Analysis: Layoffs at large South Bay companies have increased
DATABASE: City, county jobless figures | U.S. adds 103K jobs in SeptemberMass layoffs at large companies in the South Bay, which tumbled sharply in the fiscal year after the recession officially ended in June 2009, have increased in the past 15 months, a Daily Breeze analysis shows.
The figures generally dovetailed with a report issued Wednesday by a Chicago outplacement company that said employers nationwide planned to shed workers at a higher pace in September than in any single month since April 2009.
While that may raise renewed fears of a double-dip recession, Los Angeles Economic Development Corp. Chief Economist Nancy Dayton Sidhu said she does not believe another economic downturn will occur.
"The economy is growing more slowly than most economists had expected and, truth be told, a little more slowly than LAEDC was forecasting," she said. "But most economists, if you push them, still see slow economic growth and, here's the rub, limited gains in employment."
The county's seasonally adjusted unemployment rate stood at 12.5 percent in August, she said. That's up slightly from July, but also just below the 12.8 percent seen in the same month a year ago.
Chicago-based Challenger, Gray & Christmas said the planned 115,730 job cuts in September were 126 percent higher than those announced the previous month. The cuts were more than 210 percent higher than in the same month last year.
However, 70 percent of those anticipated cuts came from just two organizations - Bank of America and the U.S. Army.
Struggling Bank of America announced last month it would cut 30,000 jobs, while the Army plans a 50,000 troop reduction in the next five years.
"Neither of these cuts is directly related to recent softness in the economy," the outplacement company concluded. "That being said, both could definitely be a sign of more cuts to come. Bank of America is not the only bank still struggling in the wake of the housing collapse.
First Bank Gardena - News
Another 77 jobs were lost when sportswear manufacturer Merge Left Inc. shuttered the Gardena plant that opened in 1994. "We moved our operations from Gardena to Aurora, Colo.," said Sarah Knowlton, the company's director of marketing, declining to
BREAKING NEWS: Bank robbery in Gardena - Crime & Courts
An outbreak of bank robberies type Crip worse than swine flu! from Ventura Victorville, never mentions any type of security measures to prevent innocent clients and employees to be terrorized, the cameras just take great pictures of bad boys into a weapon to the victims of the FBI head.Check sites or bank robbery www.scorpio security. com
Larry Altman has covered crime in the South Bay since 1990. He has seen it all - the missing model who has so died in the desert, the wives found dead in trunks, the high-school coaches who get a little too close to their players.He drives his young colleagues nuts with his "I remember when" stories. He welcomes your tips and comments on this, and you can mix in a little Lakers basketball talk if you wish.
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