Mostly bad news today. The headlines:
J&J Cuts 900 Drug Jobs Amid Rising Competition — 6% of the Johnson & Johnson pharmaceutical jobs is pretty bad, but this isn’t particularly unexpected. The fact that this is from increased competition is a positive.
Hays Will See ‘Pricing Pressure’ as Temp Fees Decline — Hays is the UK’s largest recruiter. This is unfortunate, and I wonder if the same story is playing out in the US. It seems that the US has more affinity for temp / part time workers (the spread between U-3 and U-6 has certainly grown). The article mentions that Hays cut about 600 jobs (11%) and closed 14 offices.
3M to Offer Early Retirement to 11% of U.S. Workforce — As usual, I’d recommend that workers take the offer. Early retirement is much better than getting the axe. Layoffs are going to continue to get worse. This is 3,600 jobs.
