The number of people seeking jobless benefits jumped sharply last week, after two straight weeks of declines. The Labor Department said Thursday that initial claims for unemployment aid rose by 20,000 to a seasonally adjusted 457,000 for the week ending Oct. 30. Wall Street analysts polled by Thomson Reuters had expected a smaller rise.
Filed under: Jobs/employment
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Productivity shows modest rebound in 3rd quarter
The Labor Department says productivity grew at an annual rate of 1.9 percent in the third quarter, a rebound from a decline of 1.8 percent in the second quarter. That was the biggest drop in nearly four years. Labor costs fell at a 0.1 percent rate in the third quarter after having risen 1.3 percent in the second quarter.
Olin Corp. moving 1,000 jobs from Illinois
Despite the urging of two federal lawmakers, Olin Corp. says it is moving an ammunition plant and 1,000 jobs from Illinois to Mississippi. The Clayton, Mo.-based Olin said Wednesday that its Winchester Centerfire Operations in East Alton will be relocated to Oxford, Miss. Get the full story »
U.S. private sector adds 43,000 jobs in October
U.S. private employers added 43,000 jobs in October compared to a revised loss of 2,000 jobs in September, a report by a payrolls processor showed on Wednesday. The September figure was originally reported as a loss of 39,000. Get the full story »
Career Ed settles student lawsuit, takes charge
Career Education Corp. said Tuesday that it will pay about $40 million to settle lawsuits filed by students in one of its culinary schools.
The settlement was recorded as a pretax charge against the company’s third-quarter earnings. In the quarter ended Sept. 30, Career Education reported net income of $26.1 million, or 33 cents a diluted share. Operating income excluding the $40 million charge was $78.3 million.
In the year ago quarter, the company, which operates for-profit colleges, reported net income of $20.8 million, or 25 cents a diluted share. The year-ago quarter also included a special item for $18.8 million in compensation expense. Get the full story »
Nov. 2, 2010 at 1:18 p.m.
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Filed under: Bankruptcy, Entertainment, Jobs/employment, Retail, Video Blockbuster to hire, add promotions for holiday
Don’t count Blockbuster out yet.
The Dallas-based movie and game rental chain is hiring about 4,000 seasonal employees to staff its stores nationwide this holiday season. That’s comparable to previous years when Blockbuster wasn’t reorganizing under Chapter 11 bankruptcy. Get the full story »
Charter One lays off ‘handful’ in Illinois
Charter One, a Royal Bank of Scotland Group unit that’s the 12th biggest deposit gatherer in the Chicago area, said it has laid off a “handful” of Illinois employees after a review of its commercial real estate lending division. Get the full story »
Illinois Blue Cross parent cutting more than 60 jobs
Health Care Service Corp., the parent of Blue Cross and Blue Shield of Illinois, confirmed the health plan operator was cutting 62 jobs as part of a restructuring across the country.
The Chicago-based health insurance company, the nation’s fourth-largest health insurer, operates Blue Cross and Blue Shield plans in Illinois, Texas, New Mexico and Oklahoma.
“As part of our ongoing efforts to strategically assess and align our business with the needs of the marketplace, we made the decision to restructure a few areas of the company,” said Illinois Blue Cross spokesman Jack Segal. Get the full story »
Midwest business index unexpectedly up in October
Business activity in the U.S. Midwest grew more than expected this month, a report showed on Friday.
The Institute for Supply Management-Chicago business barometer unexpectedly rose to 60.6 in October. The reading was 60.4 in September, and economists had forecast an October reading of 58.0. Get the full story »
Employment costs show modest third-quarter rise
Employment costs posted another modest gain in the July-to-September quarter, with compensation for state and local government employees turning in the weakest performance in nearly three decades.
Unemployment claims drop sharply to 434K
Fewer people applied for unemployment benefits last week, the second drop in a row and a hopeful sign the job market could be improving.
The Labor Department said Thursday that initial claims for jobless benefits dropped by 21,000 to a seasonally adjusted 434,000 in the week that ended Oct. 23.
Ford, other automakers announce Michigan jobs
Michigan’s auto industry could get a boost — including the possibility of more than 2,000 additional jobs at the Detroit area’s biggest carmakers — from projects assisted with state tax incentives announced Tuesday.
Ford Motor Co., General Motors Corp. and Chrysler Group LLC were among the 16 companies with projects granted tax incentives by a state board.
It’s not clear exactly how many new jobs might be created directly at the companies awarded the tax incentives. But the new jobs could top 2,000 with the Detroit-area automakers alone, if all projects — including some in the early stages — materialize as planned. Get the full story »
Ford to add 1,200 jobs in Michigan
Ford Motor Co. said Monday it will invest $850 million in some of its Michigan operations, which should help create up to 1,200 jobs in the state by 2013.
The additional investment will be made between 2011 and 2013, with most of the money funneled into expanding production of Ford’s 6-speed transmissions at two plants in Livonia and Sterling Heights. Investments will also be made at the company’s axle plant, also in Sterling Heights, and the Dearborn Truck plant, which produces the F-150.
The automaker expects to create about 900 jobs hourly jobs and 300 salaried positions. The state’s unemployment stood at 13 percent in September, making it the second highest in the nation behind Nevada.
This investment is in addition to the $950 million the company previously said it would spend to change its Michigan Assembly Plant from producing large sport-utility vehicles to cars such as the Focus, which arrives in show rooms next year.
Economists: Hiring outlook improving
The outlook for hiring is improving as U.S. businesses continue to report growing demand and increased profitability, according to a survey of leading economists. In its October industry survey, the National Association of Business Economists said Monday that employment conditions improved in the third quarter to the highest level since the start of the 2008-2009 recession. Get the full story »
Oct. 22, 2010 at 1:48 p.m.
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Filed under: Economy, Government, Jobs/employment, Labor, Retirement France moves closer to raising retirement age
France’s Senate has approved a contested pension reform raising the retirement age to 62 despite months of nationwide protests and strikes.
After 140 hours of debate, the Senate approved the reform Friday with a vote of 177-153. Get the full story »
