David Kirkpatrick

September 2, 2009

U.S. productivity up to 2003 level

Filed under: Business — Tags: , , , , — David Kirkpatrick @ 3:32 pm

Food for economic thought:

U.S. non-farm productivity was stronger than initially thought in the second quarter as companies slashed costs to protect profits, data showed on Wednesday.

The Labor Department said non-farm productivity rose at a 6.6% annual rate, rather than the 6.4% pace it reported last month. That was the biggest increase since the third quarter of 2003.

Productivity rose at a 0.3% pace in the first quarter.

Analysts polled by Reuters had forecast productivity, which measures the hourly output per worker, rising at a 6.4% rate in the second quarter.

Despite the increased productivity, output fell at a 1.5% rate in the second quarter, the department said, unchanged from its previous estimate, as over 6 million jobs have been cut since the recession began in December 2007. Output, measured on a year-on-year basis, was 5.5% lower.

August 17, 2009

Lockheed Martin announces job cuts

Filed under: Business, Technology — Tags: , , , — David Kirkpatrick @ 1:59 pm

A release from around an hour ago:

Lockheed Martin Space Systems Company Announces Workforce Reductions

DENVER, Aug. 17 /PRNewswire/ — Lockheed Martin Space Systems Company, a major business area of the Lockheed Martin Corporation (NYSE:LMT), today announced employment reductions aimed at improving its competitive posture.

Space Systems will implement a broad-based workforce reduction of approximately 800 employees by year-end. The reductions represent about 4.5 percent of the overall workforce and will impact all levels and disciplines, including technical, managerial, and administrative positions primarily at the Denver, Colo., and Sunnyvale, Calif. facilities. The company also will offer a voluntary layoff plan designed to minimize the number of layoffs necessary.

The reductions announced today are separate from the ongoing downsizing underway at the company’s Michoud Operations as a result of the planned fly-out of the Space Shuttle program in 2010.

Joanne Maguire, executive vice president, Lockheed Martin Space Systems Company, said, “The action we are taking, though difficult, is necessary to adapt to our current projected business base and to maintain an appropriate workforce to meet our customers’ needs.”

Maguire reaffirmed the company’s dedication to mission success: “Space Systems is a sound enterprise with technical breadth and unmatched capabilities. We will remain relentlessly focused on operational excellence and mission success as we position ourselves for the future.”

The company will provide career transition support to those impacted by these workforce reductions.

Lockheed Martin Space Systems Company designs and develops, tests, manufactures and operates a full spectrum of advanced-technology systems for national security and military, civil government and commercial customers. Chief products include human space flight systems; a full range of remote sensing, navigation, meteorological and communications satellites and instruments; space observatories and interplanetary spacecraft; laser radar; ballistic missiles; missile defense systems; and nanotechnology research and development.

Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 146,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2008 sales of $42.7 billion.

Source: Lockheed Martin
   
Web Site:  http://www.lockheedmartin.com/

February 8, 2009

Sully nails it …

Filed under: Business, Politics — Tags: , , , , — David Kirkpatrick @ 2:20 pm

totally.

This graph sure does concentrate the mind and reveals, to my mind, the surrealism of the current GOP. They spent the last eight years spending like FDR in a boom and now they’re born again fiscal conservatives?

jobsrecessionssm_22

And even follows up on the graph.

September 5, 2008

Jobless rate hits five-year high

Filed under: Business, Politics — Tags: , , , , , — David Kirkpatrick @ 7:56 am

Keeping to the adage of releasing bad news on a Friday, the latest Department of Labor report shows an unemployment rate of 6.1%. This economy is truly frightening. Yes, things are getting better in ways, but all-in-all its so volatile and all over the map that there’s no way of predicting any possible outcome over the short term.

The average person (read: voter in this election year) is still huring with no real relief in sight. Not a good sign for the GOP, I’d say.

From the NYT link:

The government says the nation’s unemployment rate zoomed to a five-year high of 6.1 percent in August as employers slashed 84,000 jobs.

It’s dramatic proof of the damage a deeply troubled economy is inflicting on workers and businesses.

The Labor Department’s report, released Friday, shows the jobless rate jumped to 6.1 percent in August, from 5.7 percent in July. And, employers cut payrolls for the eighth month in a row. The figures are worse than economists were expecting; they were forecasting the jobless rate to rise to 5.8 percent and a loss of 75,000 jobs.

April 7, 2008

Massive job loss one more recession red flag

Filed under: Business — Tags: , , , , — David Kirkpatrick @ 3:24 pm

I’ve posted on the US recession in the past. Here’s a story from AccountantsWorld.com (free registration req.) on March’s massive job loss being one more signal a recession is here and looks to be significant.

There’s no reason to go around preaching doom-and-gloom, but it is important to be realistic about the current economic situation. Something the administration in DC has had some measure of difficulty with.

From the second link:

It is no longer a question of recession or not. Now it is how deep and how long.

Workers’ pink slips stacked ever higher in March as jittery employers slashed 80,000 jobs, the most in five years, and the national unemployment rate climbed to 5.1 percent. Job losses are nearing the staggering level of a quarter-million this year in just three months.

For the third month in a row total U.S. employment rolls shrank _ often a telltale sign that the economy has jolted dangerously into reverse.

At the same time, the jobless rate rose three-tenths of a percentage point, a sharp increase usually associated with times of deep economic stress.

The grim picture described by the Labor Department on Friday provided stark evidence of just how much the jobs market has buckled under the weight of the housing, credit and financial crises. Businesses and jobseekers alike are feeling the pain.

“It is now very clear that the fat lady has sung for the economic expansion. The country has slipped into a recession,” said Stuart Hoffman, chief economist at PNC Financial Services Group. Indeed, there is widening agreement that the first recession since 2001 has arrived. Even Ben Bernanke, in a rare public utterance for a Federal Reserve chairman, used the “r” word, acknowledging for the first time this week that a recession was possible.