BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise...

BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise After Durable Goods? When are Construction Revisions Coming? A new plan for layoffs at Circuit City is openly targeting better-paid workers, risking a public backlash by implying that its wages are as subject to discounts as its flat-screen TVs. The electronics retailer, facing larger competitors and falling sales, said Wednesday that it would lay off about 3,400 store workers -- immediately -- and replace them with lower-paid new hires as soon as possible. The laid-off workers, about 8 percent of the company's total work force, would get a severance package and a chance to reapply for their former jobs, at lower pay, after a 10-week delay, the company said. Citigroup Inc. said it will eliminate 17,000 jobs, or 5 percent of its workforce, as part of a broad restructuring plan designed to cut costs and bolster its long underperforming stock price. Citigroup plans to move more than 9,500 jobs to lower-cost locations worldwide, with about two-thirds through attrition. It will also eliminate layers of management, often increasing the number of workers reporting to each manager. The world's largest retailer, is cutting about 1,000 management positions at its Sam's Club stores, a spokeswoman for the company's warehouse chain said on Thursday. Wal-Mart is consolidating about 2,800 salaried-manager positions at some 580 U. S. Sam's Club stores, spokeswoman Susan Koehler said. The restructuring, which began in early March and is expected to be completed within the next couple of weeks, was done to improve customer service and gain more flexibility in managing the stores rather than to cut costs, Koehler said. The company has created three higher-paying positions to replace about 1,800 of those jobs and is also offering affected employees other positions in the company, Koehler said. Offering (presumably lower paying jobs) to those who were downsized. Most took it even though jobs are said to be plentiful. Managers? Bah humbug. Who needs em? Get rid of them all and customer service will soar. They are after all, so Passe. What company will be next to realize that? The content on this site is provided as general information only and should not be taken as investment advice. All site content, including advertisements, shall not be construed as a recommendation to buy or sell any security or financial instrument, or to participate in any particular trading or investment strategy. The ideas expressed on this site are solely the opinions of the author(s) and do not necessarily represent the opinions of sponsors or firms affiliated with the author(s). The author may or may not have a position in any company or advertiser referenced above. Any action that you take as a result of information, analysis, or advertisement on this site is ultimately your responsibility. Consult your investment adviser before making any investment decisions.