Business Climate: Recent Headlines

Forecast predicts New England could lose 250,000 jobs

2008-11-24T22:08:45Z

Vermont Public Radio reports that "economists at the New England Economic Partnership (NEEP) forecast yesterday that unemployment in the region would rise to its highest level since 1992, hitting more than 8 percent by mid-2010." Notably, "the 250,000 job loss is about 3.6 percent of the region's employment, which will decline for the rest of the decade and then flatten out through 2011." Of the six New England states, "Rhode Island is expected to top the list, peaking at 10.3 percent unemployment, while Vermont and New Hampshire unemployment rates would increase the least."

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Culinary Institute cuts jobs to save money

2008-11-24T18:23:44Z

Vermont Public Radio reports that "the New England Culinary Institute (NECI) is laying off at least seven employees and reducing the hours of others as a way to save money in tough economic times." According to NECI Vice President Richard Flies, "The institute is trying to handle the cuts as humanely as possible." Notably, "The cuts amount to a 2 percent reduction of the institute's 350 employees. An additional 2 percent of employees will have their hours cut by 20 percent."

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Rutland company to layoff nearly half its workforce

2008-11-24T18:18:46Z

Vermont Public Radio reports that effective November 30, 2008, Rutland Plywood will "lay off 76 employees or nearly half of its workforce." Meanwhile, several other companies have announced layoffs. For example, "just a year ago, Rutland was reeling with the news that Metro Group - a direct mailing company was closing its local plant - taking 250 jobs with it. In Brandon - Vermont Tubbs and Neo EMS closed their doors. The Vermont Store Fixture Corporation in Danby laid off 57 of its 87 workers. And just last week, Omya announced that it would cut ten jobs outright and move an additional 40 jobs from Proctor to its new headquarters in Cincinnati." According to Jamie Stewart, Executive Director of the Rutland Economic Development Corporation, "What's happening in and around Rutland is happening nationwide." Stewart concluded, "We have to recognize that this is an economic cycle. And that there will be bad news. And there really is bad news because they're people losing jobs in this thing. But that the long term picture is not as gloomy as sometimes people feel when they're in the middle of one of these retractions."

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