Maytag to Cut Salaried Staff, Merge Units (1,100)

http://reuters.com/newsArticle.jhtml?type=businessNews&storyID=5348794

Maytag to Cut Salaried Staff, Merge Units
Fri Jun 4, 2004 12:56 PM ET

ATLANTA (Reuters) - Maytag Corp. (MYG.N: Quote, Profile, Research) on Friday said it will cut 1,100 jobs, or about 20 percent of its salaried work force, and merge its troubled Hoover vacuum unit with other divisions in a major overhaul to compete with lower-cost appliance makers.

The maker of Jenn-Air and Amana appliances also slashed its second-quarter and full-year profit outlooks, citing disappointing sales.

Maytag shares slumped as much as 8.7 percent to $24 on the New York Stock Exchange.

The overhaul, which will consolidate Maytag's floor care and major appliance units with its corporate headquarters, follows years of cost cutting and efforts to turn around Hoover, which has lost profitability and market share as consumers migrated to cheaper vacuums.

Source: http://images.theglobeandmail.com/

Whose numbers are you going to trust?

Surely it is not axiomatic that all jobs lost are high wage-high benefit jobs, and all gains are fake, is it? For example, in the economic boom of the late 1990s, we had this headline from the Bureau of Labor Statistics: "Job losses from mass layoffs rise in 1998" (see text at end of post):

THEREFORE: individual reports of jobs losses in a single company are not proof that an economic recovery is invalid.

AsI have stated elsewhere on this board: we should be glad that the economy is rebounding in time for Kerry to take the reigns. We DO NOT want him inheriting a shoddy economy. Be glad.

RedStateDem

*U.S. employers conducted 15,647 mass layoff actions during 1998, compared with 14,960 in the previous year. The total number of workers involved, based on new claims filed for unemployment insurance benefits, was more than 1.7 million in 1998, up from about 1.5 million in 1997.

Welcome to DU!! :toast:

model.

birth/death stats? I know how to distort #'s as good as anyone, but I'm at a loss to figure out how you can distort job creation using b/d.