R.T.M. <chow-chow> for Mar 26th-30th > 13th edition ~ Economy not growing fast enough

[Argent Dragon]

Bernanke: US Needs Faster Growth to Lower Unemployment

The economy needs to grow more quickly if it is to produce enough jobs to bring down the unemployment rate, said Fed Chairman Ben Bernanke, tamping down expectations of a quick reversal of monetary easing. The drop in unemployment may reflect “a reversal of the unusually large layoffs that occurred” in 2008 and 2009. Reducing the jobless rate will require a quicker expansion of business production and consumer demand, which “can be supported by continued accommodative policies.” [Full Story]



Related Stories

• Pimco’s Gross: Fed May ‘Hint’ at More Easing at April Meeting
• Survey: Gasoline Soars 11.49 Cents to Hit $3.93 a Gallon in Two Weeks
• MF Global's Corzine Faces New Scrutiny on Customer Accounts
• Supreme Court Battle Over Obamacare Begins
• Pending Homes Sales Dip, Fueling Fears About Recovery

[Meetzos]

http://www.dailyjobcuts.com/

Layoffs
March 26 , 2012

American Ordnance - 500 at Milan Arsenal

Update: Procter & Gamble - 5,700 Job Cuts by Late 2013


Closing
March 26 , 2012

GAME Stores ( International ) - up to 277 Stores

Jean's French Restaurant in Colton CA

Hermann Auctions in Rochester

[Argent Dragon]

Uh-oh.........


Gas prices are above $5 a gallon in Los Angeles. (Frederic J. Brown/AFP/Getty Images)

[Argent Dragon]

Rising Gas Prices, Falling Home Values Damp Consumer Confidence


Consumers' confidence in the U.S. economy slipped in March amid higher gas prices, says the Conference Board, a private research group. The decline comes after confidence rose to the highest level in a year during the previous month. [Full Story]



Related Stories

• Moody’s Zandi: Pricey Gasoline Biggest Threat to Recovery
• S&P-Case Shiller: Home Prices Fell in January in Most US Cities
• Fed's Bullard: Policy 'Too Loose' Across Global Economy
• On Day Two, Justices Divided over Healthcare Mandate
• EPA Proposes Contentious Carbon Limits on Power Plants

[Meetzos]

http://www.dailyjobcuts.com/


Layoffs
March 27 , 2012

Aramark Corp. At Silver Spring College - 64

Menomonee Falls School District WI. - 52 Layoff Notices

Sony Mobile ( International ) - 149 in Research and Development in Sweden

Union-Endicott Central School NY - up to 27 Layoffs Possible

WUPW-TV Toledo Television Station - 60+

The Dublin schools Ohio - 16 Teachers, 30 Vacant Positions

ATK - 25

Harlem School District - Board Approves 62 Layoffs

Update: - Los Alamos National Laboratory - 557 Accept Buyout

New West Health Services – 15



Bankruptcy
March 27 , 2012

Cetero Research



Closing
March 27 , 2012

Brooks Brothers Closed its Northbrook Court Store IL

Main Street Market in Wellington Colorado

IHOP Restaurant in Longmont CO

Millard Fillmore Hospital in Buffalo NY

KellyBelly Fitness & Dance studio New Lenox IL

The Indiana Developmental Training Center, 11075 N. Pennsylvania St. in Indiana

Evangeline Galleries Inc

Ideal Cleaners in Elizabethtown NC

Country Ride Saddlery in downtown Mooresville SC

Peninsula Hospital in New York

The Auburn Kmart in Alabama Now Closing in April

Read Green Books, a used bookstore in South Mall and Palmer Park Mall PA

The Salvation Army Thrift Store, at the corner of 65 and Geyer Springs in Little Rock Ark.

[Meetzos]

http://www.dailyjobcuts.com/

Layoffs
March 28 , 2012

Gingrich Campaign Staff - 1/3 of Staff

Alice Hyde Medical Center NY - 12, and 13 Vacant Positions

Salem Community College - May Have some Layoffs, and Tuition Hikes

Philadelphia Inquirer and Daily News - Possibly More Layoffs

Moline school district - 74 Possible Layoffs


Bankruptcy
March 28 , 2012

Azure Dynamics - Files Bankruptcy in Canada


Closing
March 28 , 2012

The Green Olive Restaurant

Jim’s Home Quality Foods MN

Sears Appliances and Hardware in Lindenhurst NY

Boondocks Bar and Grill in Bend Oregon

Cooper Standard in Bowling Green Ohio

Miami Valley Hospital plans to close its day care center for senior citizens

INC Research LLC closing its office at 55 Hatchetts Hill Road in Old Lyme CT - 66 Layoffs

Ponderosa Steak House in Attleboro MA

[Argent Dragon]

WSJ: Fed's Debt Purchases Prop Up Entire Economy

The Federal Reserve is propping up the entire U.S. economy by buying 61 percent of the government debt issued by the Treasury Department, a trend that cannot last, Lawrence Goodman, a former Treasury official and current president of the Center for Financial Stability, writes in a Wall Street Journal opinion article published Wednesday.
[Full Story]



Related Stories

• Reuters Poll: Americans Angry with Obama over Gas Prices
• US, France, UK in Talks for Release of Strategic Oil
• Durable-Goods Data Hint at Weak First Quarter
• Chinese Shares Tumble on Slowdown Worries
• Supreme Court Weighs All-or-nothing on Healthcare Law

[Meetzos]

http://www.dailyjobcuts.com/


Layoffs
March 29 , 2012

Best Buy - Layoff Around 400 in Corporate / Support Functions

Britain's biggest construction company Balfour Beatty - Warns 12,000 Jobs at Risk

The Oasis Firestation Riverside CA - 24 Layoffs Possible

Publishers Circulation Fulfillment, Inc - 80

Exar - 120 or 30% of Workforce



Bankruptcy
March 29 , 2012

Dutch Book chain Selexyz

Berhanu Enterprises



Closing
March 29 , 2012

RR Donnelley to close doors in Mendota
Best Buy Co - Closing 50 Stores in US

D. Grunwald Fine Jewelers in Geneva IL

JV Wine and Spirits in Napa CA

St. Pierre Box and Lumber Company Inc in Farmington CT

The Bremner cracker plant in Poteau Okla.

Aurora Health Care is closing 11 pharmacies throughout eastern Wisconsin

Brooks Brothers closed its Northbrook Court store IL

Schoolhouse Stock in Sioux City IA

Chain O’ Lakes Bait and Tackle in Dundee

Chelsea General Store in Chelsea Indiana

Castaways in Ithaca NY

Update: Sheehan Health Network Buffalo NY

[Argent Dragon]

Stanford’s Taylor: Fed Interventions Are Dangerous

Stanford economist John Taylor says the Federal Reserve's interventionist policies never work. "Unfortunately the Fed has returned to its discretionary, unpredictable ways, and the results are not good," Taylor writes in The Wall Street Journal. Now, with inflation and the economy picking up, the Fed is again veering into "too low for too long" territory, he warns. [Full Story]


Related Stories

• Yale’s Shiller: US Could Have Japanese-Style Housing Slump
• Household Income Trending Higher in Boost for Spending
• Merrill, Morgan Stanley Seen Losing Grip on Rich
• Jobless Claims Fall to 4-Year Low in Latest Week
• Best Buy to Cut Stores, Jobs Amid Dismal Earnings

[Argent Dragon]

Reuters Poll: US Stock Rally Might Be Over for 2012


Signs of an improving U.S. economy and a liquidity boost fromthe European [Full Story]

WSJ: Fed Buying 61 Percent of US Debt


The Federal Reserve is propping up the entire U.S. economy by buying 61 [Full Story]

Durable-Goods Data Hint at Weak First Quarter
New orders for long-lasting U.S. factory goods posted only a moderate increase in February, supporting the view that economic growth in the first quarter was shaping up to be lackluster. Durable goods orders increased 2.2 percent last month, missing economists' forecasts...

[REO 54]

Bank of Portugal Sees Deeper Economic Contraction in 2012....

"Gross domestic product will fall 3.4 percent this year after declining 1.6 percent in 2011, the Bank of Portugal said today in its spring economic bulletin. In January, the bank forecast GDP would decrease 3.1 percent in 2012, also a bigger drop than previously estimated, and predicted that the economy would expand 0.3 percent in 2013."

http://www.bloomberg.com/news/2012-0...n-in-2012.html



U.K. House Prices Drop Most in Two Years as Loans Fall: Economy..........

Bank of England Governor Mervyn King said this week that the financial crisis hasn’t gone away as banks continue to shore up balance sheets to protect themselves from the euro-area debt crisis. The housing market may face further pressure as job cuts undermine consumer confidence, and a central bank survey published today showed banks expect mortgage availability to decline “slightly” in the second quarter.

“U.K. data releases this morning were in the round somewhat disappointing,” said David Tinsley, chief U.K. economist at BNP Paribas SA and a former Bank of England official. Today’s data “confirms that the housing market remains depressed by any historical comparison” and signals the economy is going to have “a rougher road in the second quarter.”

http://www.bloomberg.com/news/2012-0...iday-ends.html

[Meetzos]

Bank of Portugal Sees Deeper Economic Contraction in 2012....

"Gross domestic product will fall 3.4 percent this year after declining 1.6 percent in 2011, the Bank of Portugal said today in its spring economic bulletin. In January, the bank forecast GDP would decrease 3.1 percent in 2012, also a bigger drop than previously estimated, and predicted that the economy would expand 0.3 percent in 2013."

http://www.bloomberg.com/news/2012-0...n-in-2012.html



U.K. House Prices Drop Most in Two Years as Loans Fall: Economy..........

Bank of England Governor Mervyn King said this week that the financial crisis hasn’t gone away as banks continue to shore up balance sheets to protect themselves from the euro-area debt crisis. The housing market may face further pressure as job cuts undermine consumer confidence, and a central bank survey published today showed banks expect mortgage availability to decline “slightly” in the second quarter.

“U.K. data releases this morning were in the round somewhat disappointing,” said David Tinsley, chief U.K. economist at BNP Paribas SA and a former Bank of England official. Today’s data “confirms that the housing market remains depressed by any historical comparison” and signals the economy is going to have “a rougher road in the second quarter.”

http://www.bloomberg.com/news/2012-0...iday-ends.html

Could be the reason for this layoff threat.


http://finance.yahoo.com/news
Balfour Beatty warns 12,000 jobs at risk: report

LONDON (Reuters) - Britain's biggest construction company Balfour Beatty (LSE:BBY.L - News) has warned all its 12,000 staff in the UK that their jobs are at risk, the construction industry magazine Building reported on Wednesday.

A spokeswoman for the London-based company, which developed the city's Olympic Aquatics Centre, is cited as saying all 12,000 staff in the construction services division had been notified, but did not specify how many jobs would be at risk.

The company, which employs 50,00 people worldwide, is quoted as saying it was conducting a consultation process "to align the resources of Balfour Beatty's Construction Services UK business to current and future market conditions".

The threat of redundancies come amid a savage downturn in the construction industry that has seen builders wages drop dramatically since the onset of the financial crisis in 2007.

Balfour Beatty could not be reached for immediate comment.

[Meetzos]

http://www.dailyjobcuts.com/

Layoffs
March 30 , 2012

Lockheed Martin - 150

QVC Call Center in Chesapeake - 600

Aerospace Corp. in El Segundo CA - 300

The Helena Independent Record newspaper - Some Layoffs

Los Angeles Mayor Calls for Layoffs in Budget Proposed Next Months

Lorain Schools Ohio - 138

Bristol Schools CT - Some Teachers Layoffs Seem Likely

The Home Depot Baton Rouge Customer Support Center – 225


Closing
March 30 , 2012

America's Incredible Pizza Co. in Lafayette Square Mall Indiana

The Book Nook in Newark Ohio
Watertown Daily Times Closing Washington DC Bureau

The WE Bassett Company in Shelton Connecticut - 300 Jobs Lost

Harvest Time Bread Co. closing Mount Airy Facility

Twist & Turns Store at Valley View Mall in Roanoke Va.

The Oakland school board CA. Decided to Close 5 Elementary Schools This Fall

[REO 54]

The Era of Big Box Retail Dominance Is Coming to an End.......

Declining Sales
"Since the recession, big-box retailers have struggled. Until its third fiscal quarter last year, Wal-Mart had posted eight consecutive quarters of declining sales at stores open more than 12 months. Best Buy posted five straight quarters of profit decline before reporting a $2.6 billion loss on March 29, while analysts forecast declining same-store sales and profit for Target this year. "

http://www.bloomberg.com/news/2012-0...to-an-end.html

[Argent Dragon]

Consumer Sentiment Hits Highest Level in Year Despite Soaring Gas

Consumer confidence rebounded to its highest level in 13 months at the end of March as optimism about jobs and income overcame higher prices at the gasoline pump, according to a new survey. The Thomson Reuters/University of Michigan's final March reading for the overall consumer sentiment index rose to 76.2, the highest since February 2011. "Consumer confidence edged upward as more favorable income and job trends offset rising gas prices," survey director Richard Curtin said. [Full Story]



Related Stories

• Consumer Spending Rises but Income Growth Slows
• Ford CEO Mulally Made $29.5 Million in 2011
• World's Biggest Hedge Fund's Head Makes $3.9 Billion
• Fed Officials Focus on Inflation in Pondering Future Strategy
• Unemployment Rates Fall in 29 States
• MasterCard Warns Banks of Possible Security Breach

[Meetzos]

Consumer Sentiment Hits Highest Level in Year Despite Soaring Gas

Consumer confidence rebounded to its highest level in 13 months at the end of March as optimism about jobs and income overcame higher prices at the gasoline pump, according to a new survey. The Thomson Reuters/University of Michigan's final March reading for the overall consumer sentiment index rose to 76.2, the highest since February 2011. "Consumer confidence edged upward as more favorable income and job trends offset rising gas prices," survey director Richard Curtin said.

Okay who doesn't get the idea someone is pumping out a load of BS.



http://www.zerohedge.com/news/americ...ge-2008-levels

American Spending Goes Into Overdrive As Savings Plunge To 2008 Levels
Submitted by Tyler Durden on 03/30/2012 08:44

Why save when one can spend (and, more importantly, why save when one has ZIRP)? This appears to have been the motto of American consumers in the past three months when the US Savings rate has plunged from 4.7% in December to a tiny 3.7% in February: the lowest since December 2007's 2.6%, and just as the recession and the market crash was about to send everyone scrambling for the safety of bank savings. The reason: in February personal spending soared by 0.8% on expectations of a 0.6% rise, while incomes barely rose by 0.2% on a consensus rise of 0.4%. Which means the balance had to be savings funded. So even as we have seen retail weakness in the past three months, we now know that it was not only credit funded, but also forced US consumers to burn through their meager savings. And all this before the gasoline price shock hit. The question then is: with the remainder of US savings about to be tapped out on gasoline purchases, just where will the money come to fund all those priced in NEW iPad acquisitions? Or will Apple finally use up its cash hoard and start a captive lending unit, giving consumers credit to purchase its products? At the rate the US consumer is going broke it may soon have no other option.

[Meetzos]

http://www.dailyjobcuts.com/


Bank failures
1 Bank Failures So Far For 3/30/2012

Fidelity Bank , Dearborn MI



Layoffs
March 31 , 2012

Glens Falls Post Star Newspaper NY - 7

Update: Ecolab Inc - 70

Redding's Mercy Medical Center - 49

SecondMarket - Confirms About 10% Staff Reduction



Closing
March 31 , 2012

Warren Federal Credit Union is closing its branch in Wellington, Colo

Home Depot plans to close its Braselton distribution plant in Jackson County

The Rite Aid store in East Bremerton

[Meetzos]

http://www.dailyjobcuts.com/

Layoffs
April 1 , 2012

Union County NJ - Could Layoff up to 280 to Close Budget

Update: Lockheed Martin in Suffolk – 18


Closing
April 1 , 2012

Real Guitars in Fort Myers FL

Patriot Water Treatment Closing Due to EPA Regulations

Lido Ristorante in Springfield Mass.

Zipper Interactive