The second quarter of 2015 has kicked off with one of the biggest wage growth stalwarts McDonald’s actually committing to give a minority of its employees at least a $1 an hour raise and up to 5 days of paid vacation per calendar year.
Actual labor market health however is not that great. The reported hiring rate was only a paltry 126,000 jobs down from an expected 245,000 jobs for the month of March. The unemployment rate is still at a “low” 5.5% rate, however it does not account for the millions of workers that have fallen out of the labor force because they have been without a job for so long (typically over a year).
March 2015 labor participation rates for the United States population at a low not seen since 1977. A record 93 million people are not participating in the labor market. In contrast the number of new employees created was 223,000 jobs, the unemployment rate now stands at 5.4% which is pretty close to what is considered “healthy”.
Minntac – laying off 400 workers
Flex-N-Gate – laying off 97 workers at Alabama plant.
Zynga – with struggling business cutting 364 jobs in a major reorganization.
Northrup Grumman – Laying off 426 workers in Louisiana plant.
Caterpillar – laying off 150 workers at Decatur plant.
Mercedes-Benz – Laying off 259 workers.
US Steel – the company has expanded layoff notices now covering 9,000 employees across the United States.
Bell Helicopter – laying off 1,100 workers.
Visteon – Closing the Holland, MI technical center, cutting 240 jobs.
Zoetis – Formerly a Pfizer company is closing 10 locations, and axing 2,500 jobs which represents 25% of the workforce.
Farmington Hills Public Schools – Looking to cut teachers and support staff for the new school year.
GAP – closing 175 stores, and laying off hundreds at the Headquarters.
Wenner Media – Publisher of Rolling Stone, Us Weekly and Men’s Journal magazines has cut more than a dozen workers.
News Corp – Is looking to cut its workforce and the numbers may hit 100, however not all cuts to be US focused.
Fifth Third Bank – The worst named bank in the banking industry is going to be closing 100 Michigan branches claiming that most customers simply use their ATM machines and that employees are not needed anymore. This move will probably affect around 1,000 jobs.
ForeSee – The Ann Arbor Michigan company was sold recently and has now cut another 100 jobs. Another Ann Arbor Michigan company Duo Security is trying to hire ex-ForeSee employees.
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