|jgo Resume||jgo Books|
|jgo Econ Data||jgo Econ News Bits Index|
|Economic News Analysis Summary|
|Links||jgo's Work in Progress|
|"PRIVACY is the most dangerous threat to [the direct marketing] industry... They're saying, 'If you get too close to the skin, we're going to stop you.'." --- Ed Burnett quoted in Alicia Orr "Privacy" _Target Marketing_ v16#12 1993 Dec pp 8-10|
Keith Regan _CNN_/_eCommerce Times_/_CIO Today_/_NewsFactor_
Tech job losses climbing
Tech News World
"Internet job losses climbed more than 60% in October to 4,840 after 5 straight months of decline, according to a report released Wednesday by Challenger, Gray and Christmas (CGC)... The increase in job cuts in October came after job losses fell to their lowest level in over a year in September, with 2,986 lay-offs. Dot-com job losses peaked in April at more than 17K, but had declined for 5 consecutive months. So far this year, more than 95K jobs have been shed from Internet firms. According to CGC, consumer service firms, which include Web travel sites, shed 2,055 jobs in October, more than 40% of the total. The professional services and B2B sector saw 1,001 lay-offs in the month... PurchasePro, which laid off about 150 workers and slashed management pay, and CommerceOne, which clocked in with 1,300 lay-offs of its own."
2001-11-01 20:22PST (2001-11-01 23:22EST) (2001-11-02 04:22GMT)
Keith Regan _Tech News World_
Dot-Com Job Losses Swelled in October
"Internet job losses climbed more than 60% in October to 4,840 after 5 straight months of decline, according to a report released Wednesday by Challenger, Gray and Christmas (CGC). The main culprits behind the spike in lay-offs were on-line travel companies... The increase in job cuts in October came after job losses fell to their lowest level in over a year in September, with 2,986 lay-offs. Dot-com job losses peaked in April at more than 17K, but had declined for 5 consecutive months. So far this year, more than 95K jobs have been shed from Internet firms."
2001-11-02 09:56PST (12:56EST) (17:56GMT)
Mark Gongloff _CNN_
U.S. unemployment soars: Employers react to weak economy, cutting 415K jobs, most in 21 years. (citing Dept of Labor)
Techies Hit Pink Slip Parties
Are Europe's Dot-Coms About To Crumble?
"As U.S. dot-coms close their doors, lay off staff and auction office equipment, analysts believe that European dot-coms are headed into 2002 wiser, more cautious and better prepared than their U.S. counterparts for the future -- for now, at least... 30% of European dot-coms are facing loss of cash, possible liquidation or consolidation. However, the same study indicates that while the top 25% of European dot-coms held their own during the past year, overall market capitalization of Internet companies dropped nearly 75%, from EUR200G (US$126G) to EUR54G from 2000 June to 2001 June... In the U.S. alone, the month of October saw a loss of 4,840 Internet jobs, according to a recent report from Challenger, Gray and Christmas (CGC). So far, in 2001, more than 95K jobs have been lost at Internet companies. The U.S. Labor Department reported Friday an overall jobless rate of 5.4% -- the largest rate jump in 21 years. Although French telecommunications provider Alcatel SA announced Wednesday that it would shed almost 10K jobs worldwide, or about 9% of its work-force, analysts believe job loss overall for the European Internet sector is lower than the U.S."
"Over the past 11 months, 22K dot-com workers -- most in Silicon Valley & San Francisco -- have been laid off, out-placement firm Challenger Gray & Christmas reports."
Doubts Rain on Silicon Valley
McNealy, Ellison, Dershowitz Call for National ID KKKards
"Scott McNealy, CEO of Sun Microsystems; Larry Ellison, CEO of Oracle; & Alan Dershowitz, Harvard Law Professor; have advocated the adoption of mandatory national ID for all Americans. McNealy and Ellison have economic interests in such systems. Dershowitz argues that the loss of anonymity caused by national ID systems could be balanced by corresponding gains in security."
_USA Today_ Industries Don't Expect to Bounce Back Quickly
Iraqi Connection: Czech Prime Minister Says Atta, Iraqi Discussed Europe Bomb Plot
"While many foreigners detained in the United States since September 11 have had expired visas, Siddiqui had a valid visa, known as a H-1B, according to his attorney. The permits are issued to workers in high-tech fields where there is a shortage of qualified Americans. Deblois said Siddiqui is a radio-frequency engineer who specializes in setting up mobile phone systems. He had worked for firms in California and North Carolina..."
Janice Long _Chemical & Engineering News_
2002 Employment Outlook
"As shown in the two annual, long-established American Chemical Society surveys of the salaries and employment status of its members, 2000 was a very good year indeed. At 1.5%, the unemployment rate for chemical scientists was the lowest it had been in a decade, and salaries were increasing at a rate that more than kept up with inflation. The job market was good, and starting salaries were up sharply for the fourth year in a row. But disaster did strike, more than once. By Spring of 2001, the high-flying dot-com sector had collapsed, taking the U.S. stock market [2000-03-10] and a number of chemical e-business ventures down with it. Chemical companies were well embarked on an earnings slide that is still ongoing. Then came the horrific events of Sept. 11. So it's no wonder that 'caution' is a watch-word for the 2002 recruiting and hiring season, as is 'quality'. A spokesman for one major chemical company says, 'The number we hire will depend on the business environment ahead, and that can turn at the drop of a hat.' Says another: 'This year, the bar has been raised significantly higher than before. We are now looking for the best candidates, where before we would have taken very good to excellent ones.'"
Dot-com workers boomerang to bricks
_Boston Business Journal_
Axcelis 2001 lay-offs to total 20%
" Reflecting the continuing down-turn in demand for its equipment by microchip makers, Beverly-based Axcelis Technologies Inc. announced plans to terminate manufacturing operations in Rockville, MD, and consolidate production in Massachusetts."
Madeline Schnapp _O'Reilly_
Are Tech Book Sales a Leading Economic Indicator? (with graphs)
James Fulford _V Dare_
The on-going struggle for immigration reform
Richard F. Tax _American Engineering Association_
Man-power Fluctuations Give Engineers Grief
"Deutsch, Shea and Evans -High Technology Recruitment Index (HTRI)... is a national indicator of technical man-power demand and based on a monthly count of recruitment ads directed to 4-year or more degreed engineers and scientists...
Comments by [Robert A. Rivers] highlight the periods of economic insecurity (unemployment) whenever the Index is below the 130-reference line. The curve also shows periods when our young engineering graduates were not able to find engineering jobs because the demand was depressed. Many were never able to enter the profession for which they studied so hard.
The curve shows less than 16% of the 30-year period from 1960 to 1990 when there was room for new engineers without displacing older engineers or a man-power balance. The rest of the 30 years or 84% of the time, there was room for new engineers only if older engineers were displaced or a surplus prevailed.
Twenty five percent (25%) of the time there was no room for new engineers and older engineers were still being displaced or a large surplus existed...
The excessive supply has been produced by congress dumping money into the colleges for engineering degree production and the passage of Bills that increase immigration for high tech people. This has been and is promoted by Engineer Shortage Propaganda (ESP), erroneous mathematical models that only show man-power shortages and biased reports. Short peak demand periods cannot be used exclusively in measuring man-power needs. One must consider career employment over a 40-year life-time."
Bob Rosner, Allan Halcrow & Alan Levins _abc News_
Working with Older Employees: How to Tap Into A Wealth of Experience
"'We don't trust anyone over 30.' If you're around 40 (or older) you may not know that Jack Weinberg first used the phrase in an interview about free speech in 1964. But you surely recognize it as the watchword of the 1960s counter culture movement that it became. If you're around 30 (or younger) the phrase may sound like a manifesto for the dotcom economy from _Fast Company_ or _Red Herring_... To those of you who are younger, anyone over 40 (and certainly over 50) may seem rigid, stuffy, and tired. They've seen everything and haven't had a new idea in 20 years. But they're sure your new idea will never work. Right? If you're older, you're mad that experience doesn't count for anything and fed up with assumptions you can't turn on a computer without help. The median age in the US was 28 in 1970. Today it's 35 and will be 40 by 2010. By 2006, just 36% of the work-force will be 34 or younger. IOW, 'oldsters' are the majority of the work-force. Already 63% of companies responding to a 1999 survey by the Society for Human Resource Management (SHRM) say they are hiring retirees as consultants or temporary employees... Two-thirds of all companies say they are not actively recruiting older workers for regular jobs and almost half aren't trying to retain older workers. A surprising 81% of companies don't offer any provisions or benefits designed specifically with older workers in mind. And if older workers aren't being ignored, they're being discarded: They're filing age discrimination suits in record numbers. None of which makes good business sense. To keep competitive, no one can afford to squander talent... Training is a cheaper alternative than finding new employees. And, yes, employees over 40 can learn just as well as anyone else."
Jube Shiver _Los Angeles Times_
"U.S. Tech Firms Abusing Visa Program, Critics Say"
"By the time Congress raised the H-1B visa limits from 115K to 195K last October, the tech boom was already waning. Murali Krishna Devarakonda, a software engineer and board member of the Immigrants Support Network, a Budd Lake, NJ-based group that assists H-1B visa holders, added that the INS's statistics are also misleading. Amid the tight job market, there are concerns..."
Jube Shiver _Los Angeles Times_/_Chicago Tribune_
U.S. tech firms abusing visa program, critics say
"In the midst of one of the largest tech lay-offs in history, US firms obtained government approval to bring in a record 163,200 foreign workers under a controversial program that critics say is being abused to hire cheaper over-seas talent. Although the number of approved visas under the H-1B program fell short of the 195K allowed annually, the hiring binge in the fiscal year ended September 30 has still caused a furor in an industry that has experienced over 600K lay-offs over the past 10 months... But by the time Congress raised the H-1B visa limits from 115K to 195K last October, the tech boom was already waning... Gene Nelson, a divorced father of 2 girls, [and holder of a PhD in biophysics] alleged that most all the H-1B visa holders hired at Boston-based Genuity Inc. kept their positions while he and 500 workers lost their jobs at the Internet infrastructure services provider this summer. 'Big companies basically want a work force of independent contractors... they can pay low wages to.', said Nelson, who made $49K a year. If it wasn't for the H-1B program, Nelson said he would still 'have a job and be making more money'. Genuity did not return calls seeking comment... The GAO -- which found that foreigners were offered a median starting salary of $45K annually last year -- said there is little policing of the H-1B program."
"Job cuts at Internet companies rose 55% between October & November, according to... Challenger, Gray & Christmas."
The cost of Pakistan's brain drain
"According to official estimates of Pakistan's Overseas Employment Corporation, close to 36K professionals, including doctors, engineers and teachers, have migrated to other countries in the last 30 years... there is one Indian doctor in the Untied States for every 1,325 Americans. However, there is one Indian doctor in India for over 2,400 Indians. Overall, estimates from the late 1980s placed the number of South Asians in the United States between 525K and 800K permanent US residents. Of the migrants who have entered the US in the 30 years, two-thirds are college graduates."
2001-11-30 04:39PST (07:39EST) (12:39GMT)
George Hager _USA Today_
Consumers see gloom lasting 6 months to a year
"Data out Thursday show the job market weakening again, & a new USA TODAY/CNN/Gallup Poll finds that almost two-thirds of Americans believe the downturn could last another 6 months to a year. The November 26-27 poll of more than 1K adults finds that 28% say the recession could last as long as another 6 months, while 33% say it could linger as long as a year... Forecasters expect the unemployment rate, now 5.4%, to rise to 6% or 7% even as the overall economy improves. Employment is typically one of the last things to rebound, as companies put off hiring until sales and profits post a solid recovery... first-time claims for unemployment benefits shot up 54K to 488K last week, worse than economists expected. Adding to the bad news, the number of jobless who continue to receive unemployment benefits breached 4M for the first time since the 1981-82 recession. And the Conference Board's help-wanted index -- a survey of job ads in 51 U.S. newspapers -- fell 6 points in October to 46, also the lowest reading since 1982..."
2001-11-30 10:26PST (13:26EST) (18:26GMT)
Keith Regan _Tech News World_/_eCommerce Times_
Fewer Dot-Com Lay-Offs in November
"So far this year, 98,522 jobs have been lost in dot-com sectors, more than double the number of cuts made during 2000, when 41,515 positions were eliminated. The number of dot-com job losses fell to 2,901 in November... The November losses are 40% below the level of Internet jobs cuts during October, when 4,840 positions were slashed, and 67% below the nearly 9K jobs cut during the same month in 2000."
Chris Hoofnagle _Multi-national Monitor_
The Corporate Attack on Electronic Privacy
top 500 fastest super computers LinPack bench-mark
S&P Retail Index
Note the signs of weakness shown in the dip from 1998 July through November, relatively flat 1999, and the drop all through 2000.
AAA southern California fuel prices
AAA national fuel prices
AAA state by state
|jgo Resume||jgo Books|
|jgo Econ Data||jgo Econ News Bits Index|
|Economic News Analysis Summary|
|Links||jgo's Work in Progress|