----- Original Message ----- From: Charles F. Moreira <[EMAIL PROTECTED]> To: <[EMAIL PROTECTED]> Sent: Saturday, April 07, 2001 9:39 AM Subject: [MLL]Record 162,867 job cuts in US last month Record 162,867 job cuts in US last month WASHINGTON - American businesses announced plans for record job cuts last month as a cooling economy reduced demand for labour, a private survey showed. Businesses intended to eliminate 162,867 jobs, up 60 per cent from 101,731 in February, according to Challenger, Gray & Christmas, a job placement firm in Chicago. The March figure was the highest monthly one since the company began a daily tally of announcements in 1993. Firms announced an average of 7,755 job cuts daily for the 21 business days last month that Challenger examined. The data excludes any announcements made on March 30. Job cut announcements are not the same as firings as companies sometimes trim payrolls through encouraging early retirement or attrition. Some find work elsewhere in the company. Electronics, telecommunications and computer firms announced the most reductions as a slump in spending on communications gear hurt profits. Solectron, the biggest contract maker of electronics goods such as computers and cellphones, said last month it cut 8,200 jobs. It said this week that it planned to fire another 1,075 workers. Electronics companies moved to eliminate 24,684 jobs, those in telecommunications announced plans to cut 22,456 jobs and computer businesses planned to reduce payroll by 19,034 positions. The largest job-cut announcement came from Delphi Automotive Systems, the largest car-parts maker. It will axe 11,500 jobs as it sells or closes nine plants. Visteon, the third-largest car-parts maker, and TRW, the No 2 maker of airbags, also said they would cut jobs because of production cutbacks at the car makers. The second-largest cuts will take place at Procter & Gamble, the leading maker of household products. It will eliminate 9,600 more jobs as earlier reductions did not revive profit. The Challenger survey came a day before the Labor Department released its March employment report. Analysts surveyed by Bloomberg News expect the jobless rate to have risen to 4.3 per cent last month and the economy to have added 60,000 positions, or less than half the 135,000 created in February.--Bloomberg News _______________________________________________ Marxist-Leninist-List mailing list [EMAIL PROTECTED] To change your options or unsubscribe go to: http://lists.wwpublish.com/mailman/listinfo/marxist-leninist-list
