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Jobs outlook seen weak as U.S. companies see need for cost cuts

By Shobhana Chandra and Steve Matthews, Bloomberg

October 1, 2012 • Reprints

‘Extremely Challenged’

“There’s going to be another round of 50,000 to 100,000 layoffs” in the securities industry, Whitney said in a Sept. 19 interview on Bloomberg Television’s “Surveillance” with Tom Keene and Sara Eisen. “Wall Street is just going to have an extremely challenged revenue environment” for the “foreseeable future.”

FedEx Corp., an economic bellwether because it ships goods from financial documents to electronics, pared its annual profit forecast last month on slowing demand and customers’ shift to cheaper delivery services. The Memphis, Tennessee-based company, which in August said it would offer workers voluntary buyouts as part of “significant” cost-reductions, will unveil details on more such moves next week.

Some companies’ own woes are prompting renewed expense control. Rochester, New York-based Kodak said on Sept. 28 it will eliminate at least 200 more jobs in 2012, on top of the 1,000 cuts it announced on Sept. 10, as the bankrupt photography pioneer shrinks into a commercial-printing-focused business. That follows a global reduction of 2,700 this year.

Protect Margins

“Companies are trying to protect profit margins as best they can, so they’ll be very guarded” in hiring and capital expenditures, said Michael Mullaney, who helps manage $9.5 billion as chief investment officer of Fiduciary Trust Co. in Boston. That’s why he has picked Colgate-Palmolive Co., the world’s largest toothpaste maker, and other stocks in “classic defensive sectors” such as health care and consumer staples.

Small companies are responsible for most of the hiring even as big businesses shed jobs, said Lieberman of Advisors Capital, adding that his firm took on a few people this year without issuing a press release. “The big corporate layoffs always make the news,” he said.

Toya Coverson, 35, of Atlanta, lost her $11.50-an-hour position two months ago as a security guard and now is more concerned after hearing of business cutbacks, she said.

“It means there are more people looking for work and not that many jobs,” said Coverson, who hasn’t had an interview though she’s applied for about 20 openings. “There is going to be fierce competition.”

Bloomberg News

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US Federal Reserve 8527bank 6455financials 2975stocks 2123Standard & Poor 2008Economy 1513manufacturing 1315Department of Labor 1011Barack Obama 909Jobs 902New York 841Ben S. Bernanke 751Ben S 613Bank of America Corp. 596New Jersey 590employment 474Bloomberg Television 360Unemployment 353electronics 284Gross domestic product 184Federal Reserve Bank of New York 181Indiana 180printing 153Tennessee 148Charles Evans 121Mitt Romney 108Tom Keene 83Hewlett-Packard Co. 57finance chiefs 48Federal Reserve Bank of Chicago 40FedEx Corp. 36transportation equipment 36Sara Eisen 33payrolls 30Michael Mullaney 18Staples Inc. 17Jack Ablin 14Kodak 12Diane Swonk 9Georgetown University in Washington 8Eastman Kodak Co. 6Fiduciary Trust Co. 6Mesirow Financial Inc. 6Joshua Shapiro 6Maria Fiorini Ramirez Inc. 5personal-computer maker 5Consumer Discretionary Select Sector SPDR Fund 3American stores 2Harris Private Bank 2Meredith Whitney Advisory Group LLC 2fewer traditional office products 2Colgate-Palmolive Co. 1Advisors Capital Management LLC 1toothpaste maker 1Harry Holzer 1Charles Lieberman 1Toya Coverson 1

Free Newsletter Modern Trader Follow

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