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Rick Wagoner Makes His Case
Tweet Share on Facebook November 14, 2008 Comment (5)General Motors chief executive Rick Wagoner has been trying to convince Washington to stabilize the domestic auto industry--but his job also appears to need some steadying. After spending more than three decades with the automaker--and eight years as CEO--Wagoner is under fire as business experts and politicians call for his departure, Bloomberg reports today.
President-elect Barack Obama is reportedly pushing for a bailout, while Republicans look increasingly resistant. (Executives at AIG, Fannie Mae and Freddie Mac were replaced per their bailout deals.)
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Jobless Claims Highest Since 2001
Tweet Share on Facebook November 13, 2008 Comment (357)There's more bad news on the employment front today. The number of first-time claims for unemployment benefits last week hit 516,000, the highest number since September 2001 and much higher than economists had expected. The volume of claims was 32,000 higher than a week earlier.
The biggest jumps in claims were in Ohio and Michigan--two states slammed by auto industry layoffs. Continuing claims reached 3.89 million, the highest number in 25 years. That figure indicates workers are having a hard time finding jobs (if you didn't know that from your own experience already.)
Here are a couple of expert takes:
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Judge to Mark Papermaster: Stop Working
Tweet Share on Facebook November 12, 2008 CommentThe strange case of Mark Papermaster: The newly minted Apple executive was recently ordered by a federal judge to stop working. (Seriously? In this economy?)
A longtime IBM employee, Papermaster accepted a job offer from Apple in October, declined a counteroffer from IBM and gave two weeks notice, which IBM accepted, Computerworld reports. Later in the month, IBM filed an injunction to keep Papermaster from his new job on the basis that he'd signed an agreement not to work for a competitor for a year.
From Computerworld:
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5 Tips for Frustrated Job Seekers
Tweet Share on Facebook November 11, 2008 Comment (10)If you have been looking for work for many months and you are growing increasingly frustrated or hopeless, you aren't alone. Here are five things to consider:
Your resume: Many people list a job objective at the top of the resume. For example: "Seeking a position as a medical sales representative in the Chicago area." The objective, which then has to be rewritten for every application, is often not very compelling. The hiring manager knows the job he or she is hiring for, and knows that you've applied for it. What they don't know is if you're really worth their time. So, what's your most compelling selling point? You might try: "Persistent, engaging communicator with a passion for sales in a tough market." Focus your statement on your skills: Your insight, acumen, persistence, bleeding-edge expertise. Keep it brief and punchy. (I heard this advice pretty early in my working life and I've always used it. But check out Ask a Manager's Alison Green for more advice on resumes.)
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Unemployment Rate: High, But Why?
Tweet Share on Facebook November 10, 2008 Comment (67)If the employment outlook wasn't ugly already, Goldman Sachs economists said Friday they are now expecting the unemployment rate will hit 8.5 percent by the end of next year--and that it will likely slink higher in 2010.
In a note today, Brian Wesbury and Robert Stein of First Trust Advisors cover the "unintended consequences" of recent government moves, including the extension of unemployment benefits enacted in June.
From Wesbury and Stein (bold is mine):
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Obama-Biden: Now Hiring
Tweet Share on Facebook November 10, 2008 Comment (10)President-elect Barack Obama is looking for a few good men and women to fill the ranks of his new administration. Obama's transition site, Change.gov, features an application (or "expression of interest form") for the non-career positions that will have to be filled. (HT: Caucus blog.)
Presidential appointees and nominees can also check out the Presidential Transition Resources, with information intended to "introduce you to the operation of the Federal government and the resources available to help you begin your service in the new Administration," according to the site.
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Does Your Office Encourage Socializing?
Tweet Share on Facebook November 10, 2008 Comment (1)A new survey by Gensler, a consulting and design firm, suggests companies that encourage socializing and collaboration in the design of their workplaces may be more profitable than companies with a traditional workplace design.
An interesting excerpt of the findings, as reported in Human Resource Executive
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Obama Talks Jobs at Press Conference
Tweet Share on Facebook November 7, 2008 Comment (1)At his post-employment report press conference this afternoon, President-elect Barack Obama was light on specifics--largely to avoid stepping on President Bush's toes.
Speaking in front of a curtain of economic big-wigs, Obama made it clear he wanted to move on a stimulus package and named other moves that could help job seekers and employers. Among them:
- An extension of unemployment benefits
- Acceleration of retooling assistance for ailing domestic automakers
- Long-term plan focused on clean energy, education and tax relief
- Provide assistance to state and local governments to avoid layoffs and tax increases
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Paul Krugman: Bad Times Now “Baked In”
Tweet Share on Facebook November 7, 2008 Comment (1)Unemployment report fallout: Nobel Prize winner and New York Times blogger/op-ed columnist Paul Krugman says today we need "big fiscal stimulus, now now now."
From NYTimes.com:
The unemployment rate has now risen more than 2 percentage points from its pre-recession low. In 1990-1992 the unemployment rate rose 2.6 percentage points. Given what’s happening to retail sales, manufacturing, and so on, it’s now a certainty that unemployment has a lot further to rise. So the “worst recession in 25 years” thing is now baked in. The only question is whether we hit “worst slump since the Great Depression” territory.
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240,000 Jobs Shaved From Payrolls in October
Tweet Share on Facebook November 7, 2008 Comment (3)Job losses in October sailed above economists' expectations, as U.S. employers shaved 240,000 non-farm jobs from their payrolls and the unemployment rate ticked up to 6.5 percent from 6.1 percent in September, the Labor Department reported this morning.
Economists had largely expected the unemployment rate would rise to 6.3 percent and that 200,000 jobs would be shed. Goldman Sachs economists had predicted a bearish shave of 300,000 jobs.
The payroll cuts were widespread. "In October, job losses continued in manufacturing, construction, and several service-providing industries," the Labor Department reported. The 6.5 percent unemployment rate is the highest since 1994.
