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alstry (35.70)

10% Unemployment well under way.......

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April 07, 2008 – Comments (3)

CA cutting 10% of its budget.  Florida tax revenues evaporating.  NWA and American Airlines institute hiring freeze.  Four airlines shut down last week laying off all the workers.  ViCorp shutting down 50 restaurants laying off about 2000.  Retailers everywhere shutting down stores.  Strip mall vacancies hitting a ten year high.  Pharma companies cutting sales reps and management left and right.  Residential construction down 50%.  Now this:

SAN FRANCISCO (MarketWatch) - Advanced Micro Devices Inc. said Monday that it expects its first-quarter revenue of about $1.5 billion, up 22% from the year-earlier period and down 15% from the previous quarter. AMD had previously said it expects first-quarter revenue to decline in line with seasonality. The company also said it plans to cut its workforce by about 10% by the end of the third quarter of 2008. The company will report first quarter results April 17.

 

3 Comments – Post Your Own

#1) On April 07, 2008 at 5:57 PM, motleyanimal (97.36) wrote:

So much bad news today. And my dog has gas.

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#2) On April 07, 2008 at 6:29 PM, alstry (35.70) wrote:

By MARY ELLEN LLOYD
April 7, 2008; Page B4

Home Depot Inc. is restructuring its human-resources department in an effort to cut costs and put more workers on the sales floor.

After the changes, there no longer will be a human-resources manager in each of the company's 1,970 U.S. stores. Human-resources-supervisor positions at U.S. stores also will be eliminated.

The Atlanta-based company said it notified this week about 2,200 employees who will be affected by the changes, which will result in about 1,000 job cuts. The switchover will be completed by May 1.

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#3) On April 07, 2008 at 6:41 PM, alstry (35.70) wrote:

CA teachers getting released.

“Marla Berry is one of 305 teachers who received preliminary layoff notices from the Rialto Unified School District. She is one of 14,000 teachers statewide who have been notified that they might not have jobs next school year.”

“Karl Stuck, president of the Lake Elsinore Teacher’s Association, said 32 teachers with temporary contracts have been notified that those contracts may not be renewed.”

“‘Quite a few people have no clue how they’re going to make their mortgage payments after June 30,’ he said. ‘The housing crisis is causing the budget crisis and the budget crisis is causing districts to lay people off, which further exacerbates the housing crisis. It’s a self-feeding cycle.’”

“Jacob Milchman, a fifth-grade teacher at Record Elementary School, and his wife, Amy, a fifth-grade teacher at San Jacinto Elementary, were two of 50 teachers in the San Jacinto Unified School District to be notified that they could be losing their jobs through budget cuts.”

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