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Downsizing

GM in Bankruptcy, With Thousands to Lose Jobs; U.S. Providing $30.1 Billion in Financing

June 1, 2009
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The Obama administration took General Motors into Chapter 11 bankruptcy Monday, June 1, and moved quickly get the carmaker out. Thousands of autoworkers will lose jobs.
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General Motors' Workforce Faces Big Cuts at an ‘Unadulterated Speed’

June 1, 2009
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Some retiree benefit obligations to be reduced by roughly two-thirds; hourly staff will hit 38,000 by 2011; salaried workforce to be trimmed to 23,000; and the number of dealers will drop to 3,600.
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‘Disorderly’ Auto Industry Bankruptcies Could Cost 1.3 Million Jobs

May 28, 2009
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A new study suggests that more than 1.3 million U.S. jobs—and up to $68.7 billion in personal incomes—could be lost in the first year if Chrysler and General Motors endure ‘lengthy and disorderly’ bankruptcies.
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Wall Street Job Losses Not Quite Adding Up

May 26, 2009
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The air of sickliness that still envelops New York City’s financial services sector masks a curious and potentially important trend: Wall Street job losses are significantly fewer than predicted, at least so far.
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Mass Layoffs Double in April

May 22, 2009
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The industry with the largest number of initial claims for unemployment benefits stemming from mass layoffs was school and employee bus transportation at 22,324. It was followed by temporary help services at 13,705.
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New York City’s IT Job Losses Seen Bottoming Out

May 19, 2009
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Nationwide, people continue to lose jobs. But for New York City’s IT sector, the job market appears to have bottomed out.
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Economist Says Michigan Jobless Rate Could Hit 20 Percent

May 13, 2009
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A news release issued from the Midland, Michigan-based Mackinac Center for Public Policy cites economist David Littmann as also predicting that ‘revenues for the state will continue to plummet.'
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Job ‘Angels’ Look After Victims Of Downturn

May 7, 2009
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The grass-roots movement, which is growing quickly on Twitter, Facebook and LinkedIn, promises to give a boost not only to out-of-work individuals but also companies eager to do more with less.
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'Faltering Business Defense Under WARN Act

May 7, 2009
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Employers are advised that to qualify for the 'faltering business' exception, employers are required to actively seek financing prior to the 60-day written notice period required by the WARN Act.
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Another Day, Another Bad Layoff

May 7, 2009
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