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Strategies & Market Trends : Mish's Global Economic Trend Analysis -- Ignore unavailable to you. Want to Upgrade?


To: TH who wrote (26704)3/31/2005 7:07:22 PM
From: mishedlo  Read Replies (1) | Respond to of 116555
 
Households – Still Running On Empty! In the past month, there have been two articles (“American Savings Understated by Most Conventional Measure,” Marc Chandler, Financial Times. March 8, 2005 and “Running on Empty?,” David Malpass, The Wall Street Journal, March 28, 2005) in which the authors argue that household saving is being underestimated. My interpretation of their conclusion is, to quote Bob Marley, “Don’t worry ‘bout a thing, ‘cause every little thing gonna be all right.” I respectfully disagree with their thesis. Rather, I will argue that this is one of those rare cases when the conventional wisdom is correct – that is, households are saving very little to the detriment of their future standard of living. One of Chandler’s and Malpass’ arguments is that personal disposable

an excellent article by Kasriel
northerntrust.com



To: TH who wrote (26704)3/31/2005 7:20:49 PM
From: mishedlo  Read Replies (1) | Respond to of 116555
 
Tokyo stocks open lower after disappointing tankan
Friday, April 1, 2005 12:04:05 AM
reuters.com

TOKYO, April 1 (Reuters) - Japan's Nikkei share average fell 0.67 percent at the opening on Friday as a weaker reading than expected in the Bank of Japan's quarterly tankan survey of business sentiment caught investors off guard. The March tankan showed that sentiment deteriorated, with the diffusion index of large manufacturers falling to plus 14 from plus 22 in the previous survey. That compared with economists' median forecast of plus 23.



To: TH who wrote (26704)3/31/2005 7:34:25 PM
From: patron_anejo_por_favor  Read Replies (1) | Respond to of 116555
 
Dude, sell that Mustang and getcha a Honda civic hybrid....<G>



To: TH who wrote (26704)3/31/2005 9:01:52 PM
From: mishedlo  Respond to of 116555
 
Layoffs Du Jour

200....Convergys
200 to Lose Jobs As Convergys Shuts Center
Call center giant Convergys Corp. is shutting down its 4-year- old operation at Fort Pierce's Orange Blossom Business Center. The Cincinnati-based telemarketing and customer-service company will close the 56,000-square-foot call center May 16, laying off 200 employees.
crm.ittoolbox.com

1600-2000...Delta
Delta to cut tech staff by 1,600 to 2,000
By MarketWatch
Last Update: 7:53 AM ET March 29, 2005
NEW YORK (MarketWatch) -- Delta Air Lines outlined plans to reduce its technical operations staff by from 1,600 to 2,000 employees on Tuesday.
In a Form 8-K filing with the Securities and Exchange Commission, the Atlanta-based airline (DAL: news, chart, profile) also said it plans to partner with Avborne and Air Canada Services in a move aimed at reducing maintenance expenses.
marketwatch.com
1400...Bank of America
Fleet job cuts reach 1,400 in the state
Bank of America dismissals rocket since fall report
By Sasha Talcott, Globe Staff | March 29, 2005
Bank of America Corp. has cut about 1,400 employees in Massachusetts in its merger with FleetBoston Financial Corp., about half of its total job loss in New England, the bank has told elected officials.
The Massachusetts layoffs are double the number the bank had previously disclosed
boston.com

100....Rochester schools
Rivera to Propose Less than 100 Job Cuts
WROC-TV Rochester - Mar 29 12:19 PM
For the first time in four years, the Rochester school superintendent will propose a budget with less than 100 job cuts. That's according to Rochester Teachers Association official John Pavone, who got a preview of the plan this afternoon.
wroctv.com

900.... Vishay,Sprague,Sanford
Wednesday, March 30, 2005
Laid-off Vishay Sprague workers to get federal help
Workers laid off from Vishay Sprague Sanford Inc. have been granted Trade Adjustment Assistance and Alternative Trade Adjustment Assistance by the U.S. Department of Labor.
The assistance status will give the workers access to benefits such as training, education, job search and relocation allowances, and re-employment services including counseling, interview training and resume assistance. Health care tax credits and unemployment benefits extensions are also established for a company that has received TAA certification, according to Sens. Olympia Snowe, R-Maine, and Susan Collins, R-Maine.
Vishay Sprague Sanford Inc. produced tantalum capacitors and attributes its decline in employment to a shift in production to Israel. It laid off most of its 900 workers in 2002.
business.mainetoday.com

527....D.C. teachers- more to come
D.C. Teachers Prepare for Layoffs
RSS Feeds From ABC 7 Wednesday March 30, 2005 6:41am
Washington (AP) - A real estate boom has the D.C. government's coffers overflowing, but at the same time, District schools are bracing for another round of teacher layoffs.
School system officials are warning principals that next year's budget may not be able to absorb the raises provided in new union contracts. The last time teachers, counselors and custodians got a nine percent raise, the school system cut 527 jobs to pay for it.
wjla.com

167....Johnson Controls
# Goshen plant closing Open this result in new window
South Bend Tribune - 11 minutes ago
167 jobs lost as Johnson Controls shifts work to Mexico. GOSHEN -- Another automotive supplier is shutting down a local plant. Johnson Controls said it plans to close its Goshen factory in the spring of 2006, a decision that will cost roughly 167 workers their jobs.
southbendtribune.com

24....University of Wisconsin
UWO faces $2.6M in budget cuts
Northwestern - Mar 30 2:04 AM
OSHKOSH — The University of Wisconsin-Oshkosh faces $2.6 million in cuts in the proposed biennial state budget, resulting in 24 lost jobs, fewer course offerings and freezes on replacing computers.
wisinfo.com

300....Pilgrims Pride
Chicken changeover leads to layoffs at Pilgrim's Pride plant
Email to a Friend Printer Friendly Version
BROADWAY, Va. Pilgrim's Pride Corporation says converting its chicken-processing plant in Broadway in Rockingham County to prepared foods will result in approximately 300 layoffs.
wric.com

60...La Jolla Pharmaceuticals
# La Jolla Pharmaceuticals to cut 60 jobs O
San Diego Daily Transcript via Yahoo! News - 1 hour, 12 minutes ago
In a move to keep the struggling company alive, La Jolla Pharmaceutical Co. said Wednesday that it will cut 39 percent of its workforce in order to save cash and get its flagship lupus treatment through clinical trials.
news.yahoo.com

275...Kemet
# Kemet to cut 275 jobs at 2 Upstate plants
The State - Mar 29 4:39 AM
SIMPSONVILLE — Kemet Electronics will cut nearly 275 jobs at two Greenville manufacturing facilities, officials said Monday.Many of the layoffs are effective now, and the rest will come on a case-by-case basis, Kemet spokesman John Warner said.
thestate.com

150...Mullins MRE
Mullins MRE maker to let more than 150 workers go O
Myrtle Beach Online - Mar 30 8:30 AM
MULLINS - A company that manufactures meals for U.S. soldiers plans to lay off more than 150 workers as one of its contracts with the federal government runs out.
myrtlebeachonline.com

178...Alcoa Automotive
# Auburn Plant to Lay Off 178
Fort Wayne News Channel 15 - Mar 30 8:09 AM
(Auburn-WANE) Alcoa Automotive has announced plans to lay off 178 workers at its plant in Auburn. Alcoa plant manager Axel Heinrich issued this statement: "We have been aware of the possibilityof this impending action for many months.
wane.com

28...ADM
Wellsburg ADM plant closes its doors
The Steubenville Herald-Star - Mar 30 9:29 AM
WELLSBURG - The Wellsburg Archer-Daniels-Midland Milling paper plant has closed its doors, leaving 23 hourly employees and five salaried employees without jobs.
hsconnect.com

450...Progress Energy
Posted on Tue, Mar. 29, 2005
Progress Energy increases bonuses while preparing to cut jobs
Associated Press
RALEIGH, N.C. - Progress Energy, which is preparing to cut hundreds of jobs to reduce expenses, defended a nearly $10 million increase in bonuses paid last year compared to 2003.
miami.com

29...Southwestern Indian Polytechnic Institute
KOBTV.com - 29 SIPI employees let go
KOBTV.com Albuquerque - Mar 29 7:56 AM
ALBUQUERQUE (AP) - The financially troubled Southwestern Indian Polytechnic Institute has notified 29 staff members that they’re being laid off or their jobs are being cut.
kobtv.com

67...University of Idaho
U of I to cut 27 staff and 40 vacant jobs
Reductions not expected to affect safety, admissions
University of Idaho is facing up to $20 million in deficits. Several factors caused the problem:
• Higher education cuts: The Idaho Legislature cut back university funding by 10 percent — about $12 million — as the economy softened in the wake of Sept. 11, 2001.
• Poor financial controls: Many university operations accrued debt over the years without the problems coming to the attention of key campus administrators.
• University Place's collapse: The three-building campus once envisioned at Front and Myrtle streets in Boise was reduced to a single structure — the Idaho Water Center.
Bill Roberts
The Idaho Statesman | Edition Date: 03-29-2005
Email This ArticlePrinter Friendly Page
Twenty-seven University of Idaho employees will lose their jobs in President Tim White's first major cut to balance the school's books since he took office last year.
White announced Monday that all 27 people are staff or administrative employees. None are faculty.
idahostatesman.com

50...MBTA
MBTA Moves To Cut Jobs, Save $25 Million
The Boston Channel - Mar 29 4:07 AM
MBTA officials said Monday the transit authority's new fare collection machines will eliminate 50 jobs and could boost the agency's bottom line as much as $25 million annually.
thebostonchannel.com

130....MARTA
MARTA proposes fare hikes, job cuts
Facing a projected $18 million deficit next year, the Metropolitan Atlanta Rapid Transit Authority (MARTA) has proposed a 25-cent fare hike on the system’s trains and buses.
In addition to increasing one-way fares from $1.75 to $2, MARTA’s board of directors is also considering charging people to use several complimentary shuttle buses and upping the fees on long-term parking lots.
MARTA has also discussed slashing 130 jobs, mostly middle managers, from the payroll. The agency has eliminated more than 700 jobs since 2002.
metro-magazine.com

24...Arrow Electronics
Arrow to streamline
Electronics company to consolidate offices; already cut 24 workers
BY MARK HARRINGTON
STAFF WRITER
March 31, 2005
Arrow Electronics Inc., an electronics distributor and Long Island's largest company, plans to consolidate regional locations after the sale of a former Melville headquarters later this year, the company said yesterday.
Separately, Arrow confirmed it laid off 24 employees this week, including 21 at Long Island locations, as part of a planned restructuring.
newsday.com