it handed out pink slips to 642 workers at its Pascagoula, Miss., 95 at its Tallulah, La. shipyard, and 110 at its Avondale, La., shipyard.
Quad Graphics(QUAD) warned New York-employees on Dec. 17 that it will be reducing its workforce by 20% in early 2011.
The printing company will layoff about 95 workers at its Buffalo facility starting Jan. 3. The work being done at this plant will be moved to other parts of the country to improve efficiency.
The news comes after Quad Graphics said in November that it will shutter its Fredericksburg, Va., facility in January, which will result in about 300 layoffs.
"Today's announcement is part of our ongoing plan to integrate operations following our acquisition of Worldcolor, and will further strengthen the efficiency and competitiveness of our manufacturing platform," said Joel Quadracci, Chairman, President & CEO, at the time of the announcement. "We have a clear vision for the future of our company and are moving aggressively to implement plans that will benefit our customers and drive value for our shareholders."
Please click HERE to read the entire article... very long!
Defense contractor Northrop Grumman(NOC_) said on Dec. 17 that it will eliminate 120 positions in New York due to lack of new orders.
The layoffs will come at its Amherst Systems business unit near Buffalo at the end of February.
Northrop Grumman has been announcing job cuts steadily throughout the year. In November, it said it is laying off 318 salaried workers at its Newport News, Va., shipbuilding facility.
Earlier in the year it handed out pink slips to 642 workers at its Pascagoula, Miss., 95 at its Tallulah, La. shipyard, and 110 at its Avondale, La., shipyard.
Quad Graphics(QUAD) warned New York-employees on Dec. 17 that it will be reducing its workforce by 20% in early 2011.
The printing company will layoff about 95 workers at its Buffalo facility starting Jan. 3. The work being done at this plant will be moved to other parts of the country to improve efficiency.
The news comes after Quad Graphics said in November that it will shutter its Fredericksburg, Va., facility in January, which will result in about 300 layoffs.
"Today's announcement is part of our ongoing plan to integrate operations following our acquisition of Worldcolor, and will further strengthen the efficiency and competitiveness of our manufacturing platform," said Joel Quadracci, Chairman, President & CEO, at the time of the announcement. "We have a clear vision for the future of our company and are moving aggressively to implement plans that will benefit our customers and drive value for our shareholders."
Please click HERE to read the entire article... very long!
No comments:
Post a Comment