Wednesday, August 31, 2011

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[IWS] BLS: METROPOLITAN AREA EMPLOYMENT AND UNEMPLOYMENT -- JULY 2011 [31 August 2011]

 

 

IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor----------------------
Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________

 

METROPOLITAN AREA EMPLOYMENT AND UNEMPLOYMENT -- JULY 2011 [31 August 2011]

http://www.bls.gov/news.release/metro.nr0.htm

or

http://www.bls.gov/news.release/pdf/metro.pdf

[full-text, 21 pages]

 

Unemployment rates were lower in July than a year earlier in 257 of the 372

metropolitan areas, higher in 94 areas, and unchanged in 21 areas, the U.S. Bureau

of Labor Statistics reported today. Twelve areas recorded jobless rates of at least

15.0 percent, while ten areas registered rates of less than 5.0 percent. Two hundred

thirty-two metropolitan areas reported over-the-year increases in nonfarm payroll

employment, 133 reported decreases, and 7 had no change. The national unemployment

rate in July was 9.3 percent, not seasonally adjusted, down from 9.7 percent a year

earlier.

 

 

AND MUCH MORE…including TABLES….



________________________________________________________________________

This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

****************************************
Stuart Basefsky                   
Director, IWS News Bureau                
Institute for Workplace Studies 
Cornell/ILR School                        
16 E. 34th Street, 4th Floor             
New York, NY 10016                        
                                   
Telephone: (607) 262-6041               
Fax: (607) 255-9641                       
E-mail: smb6@cornell.edu                  
****************************************

 

 


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[IWS] OECD MIGRATION DATABASES

IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor----------------------
Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________

 

OECD Migration databases
http://www.oecd.org/document/49/0,3746,en_2825_494574_44268529_1_1_1_1,00.html

 

The OECD manages several databases dedicated to International Migration:

 

- The International Migration Data 2011 OECD presents tables with recent annual series on migration flows and stocks in OECD countries.

 

- The Database on Immigrants in OECD countries (DIOC) provides comprehensive and comparative information on a broad range of demographic and labour market characteristics of immigrants living in OECD countries.

 

- The Database on Immigrants in OECD and non OECD countries (DIOC-E) is an extention of the latter to a number of non-OECD countries for the year 2000. The database currently covers 31 OECD countries as well as 58 non-OECD countries.

 



________________________________________________________________________

This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

****************************************
Stuart Basefsky                   
Director, IWS News Bureau                
Institute for Workplace Studies 
Cornell/ILR School                        
16 E. 34th Street, 4th Floor             
New York, NY 10016                        
                                   
Telephone: (607) 262-6041               
Fax: (607) 255-9641                       
E-mail: smb6@cornell.edu                  
****************************************

 

 


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[IWS] OECD: CORPORATE LOSS UTILIZATION THROUGH AGGRESSIVE TAX PLANNING [August 2011]

IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor----------------------
Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________

 

OECD

 

Corporate Loss Utilisation through Aggressive Tax Planning [August 2011]

http://www.oecd.org/document/61/0,3746,en_2649_33767_48570813_1_1_1_1,00.html

 

Corporate losses raise compliance risks if aggressive tax planning is used as a means of increasing or accelerating tax relief in ways not intended by the legislator, or to generate artificial losses. This report describes the size of loss carry-forwards, the rules applicable in relation to losses, and identifies the following risk areas: corporate reorganisations, financial instruments and non-arm’s length transfer pricing. After having summarised aggressive tax planning schemes on losses, as well as country detection and response strategies, it offers a number of conclusions and recommendation for tax administration and tax policy officials.

 

Press Release 30 August 2011

Tax: Governments concerned that some corporations unfairly claim losses to avoid taxes

http://www.oecd.org/document/6/0,3746,en_21571361_44315115_48587270_1_1_1_1,00.html

 

30/08/2011 - Due to the recent financial and economic crisis, global corporate losses have increased significantly. Numbers at stake are vast, with loss carry-forwards as high as 25% of GDP in some countries. Though most of these claims are justified, some corporations find loop-holes and use ‘aggressive tax planning’ to avoid taxes in ways that are not within the spirit of the law.

 

This aggressive tax planning is a source of increasing concern for many countries and they have developed various strategies to deal with it. Working cooperatively, countries can deter, detect and respond to aggressive tax planning while at the same time ensuring certainty and predictability for compliant taxpayers.

 

Corporate Loss Utilisation through Aggressive Tax Planning, which builds on Addressing Tax Risks Involving Bank Losses (2010), looks at a number of commonly used schemes and identifies three key risk areas: corporate reorganisations, financial instruments and non-arm’s length transfer pricing. Though these are generally used for sound business and economic reasons, some taxpayers use them to obtain undue tax advantages. For example, countries have identified financial instruments that create artificial losses or obtain multiple deductions for the same loss. They have also seen loss-making companies acquired solely to be merged with profit-making companies and loss-making financial assets artificially allocated to high-tax jurisdictions through non arm’s length transactions.

 

The report outlines strategies to detect and respond to these aggressive tax planning schemes. Detection usually takes place through audits, special reporting obligations on losses, mandatory disclosure rules, rulings, and co-operative compliance programmes. Responses require a comprehensive approach focusing on aggressive tax planning schemes, as well as on their promoters and users. Early engagement between taxpayers and tax authorities in the framework of disclosure initiatives and co-operative compliance programmes also has positive effects, convincing some tax payers not to use or promote certain schemes.

 

Through the OECD, countries share intelligence on aggressive tax planning schemes and increase international co-operation on detection, responses, and evaluation. Governments should also introduce policies to restrict the multiple use of the same loss and to introduce or revise restrictions on the use of certain losses in the context of mergers, acquisitions, or group taxation regimes. Finally, the report identifies emerging threats for tax revenue, such as aggressive tax planning schemes based on after-tax hedges, and suggests that countries analyse the policy and compliance issues related to them.

________________________________________________________________________

This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

****************************************
Stuart Basefsky                   
Director, IWS News Bureau                
Institute for Workplace Studies 
Cornell/ILR School                        
16 E. 34th Street, 4th Floor             
New York, NY 10016                        
                                   
Telephone: (607) 262-6041               
Fax: (607) 255-9641                       
E-mail: smb6@cornell.edu                  
****************************************

 

 


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[IWS] GAO: Defined Benefit Pension Plans: Plans Face Challenges When Investing in Hedge Funds and Private Equity [31 August 2011]

IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor----------------------
Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________

 

Government Accountability Office (GAO)

 

Defined Benefit Pension Plans: Plans Face Challenges When Investing in Hedge Funds and Private Equity

GAO-11-901SP August 31, 2011

http://www.gao.gov/products/GAO-11-901SP

or

http://www.gao.gov/new.items/d11901sp.pdf

[full-text, 17 pages]

 

Summary

 

Millions of Americans rely on retirement savings plans for their financial well-being in retirement. Plan sponsors are increasingly investing in assets such as hedge funds (privately administered pooled investment vehicles that typically engage in active trading strategies) and private equity funds (privately managed investment pools that typically make long-term investments in private companies). Given ongoing market challenges, it is important that plan fiduciaries apply best practices, and choose wisely when investing plans assets to ensure that plans are adequately funded to meet future promised benefits. This statement addresses (1) what is known about the extent to which defined benefit plans have invested in hedge funds and private equity, (2) challenges that such plans face in investing in hedge funds and private equity, (3) steps that plan sponsors can take to address these challenges, and (4) the implications of these challenges for plan sponsors and the federal government.

 

A growing number of private and public sector pension plans have invested in hedge funds and private equity, but such investments generally constitute a small share of total plan assets. According to a survey of large plans, the share of plans with investments in hedge funds grew from 11 percent in 2001 to 60 percent in 2010. Over the same time period, investments in private equity were more prevalent but grew more slowly--an increase from 71 percent of large plans in 2001 to 92 percent in 2010. Still, the average allocation of plan assets to hedge funds was a little over 5 percent, and the average allocation to private equity was a little over 9 percent. Available data also show that investments in hedge funds and private equity are more common among large pension plans, measured by assets under management, compared with midsize plans. Survey information on smaller plans is unavailable, so the extent to which these plans invest in hedge funds or private equity is unknown. Hedge funds and private equity investments pose a number of risks and challenges beyond those posed by traditional investments. For example, investors in hedge funds and private equity face uncertainty about the precise valuation of their investment. Hedge funds may, for example, own thinly traded assets whose valuation can be complex and subjective, making valuation difficult. Further, hedge funds and private equity funds may use considerable leverage--the use of borrowed money or other techniques--which can magnify profits, but can also magnify losses if the market goes against the fund's expectations. Also, both are illiquid investments--that is they cannot generally be redeemed on demand. Finally, investing in hedge funds can pose operational risks--that is, the risk of investment loss from inadequate or failed internal processes, people, and systems, or problems with external service providers rather than an unsuccessful investment strategy. Plan sponsors GAO spoke with address these challenges in a number of ways, such as through careful and deliberate fund selection, and negotiating key contract terms. For example, investors in both hedge funds and private equity funds may be able to negotiate fee structure and valuation procedures, and the degree of leverage employed. Also, plans address various concerns through due diligence and monitoring, such as careful review of investment, valuation, and risk management processes. The Department of Labor (Labor) has a role in helping to ensure that private plans fulfill their fiduciary duties, which includes educating employers and service providers about their fiduciary responsibilities under Employee Retirement Income Security Act of 1974 (ERISA). According to plan officials, state and federal regulators, and others, some pension plans, such as smaller plans, may have particular difficulties in addressing the various demands of hedge fund and private equity investing. In light of this, in 2008, GAO recommended that Labor provide guidance on the challenges of investing in hedge funds and private equity and the steps plans should take to address these challenges. Labor generally agreed with our recommendation, but has yet to take action. The agency explained that the lack of uniformity among these investments could complicate the development of comprehensive guidance for plan fiduciaries.

 



________________________________________________________________________

This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

****************************************
Stuart Basefsky                   
Director, IWS News Bureau                
Institute for Workplace Studies 
Cornell/ILR School                        
16 E. 34th Street, 4th Floor             
New York, NY 10016                        
                                   
Telephone: (607) 262-6041               
Fax: (607) 255-9641                       
E-mail: smb6@cornell.edu                  
****************************************

 

 


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[IWS] Census: NEW YORK QuickLinks

IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor----------------------
Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________

Census

NEW YORK QuickLinks

[Excel] or the letters [xls] indicate a document is in the Microsoft® Excel Spreadsheet Format (XLS). To view the file, you will need the Microsoft® Excel Viewer This link to a non-Federal Government Web sites does not imply endorsement of any particular product, company, or content.
[PDF] denotes a file in Adobe's Portable Document Format. To view the file, you will need the Adobe® Acrobat® Reader This link to a non-Federal Government Web sites does not imply endorsement of any particular product, company, or content.available for free from Adobe. This symbol Symbol indicating that file is external to this site.indicates a link to a non-government web site. Our linking to these sites does not constitute an endorsement of any products, services or the information found on them. Once you link to another site you are subject to the policies of the new site.

People QuickLinks
  • American Community Survey:
    Estimates based on a sample of households for those areas with 20,000 or more inhabitants:
  • Demographic profile from the 2010 Census:
  • Census 2000 population, demographic, and housing information:
    Complete counts from questions collected on both the short form and the long form:
Population by Race and Hispanic or Latino origin: New York counties, Places in New York

Estimates based on the one-in-six sample of housing units that received the long form:

Business QuickLinks
  • Economic Census:
Summary statistics by NAICS (North American Industry Classification System): 2007 | 2002 | 1997
Comparative statistics by SIC (1997 and 1992): 1997
Survey of Business Owners (ownership, employer and nonemployer firms): 2002
State and local government finances: 2008 | previous years
State and local government employment: 2009 | previous years
Federal government employment: 2009 | previous years

Geography QuickLinks

Other QuickLinks



________________________________________________________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

****************************************
Stuart Basefsky                  
Director, IWS News Bureau               
Institute for Workplace Studies
Cornell/ILR School                       
16 E. 34th Street, 4th Floor            
New York, NY 10016                       
                                  
Telephone: (607) 262-6041              
Fax: (607) 255-9641                      
E-mail: smb6@cornell.edu                 
****************************************



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[IWS] Census: STATE & COUNTY QUICK FACTS

IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor----------------------
Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________

 

Census

 

STATE & COUNTY QUICK FACTS

http://quickfacts.census.gov/qfd/index.html

 

 

Quick, easy access to facts about people, business, and geography

 



________________________________________________________________________

This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

****************************************
Stuart Basefsky                   
Director, IWS News Bureau                
Institute for Workplace Studies 
Cornell/ILR School                        
16 E. 34th Street, 4th Floor             
New York, NY 10016                        
                                   
Telephone: (607) 262-6041               
Fax: (607) 255-9641                       
E-mail: smb6@cornell.edu                  
****************************************

 

 


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[IWS] EWCO: RECONCILIATION OF WORK, PRIVATE & FAMILY LIFE IN THE EUROPEAN UNION [May 2011]

IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor----------------------
Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________

 

European Foundation for the Improvement of Living and Working Conditions (Dublin Foundation)

European Working Conditions Observatory (EWCO)

EUROPEAN LEVEL

 

Reconciliation of work, private and family life in the European Union

http://www.eurofound.europa.eu/ewco/surveyreports/EU1101011D/EU1101011D.htm

or

http://www.eurofound.europa.eu/ewco/surveyreports/EU1101011D/EU1101011D.pdf

[full-text, 16 pages]

The reconciliation of work, private and family life is a key area for European employment policy, which aims to increase the participation of both men and women in the labour market and to encourage initiatives to support the health and well-being of employees. This survey data report examines employment rates for men and women, the impact of children on labour market participation, the various forms of flexibility to support the reconciliation of work and family life (part-time work, flexibility of working time, work organisation and place of work) and the satisfaction of individuals with their work–life balance.

 

CONTENTS

Employment targets and employment rates

The influence of children

Part-time work

Flexibility in the organisation of work

Varying the working day

Taking days off for family reasons

Flexibility in the place of work

Satisfaction with work–life balance

Commentary

Bibliography

Annex: Methodology and data sources

 

 



________________________________________________________________________

This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

****************************************
Stuart Basefsky                   
Director, IWS News Bureau                
Institute for Workplace Studies 
Cornell/ILR School                        
16 E. 34th Street, 4th Floor             
New York, NY 10016                        
                                   
Telephone: (607) 262-6041               
Fax: (607) 255-9641                       
E-mail: smb6@cornell.edu                  
****************************************

 

 


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[IWS] Challenger: LAYOFFS DECLINE [31 August 2011]

IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor----------------------
Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________

Challenger, Gray & Christmas, Inc.

 

CONTACTS 

James K. Pedderson, Director of Public Relations

Office: 312-422-5078

Mobile: 847-567-1463

jamespedderson@challengergray.com

 

 

Colleen Madden, Media Relations Manager

Office: 312-422-5074

colleenmadden@challengergray.com

 

 

After Three Consecutive Increases, Layoffs Plunge

jOB cUTS dROP 23% IN AUGUST TO 51,114

http://challengergray.com/press/press.aspx

 

CHICAGO, August 31, 2011 – United States-based employers announced plans to trim 51,114 workers from the payrolls in August, a 23-percent decline from July, when the number of job cuts hit a 16-month high of 66,414, according to the report released Wednesday by global outplacement consultancy Challenger, Gray & Christmas, Inc. 

The August decline follows three consecutive increases in the monthly job-cut total that saw job cuts rise from 36,490 in April to the July peak.  The August total, however, was up 47 percent from a year ago, when employers announced just 34,768 job cuts during the month.

Employers have now announced 363,334 planned layoffs so far this year.  That is only 2.9 percent below a 2010 eight-month job-cut total of 374,121.  The gap between 2010 and 2011 year-to-date job cuts has steadily fallen over the last few months.  In March, year-to-date job cuts were 28 percent behind 2010.  By June, the difference dropped to 17 percent.  Now, less than three percent separates 2011 and 2010.

“July job cuts spiked as a result of a handful of surprisingly large job-cut announcements in the private sector.  It is too soon to tell whether those cuts were an anomoly, but they appeared to be driven by industry- and company-specific trends, as opposed to larger economic ones.  In August, the private sector once again took a backseat to the  government sector, which saw job cuts surge to the second highest monthly total this year,” said John A. Challenger, chief executive officer of Challenger, Gray & Christmas, Inc.

In August, government agencies announced plans to cut 18,426 workers from their payrolls.  That is nearly double the 9,389 job cuts announced in the sector in July and not far behind the largest government job-cut month of the year: March, when these employers announced 19,099 job cuts. 

The government sector has now announced 105,406 job cuts this year.  The next closest sector is retail, which has announced 40,173, including 5,901 in August.

“Unlike previous months, the government job-cut announcements in August were not dominated by state and local agencies.  Instead, the federal level led the way with heavy reductions among the civilian and officer ranks across three branches of the military.  More workforce reductions at the federal level are undoubtedly coming down the road.  Congress and the White House are under immense pressure to cut federal budgets and while the heaviest cuts are due in 2014, we will probably begin seeing some fallout starting this year and into 2012,” said Challenger.

“Furthermore, while state and local agencies saw fewer cuts in August, they are not exactly out of the woods in terms of the budget issues they face.  Many states are still struggling with high unemployment and falling home ownership, which are taking a huge bite out of tax revenues for states and their cities.  And most can expect fewer federal dollars that are needed to prop up their finances,” he said. 

“Meanwhile, the private sector is still being hampered by low consumer and business spending.  While we do not see any indication of a sudden resurgence in private-sector job cuts, conditions definitely are not ideal for hiring.  We expect hiring to remain slow through the end of the year and into 2012,” said Challenger.

“That is not to say there is no hiring.  Government surveys of employers show that they are hiring more than four million new workers per month.  It just so happens that employers are losing about four million workers each month to layoffs, terminations, retirements and other voluntary and involuntary departures.  As a result, the net change in employment is not very impressive, but it is important for job seekers to realize that there are opportunities and that they should not give up because of some negative economic reports,” he noted.

# # #

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

 

 

TOP FIVE INDUSTRIES

 

 

Year To Date

 

 

 

 

 

 

 

 

2011

2010

 

 

Government/Non-Profit*

105,406

112,378

 

 

Retail

40,173

30,805

 

 

Aerospace/Defense

28,431

10,538

 

 

Financial

22,846

17,220

 

 

Pharmaceutical

18,386

37,265

 

 

 

 

 

 

 

MONTH BY MONTH TOTALS

 

 

 

 

 

 

 

 

2011

2010

 

 

January

38,519

71,482

 

 

February

50,702

42,090

 

 

March

41,528

67,611

 

 

April

36,490

38,326

 

 

May

37,135

38,810

 

 

June

41,432

39,358

.

 

July

66,414

41,676

 

 

August

51,114

34,768

 

 

September

 

37,151

 

 

October

 

37,986

 

 

November

 

48,711

 

 

December

 

32,004

 

 

TOTAL

363,334

529,973

 

 

Some reductions are identified by employers as workers who will take early retirement offers or other special considerations to leave the company.

 

 

 

 

LAYOFF LOCATION

 

 

Year to Date

 

 

California

 

45,105

 

 

Dist. of Columbia

 

33,481

 

 

New Jersey

 

27,706

 

 

Michigan

 

23,727

 

 

Florida

 

18,098

 

Listings are identified by the location of the layoff or corporate headquarters as stated in announcement.

 

 

 

Copyright 2011 Challenger, Gray & Christmas, Inc.


 

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

 

JOB CUTS BY INDUSTRY

 

AUGUST

Year-To-Date

Government*

18,426

105,406

Financial

8,094

22,846

Retail

5,901

40,173

Energy

3,670

7,027

Health Care/Products

3,006

18,226

Food

2,850

12,368

Industrial Goods

1,937

13,279

Construction

981

5,977

Media

972

5,600

Aerospace/Defense

870

28,431

Consumer Products

673

10,755

Services

657

9,141

Entertainment/Leisure

653

10,436

Transportation

640

7,719

Automotive

635

7,904

Education

348

2,262

Telecommunications

157

7,715

Electronics

150

4,809

Computer

149

11,297

Utility

129

2,767

Pharmaceutical

122

18,386

Non-Profit

94

444

Apparel

 

1,276

Chemical

 

2,447

Insurance

 

2,670

Legal

 

2,729

Real Estate

 

1,244

TOTAL

51,114

363,334

 

*Through June, education and non-profit job cuts were included in the category Government/Non-Profit. In July, Challenger separated those categories. They will remain separate from this point forward. Historically, job cuts in those industries will remain tallied together.

 

Copyright 2011 Challenger, Gray & Christmas, Inc.


 

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

 

 

JOB CUTS BY REGION, STATE

 

East

23,928

District of Columbia

17,500

New York

2,849

New Jersey

1,194

Maryland

1,091

Connecticut

530

Pennsylvania

317

Massachusetts

289

New Hampshire

138

Rhode Island

20

 

 

Midwest

10,046

Kansas

4,750

Minnesota

1,321

Illinois

1,250

Wisconsin

839

Michigan

699

Missouri

490

Ohio

392

Iowa

190

Indiana

115

 

 

 

 

 

 

 

Copyright 2011 Challenger, Gray & Christmas, Inc.


 

 

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

 

 

JOB CUTS BY REGION, STATE

 

West /Southwest

6,931

Washington

3,215

California

2,293

Texas

754

Utah

270

Idaho

230

Colorado

100

Arizona

60

Wyoming

6

South Dakota

3

 

 

South

10,209

North Carolina

5,938

Florida

2,077

Alabama

863

Arkansas

370

Virginia

324

Georgia

300

Kentucky

157

Tennessee

150

South Carolina

17

Mississippi

13

 

Copyright 2011 Challenger, Gray & Christmas, Inc.


 

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

 

JOB CUT REASONS

 

 

AUGUST

YEAR-TO-DATE

Cost-Cutting

16,762

98,153

Restructuring

12,878

75,963

Closing

10,010

80,317

Economic Conditions

8,420

24,572

Labor Dispute

1,342

1,342

Loss of Contract

597

6,624

Merger/Acquisition

317

8,987

Demand Downturn

269

13,096

Outsourcing

179

2,879

Relocation

135

3,053

Flooding

95

245

Bankruptcy

65

8,982

Voluntary Severance

25

17,090

Reorganization/Consolidation

17

175

Technological Update

3

154

Competition

 

13,150

Funding Loss

 

2,992

Government Regulation

 

2,446

Legal Trouble

 

1,340

Natural Disaster

 

139

Order Cancellation/Reduction

 

1,335

Rising Costs

 

300

TOTAL

51,114

363,334

 

 

 

Copyright 2011 Challenger, Gray & Christmas, Inc.


 

 

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

QUARTER-BY-QUARTER

 

 

Q1

Q2

Q3

Q4

TOTAL

1989

9,850

10,100

24,085

67,250

111,285

1990

107,052

87,686

49,104

72,205

316,047

1991

110,056

76,622

147,507

221,107

555,292

1992*

110,815

85,486

151,849

151,850

500,000

1993

170,615

84,263

194,486

165,822

615,186

1994

192,572

107,421

117,706

98,370

516,069

1995

97,716

114,583

89,718

137,865

439,882

1996

168,695

101,818

91,784

114,850

477,147

1997

134,257

51,309

95,930

152,854

434,350

1998

139,140

131,303

161,013

246,339

677,795

1999

210,521

173,027

173,181

118,403

675,132

2000

141,853

81,568

168,875

221,664

613,960

2001

406,806

370,556

594,326

585,188

1,956,876

2002

478,905

292,393

269,090

426,435

1,466,823

2003

355,795

274,737

241,548

364,346

1,236,426

2004

262,840

209,895

251,585

315,415

1,039,735

2005

287,134

251,140

245,378

288,402

1,072,054

2006

255,878

180,580

202,771

200,593

839,822

2007

195,986

197,513

194,095

180,670

768,264

2008

200,656

275,292

287,142

460,903

1,223,993

2009

578,510

318,165

240,233

 151,122

1,288,030

2010

181,183

116,494 

113,595 

118,701 

529,973

2011

130,749

115,057

 

 

245,806

AVG

214,243

163,205

190,067

229,527

 

 

 

*Estimate based on half-year total. Challenger began tracking job-cut data in 1993.  Before that, it was tabulated by an independent newsletter no longer published.

 

 

Copyright 2011 Challenger, Gray & Christmas, Inc.


 

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

 

 

ANNOUNCED HIRING PLANS

 

Industry

AUGUST

Automotive

3,030

Computer

2,557

Education

2,152

Services

2070

Industrial Goods

1,257

Health Care/Products

650

Energy

600

Transportation

503

Financial

470

Pharmaceutical

433

Government

410

Retail

300

Aerospace/Defense

277

Consumer Products

172

Telecommunication

100

Entertainment/Leisure

100

Food

60

Electronics

60

TOTAL

15,201

 

 

 

 

Copyright 2011 Challenger, Gray & Christmas, Inc.


 

CHALLENGER, GRAY & CHRISTMAS, INC.

JOB-CUT ANNOUNCEMENT REPORT

 

 

ANNOUNCED HIRING PLANS

MONTHLY TOTALS

 

 

2011

2010

January

29,492

31,381

February

72,581

8,300

March

10,869

13,994

April

59,648

15,654

May

10,248

14,922

June

15,498

11,732

July

10,706

8,151

August

15,201

14,075

September

 

123,076

October

 

124,766

November

 

26,012

December

 

10,575

TOTAL

224,243

402,638

 

 

 

 

 

Copyright 2011 Challenger, Gray & Christmas, Inc.

 

 



________________________________________________________________________

This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.

****************************************
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Director, IWS News Bureau                
Institute for Workplace Studies 
Cornell/ILR School                        
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New York, NY 10016                        
                                   
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