August 7, 2010 |
With the U.S. economy losing jobs for a second straight month in July, evidence is mounting that U.S. companies are spending huge sums on new equipment and taking other steps to make them more productive without hiring more workers. The nation's unemployment rate remained stuck at 9.5% last month, the government reported Friday, as the economy sustained a net loss of 131,000 jobs. What's more, revisions of the previous month revealed a much bigger job loss than originally reported: The nation lost 221,000 jobs in June, not 125,000.
June 23, 2010 |
For job seekers, things may be looking up, according to a survey of chief executives at America's biggest companies. The Business Roundtable, an association of CEOs at big U.S. companies, said Wednesday that 39% of those surveyed in the second quarter of 2010 expected to increase hiring in the next six months, while 43% anticipated no change. Only 17% reported that jobs would diminish. The percentage of CEOs who planned to hire is at the highest level since the second quarter of 2007, when it peaked at 42%. "Our member CEOs plan to continue hiring and expect improved sales," said Ivan Seidenberg, chairman of the Business Roundtable and chairman and chief executive of Verizon Communications.
May 1, 2009 |
Cable company Comcast Corp. reported first-quarter profit and sales that beat analysts' estimates by adding customers and cutting capital spending. Net income rose 5.5% to $772 million, or 27 cents a share, from $732 million, or 24 cents, a year earlier, the Philadelphia company said. Excluding some costs, profit was 27 cents, exceeding the 23-cent average estimate of analysts in a Bloomberg survey. Sales increased 5.3% to $8.84 billion, also topping estimates. Chief Executive Brian Roberts is offering more discounted packages of television and Internet to win customers, fending off competition from phone and satellite providers and the increasing popularity of TV on the Web. Comcast invested in upgrades to its high-speed Web products while it cut capital spending overall by 19%. The company added about 837,000 net new customers for Internet, phone and digital TV last quarter.
December 9, 2008 |
Dow Chemical Co. said it would slash 5,000 full-time jobs -- about 11% of its workforce -- close 20 plants and sell several businesses to rein in costs amid the recession. The company, one of the largest chemical makers in the world, expects the plan to save about $700 million a year by 2010. Dow, based in Midland, Mich., also will temporarily idle 180 plants and prune 6,000 contractors from its payroll. Exactly which workers and plants will be affected is still being determined, a company spokesman said.
December 7, 2007 |
Chevron Corp. said it would raise capital spending 15% next year to $22.9 billion, making its most costly push ever to lift output after crude prices climbed near $100 a barrel. The spending plan includes an estimated $17.5 billion for oil and natural gas production and $4.1 billion for refining, San Ramon, Calif.-based Chevron said.
February 2, 2007 |
Comcast Corp. said Thursday that its quarterly profit tripled, but higher-than-expected spending plans for 2007 dragged down shares of the largest U.S. cable company and its rivals. Comcast forecast revenue growth of at least 11% in 2007, which was in line with market expectations, but its estimate of $5.7 billion in capital expenditure was above the average analyst forecast of $4.8 billion, according to Reuters Estimates.