For years, the General Motors plant in Lordstown, Ohio, employed 8,000 workers in the Mahoning valley. In a rust belt region that has become synonymous with industrial decline, following the closure of its once mighty steel mills in the 1970s, the presence of the Chevrolet factory in Lordstown, and its well-paid manufacturing jobs, was particularly important. Then, late last year, GM abruptly shut the plant. The company had already scaled back workers at the Lordstown plant, and this closure saw 1,500 workers, the last of the once huge workforce, out of their jobs. “I think it’s devastating,” said Mark Sweetwood, the managing editor of the Vindicator newspaper, which serves the Mahoning valley. “I think it was the last holdout of our industrial age.” The news was just the latest blow in a slow, painful decline in this area. The rust belt was a boom area at the start of the last century, but has suffered more than most from the outsourcing of jobs overseas. … [Read more...] about ‘It’s devastating’. End of GM in Ohio town as Trump fails to bring back midwest jobs
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CAR manufacturer Nissan plans to axe more than 10,000 jobs around the world, with most of the cuts coming in Europe, according to reports. The news is a fresh blow for staff at Nissan’s Sunderland plant, which currently employs around 7,000 people and produces 2,000 cars a day. Last April, Nissan cut hundreds of jobs at the plant due to a lack of demand for diesel cars. It's also cancelled the production of two of its models at the Sunderland factory this year following disappointing European sales. Sources cited by Reuters said the company could announce the new job losses when it publishes its financial results tomorrow. The move comes as the car maker is struggling to boost its profits, and includes the 4,800 job cuts it announced in May.Nissan is suffering from falling sales in the US, one of its biggest overseas markets, following years of heavy discounts. It's also been facing tensions with its French partner Renault, which owns 43 per cent of the Japanese manufacturer, … [Read more...] about Nissan to axe 10,000 jobs globally as the car manufacturer struggles to boost profits
CAR manufacturer Nissan has revealed plans to axe more than 12,500 jobs around the world. The figure is much higher than the 10,000 jobs cuts that had been expected. Around 6,400 of the job cuts have already happened or are in the process of taking place - with 90 people in the UK affected. Nissan has a big plant in Sunderland, which currently employs around 7,000 people and produces 2,000 cars a day, although it says the UK roles going will be all over the country. Last April, Nissan cut hundreds of jobs at the plant due to a lack of demand for diesel cars. It also cancelled the production of two of its models at the Sunderland factory this year following disappointing European sales.But it has said the next generation Qashqai model will be built in the north-east of England, while production on the new Juke small crossover will start imminently. The manufacturer isn't confirming where in the world or what department the other 6,100 job cuts will come from, but it says these will take … [Read more...] about Nissan cuts 12,500 jobs globally as car manufacturer struggles to boost profits
As good as it gets? Photo: Johannes Eisele/AFP/Getty Images Friday’s jobs report must have been adapted from a comic book — because everyone’s calling it a “blockbuster” (and Martin Scorsese hasn’t shown any interest in it). In November, America’s unemployment rate hit a half-century low, as U.S. employers added 266,000 positions to their payrolls, nearly 100,000 more than economists had anticipated. Revised estimates of the preceding two months revealed that September and October had witnessed the creation of 41,000 more jobs than previously understood. Meanwhile, the underemployment rate — the percentage of workers who are either involuntarily stuck in part-time gigs, or want jobs but aren’t actively looking for them — also ticked down below 7 percent for the first time in nearly two decades. This is all very good news. Tight labor markets are no panacea for all that ails America’s working class. But they’re … [Read more...] about Jobs, Jobs Everywhere, But Most of Them Kind of Suck
Always nice to see him get a win. Photo: Mandel Ngan/AFP via Getty Images Friday’s jobs report was the latest sign that the American economy is humming. Does this mean that President Trump is out of the economic woods for 2020? I spoke with business columnist Josh Barro to make sense of the new data. Ben: You wrote a few days ago about the reasons why recession fears have dissipated over the last year, from a relatively stable (at least by the markets’ metric) political situation to steady monetary policy. How much more evidence does today’s surprisingly excellent jobs report provide that a recession isn’t imminent? Josh: I would say “very good” rather than excellent, but yes, this is another piece of evidence that the economy remains strong. The headline number this month is somewhat inflated by workers returning from the GM strike, but job gains for the last two months were revised up. This means that, for the year, the pace of job growth is … [Read more...] about What Does Today’s Positive Jobs Report Mean for Trump’s Re-Election?